PROBLEMS BROKERS AND AGENTS FACE IN THE PHILIPPINES MARKET TODAY

Being a real estate broker and agent in today’s world is not easy due to the environmental changes and advancements in technology. The real estate industry is very dynamic and competitive that composes of different people working together.

There are challenges they encounter which includes:

1. Growing Online Competition from Listing Portals. The listing portals has been growing in popularity and along with the proliferations of homebuyer apps, have limited the agent’s role.
2. Getting Inventory. Finding listings in highly saturated market has become more of a challenge for the agents and brokers. Apart from the entry of foreign owned real estate companies, more and more unlicensed brokers have emerged in the role of a referral or mediator.
3. Difficulty in Acquiring a Broker’s License. In the current Philippines real estate market, one has to undertake a program under the University in order to obtain a Broker’s License. However, only certain University provides this particular program and it usually takes about 3 years for one to complete.
4. Unrealistic demand from buyers. At times, buyers tend to make unrealistic requests to the real estate brokers and agents. Sellers often feel that their home is worth more than the suggested price or buyers tend to set unreasonable expectations and requests for the condition of the home. Brokers and agents who fail to manage their expectations tend to face difficulties in closing the deal.
5. Unstable market condition. It is hard for the brokers and agents to explain and let their clients understand the unstable market condition of the real estate industry. Maintaining control over the local market condition is considered as one of the biggest challenges that has a large impact to the industry.

With the introduction of the IAT Platform, we aim to reduce the issues and obstacles that brokers and agents today face while increasing their revenue and client portfolio.