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Listing: What do estate agents get from it?


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Does anyone know if real estate agents here get anything from listing a property? I don't mean a commission on the sale and I don't mean from signing an exclusive authority to sell agreement with them. I mean just for having a property in their collection, even if they don't have the ability (talent, connections, etc.) to sell it?

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38 minutes ago, JDDavao said:

Does anyone know if real estate agents here get anything from listing a property? I don't mean a commission on the sale and I don't mean from signing an exclusive authority to sell agreement with them. I mean just for having a property in their collection, even if they don't have the ability (talent, connections, etc.) to sell it?

It's the norm here in Negros Oriental for agents who secured a leasee to get the equivalent in one months rent. These can just be agents who advertise in FaceBook Market Place for example. Not sure about property sales.

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52 minutes ago, JDDavao said:

Does anyone know if real estate agents here get anything from listing a property? I don't mean a commission on the sale and I don't mean from signing an exclusive authority to sell agreement with them. I mean just for having a property in their collection, even if they don't have the ability (talent, connections, etc.) to sell it?

I suppose an agent with more properties is more likely to get other inquiries from buyers/sellers so the more "inventory" they hold the better.

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Found this on via google search but I don't know how accurate or common it may be for real estate sales.   As @OzeMike mentioned above the "one month" fee to find a tenant that signs a one year lease is quite common here.  In addition you and/or the seller will pay attorney fees for the selling documents.  In our area the fee is one percent of the selling price which seems very high to me considering the attorney will basically be filling in the blanks on a boiler plate computer template.

<snip>

People also ask

How is real estate commission calculated in the Philippines?

How to calculate the commission

Determine the commission as a percentage of transaction value - here, P = 5%.

Find out the value of the transaction - for example, V = $10,000.

Calculate the realtor fee, using the following formula: C = V * P/100 

<end snip>

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14 hours ago, JDDavao said:

Does anyone know if real estate agents here get anything from listing a property? I don't mean a commission on the sale and I don't mean from signing an exclusive authority to sell agreement with them. I mean just for having a property in their collection, even if they don't have the ability (talent, connections, etc.) to sell it?

Are you mainly speaking about selling?  While browsing listings for houses for sale, I often see the the same house listed by several times by different "realtors".  Seems like many sellers to not have exclusive agreements with one realtor and all these realtors are trying to get a commission.  Sometimes they even have different prices.

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5 hours ago, OnMyWay said:

Are you mainly speaking about selling?  While browsing listings for houses for sale, I often see the the same house listed by several times by different "realtors".  Seems like many sellers to not have exclusive agreements with one realtor and all these realtors are trying to get a commission.  Sometimes they even have different prices.

Yes, I am. We have several "non-exclusive" agreements with agents. I am thinking that agents must receive some sort of financial incentive at the office to "collect" listings. Or perhaps it's a prestige thing to have a 12M peso property even if your usual sales consist of shacks along the river.

We rebuff agents who ask if they can list us now because we have so many but lately it feels as if they're almost scamming us for our listing info.

To explain: an agent sees our Marketplace ad and asks if he can list us. We respond by saying, no, we have too many agents now. They respond by saying they have a buyer who's interested. Of course, we say, "Ok, if you have a sure buyer." They get the photos and actual location details and whatnot but suddenly it's, "Oh, sorry, sir. The buyer bought another property."

:89:

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From my experience realtors even list properties that they aren't selling to make them look reputable to future buyers and sellers.  I've had the frustration of emails backwards and forwards with one about buying a condo and flown to the island just to be told sorry they aren't dealing with it despite contradicting emails.  I suppose to fool those researching if they see a decent inventory they will think the company is well established and all they have to say is sorry that one is under offer or it will encourage you to sell via them. 

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29 minutes ago, Snowy79 said:

From my experience realtors even list properties that they aren't selling to make them look reputable to future buyers and sellers.  I've had the frustration of emails backwards and forwards with one about buying a condo and flown to the island just to be told sorry they aren't dealing with it despite contradicting emails.  I suppose to fool those researching if they see a decent inventory they will think the company is well established and all they have to say is sorry that one is under offer or it will encourage you to sell via them. 

We had it happen today again. The woman was supposedly on her way with the secretary of the client. After we spruced the house up and waited and waited, my wife asked if they were still coming. "Oh, ma'm, there was an emergency meeting between us, the secretary and the buyer and we can longer continue."

The other day, some bozo repping Filipino Homes showed up with his brother posing as a buyer's assistant. He took a bunch of photos. Four days passesd and when I asked for an update," Oh, sorry sir, the buyer bought another property." We realized that he had made a mistake in chat when he sent a message to a uniquely-named man, apologized that it was meant for the buyer, and then showed up with a man who went by the same unique name.

Filipinos. :unsure:

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It all boils down to who ever can sell makes commision from the sale. So even if the agent has never met you but hope they can sell your property they will try to get a buyer and then tell you they have someone interested and can we talk about our commision for introducing a buyer.

Makes sense to me.

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20 hours ago, OnMyWay said:

Are you mainly speaking about selling?  While browsing listings for houses for sale, I often see the the same house listed by several times by different "realtors".  Seems like many sellers to not have exclusive agreements with one realtor and all these realtors are trying to get a commission.  Sometimes they even have different prices.

I have seen this also and one time it was a house close to us  I asked the owner why different agents had listed it with different prices.  His response was; "I told them that I need XXXXX peso net from the sale."  So what happens is the agent adds a million or more peso the sale price hoping for a big commission or room to lower the price.   The whole real estate market in the Philippines is a legal and moral quagmire and little or no rhyme or reason to sales prices.   Easy to see why there are no "Title Insurance" companies such as you find in the USA.

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