Have you ever done a real estate talk? or have you referred stylish and affordable real estates to your friends or relatives?
So you are good at talking with people. They like your style, they like your moves. They might even like the way you treat yourself, better yet, they even like your lifestyle of being rich!… sort of. What if you could make this as a business? Or what of it if you are an expat, foreigner, or a filipino? You could still do this business w/o an ethnic background! Theoretically, you could be a best bet if you do this as an expat or foreigner due to the fact that middle class filipinos like to be treated like an elite.
We could spend here all day talking about how one person can be positively perceived. We could even bend rules and even make people swoon on our initiatives. That is our model life isn’t it?
So what does this have to do with our current article regarding “how to earn an income in real estate brokering referral in the Philippines”?
(On my ebook, I discussed the potential of real estate business including its advantage on turbulent times (i.e. financial bubble, floods, disasters, civil unrest…etc.), so if you would like to know more the secrets of this trade, then go ahead and get my eBook titled “Living Successfully in Philippnes: An expats guide for career and business success.”)
Surely, this is not one of those business that you will have to provide too much expertise. Matter of fact, this is plain easy for some people who are socialized enough in this modern civil life.
That is because….
How to earn income in referrals with Real Estate Brokering.
Real estate is booming in the Philippines. This includes residencial lots, houses, condominium, even commercial lots. However, earning income from referrals in real estate here in the Philippines commonly comes up from residencial house and lots made or condominiums handled by developers. You could see agents handing out real estate fliers in major malls here in the Philippines or even on high traffic commercial areas; they are our target agents for referral purposes. Actually, if you have a close friend or a business oriented friend who works as an agent or broker, then you could also gain referral income from them.
You will have to talk to those agents above and ask them if you could then refer prospective clients so that you could earn COMMISSION for closing the deals with a prospective client. Usually, once a deal was struck, they then could process to provide you a referral payment that is dependent on their policy. It is usually somewhere 0.3% to 5% from the contract price. That may not seem a big amount of money, but if you look at the perspective of completing more referrals (atleast 5 per month) and work diligently on marketing that potential home, then definitely, you will start racking deals and hopefully, it would also help you on your rapport as a referrer.
PLUS, this business relies heavily with the NETWORK OF PEOPLE involved in your referrals. The more refers you do, or your client refers the place… the more you also get clients or referrals. So networking with people is a very good advantage on this business.
Now, as far as skills and expertise are concerned; all you need to do have is the ability to communicate, ability to salestalk, and the ability to meet the design needs of your prospective clients. Diligence and perseverance is a must on this field because you will deal with a lot a busy and professional people so expect to have your sales pitch or discussion as brief, informative, and convincing as much as possible.
Actually, this is also one of my sidelines because we have a family friend who is a licensed real estate broker for MOLDEX, we then ask for referral payment and then later on, once a downpayment was given by the client, they gave us a commission of atleast 1% of the contract (I think they gave us 15,000php at that time).
So there you have it, diligence and sales talk is what you need and the tenacity to ask for the client’s needs. Later, I will discuss a business which you could also do while owning your OWN CONDOMINIUM.
As for clients, here’s a list of prospective clients you may be able to get referral for:
- Your manager
- Your Boss
- Your Supervisor
- Your fiancee
- Your Attorney
- Engineers who would like to get their FIRST HOME.
- Middle Class Workers
Now some people might not agree for what I just have said but, c’mon guys:
Did anybody actually favor any person who is to timid in art of conversation?
The field in sales is for tenacious and persevering people only. If you are not a hard worker, then this might not be for you. However, if you have a pleasant attitude, good social skill, and good with persuading talks… then this business is right for you.
I suggest you read my ebook “Living Successfully in Philippines: An expats guide to career and business success” so that you may have a guide on this business but also to receive information on other business or careers you may do here in the Philippines!