August 10, 2015
10 Essential Information I Acquired in the International Realtors Conference
I have been in the Real Estate Industry for quite some time now, but still, I have lots of things to learn. So when Ms Janette asked us if we want to attend the International Realtors Conference, I immediately said yes with delight.
I love attending events and conferences because I get informed of the things I don’t know and had a review of the things I already know.
The International Realtors Conference happened last July 29-30, 2015 and I want to share with you the things that I learned in that 2-day event.
From Mr. Michael Cobb
1) 11,000 baby boomers will retire every day for the next 18 years and 10% are seriously considering buying a property outside the US.
(This is a great news for the Philippines because according to The Wall Street Journal, Philippines is the best place to retire abroad.)
2) Realtors are there to serve client, not just to earn money. One of the realtors job is to make people understand the part of the things they don’t know that is very important. Realtors can serve clients by asking questions to Developer that can help the buyers in their purchasing decisions.
From Ms. Diwa Guinigundo
3) RA 10641 – is the law that allow the full access of foreign banks in the Philippines. This law provides 100% ownership of foreign banks. There is no limit on how many banks, but they can only own 40% of the total assets of the whole domestic banking system. (old law only states 30% as a safety net). After the law was passed, they already approved 5 foreign banks (1 from Japan, 2 from Korea, 2 from Taiwan). So how does this affect the real estate industry? I’vd checked the law and saw this in Section 9.
“SEC. 9. Participation in Foreclosure Proceedings.—Foreign banks which are authorized to do banking business in the Philippines through any of the modes of entry under Section 2 hereof shall be allowed to bid and take part in foreclosure sales of real property mortgaged to them, as well as to avail of enforcement and other proceedings, and accordingly take possession of the mortgaged property, for a period not exceeding five (5) years from actual possession: Provided, That in no event shall title to the property be transferred to such foreign bank. In case said bank is the winning bidder, it shall, during the said five (5)-year period, transfer its rights to a qualified Philippine national, without prejudice to a borrower’s rights under applicable laws. Should the bank fail to transfer such property within the five (5)-year period, it shall be penalized one half (1/2) of one percent (1%) per annum of the price at which the property was foreclosed until it is able to transfer the property to a qualified Philippine national.”
4) Included in the ASEAN integration is the Mutual Recognition Arrangement (MRA) in professional services. This is the recognition of education or experience obtained, requirements met, or licenses or certifications granted in another Member State for the purpose of licensing or certification of service suppliers.
The following professional services are included under the MRA: Dentistry, Nursing, Surveying, Medicine, Architecture, Engineering and Accountancy. Sadly, real estate is not yet included in the list, but as per Ms. Guinigudo, they have an on-going discussion on the MRAs to facilitate its expansion to other services.
5) Another effect of ASEAN integration is the expansion of businesses. If there would be an expansion of business and increased commercial presence, a stronger demand for commercial, industrial, retail and residential space will take place.
More manufacturers will relocate in ASEAN countries which would increase the demand for industrial and logistic properties.
Mr. Guillermo Manuel Montinola Luz
6) We are running 5th in ASEAN competitiveness report (you can get the full report in http://www.competitive.org.ph/cmcindex). This is good because as per Mr. Guillermo, 4 years ago, we are on #7 or #8 and one example of how our improvement in competitiveness is the process of starting a business.
The old process had16 steps and would take you to a minimum of 34 days to finish while the new process only has 6 steps and will take you roughly 8 days to finish and by next year, it would be 3 days or less.
From Mr. Simon Henry
7) The Chinese are the ones with money and the ones buying real estate properties abroad. They also buy for investment purposes, especially if their kids are studying in that country.
We can tap those Chinese who are investing for a property by starting to write about the locality. (write about what you can see in the neighborhood, the key destinations, the shops that they can visit to buy their needs, the life style in that area, etc.)
From Ms. Shonee Henry
8) In Online Cross Cultural Conversation here are some of the things that should be remembered:
- Always think of what you are going to post online. Do not tarnish your reputation by posting images and comments that is not appropriate.
- You don’t need to be present in all social media channels. Just choose the platform that you will use in establishing your relationship with others. Pick the platform where your target audience is then established your relationship with them through liking, commenting and joining in the conversation.
From Ms. Janette Toral
9) There are companies, or 3rd party websites where realtors/brokers can put their own listing, but because of technology, they can now create their own listings by making their own website.
It is important for brokers to have their own web pages to increase their website presence and to establish themselves as experts. They can buy a theme that has the capacity to put the listings that they have.
10) The mobile device or tablet is the first gadget of choice by millennials and younger generations when checking online. The direction now is mobile only (companies having a mobile app rather than a website).
By the way, former president, Fidel V Ramos is the Key Note Speaker of the event.
According to former President Fidel V. Ramos,
We are just steward of what we have, we must sustain the limited resources of mother earth and enhance it to the benefit of our younger generation.”
“We must build a functional and sustainable environment for the ones after us,”
He also stressed the three concepts of unity, solidarity and teamwork to ensure growth of the economy is sustained.
“We must have unity of purpose to be able to build a better future for ourselves; we must have solidarity in our values by loving God, other people and our environment; and we should have teamwork in order to build a strong nation.”
He ended his speech by challenging the leaders of the property sectors to dare to be different by thinking of different ways to change and improve the lives not just of others but of the whole nation, and that improvement starts when they begin to care for the people and for the nation.