Realty By JM

Salt and Light of Philippine Realty

When was the last time you’ve been swindled? (part 2)

So, Saturday came and I have no idea who will represent me to show the said property.  Like I said in the previous post, I thought negatively about this listing and calculated a slim chance of a close.  Since this is so, I called the person who I thought was the owner.  Told her I won’t be able to make it because of an engagement, sent her an sms of my prospects number and apologized for the sudden change of plan.  I think this has become my bad habit for it wasn’t the first time I did this.

I also informed the prospect I won’t be meeting with her and explained everything.  She did not mind and it was a big relief for me.  After this, I totally forgot about the said transaction and enjoyed my weekend as usual.  Then Monday came and I remembered that there was a viewing last Saturday.  Got curious and phoned the prospect.  Apparently, she and her fiance’ liked it.  They planned to move in at the end of the week.

Since they liked it, I sent an sms to the supposedly unit owner.  I told her that there’s good news and the prospect liked the unit.  She replied: “but, I’m doing all the work” and accused me of not doing my job as the selling broker.  (This is where I realized I was also talking to a broker and not the unit owner).  Of course I told her that if she was a broker, she shouldn’t be directly getting in touch with my client without my consent.  Total violation of our code of ethics.

To cut the long story short, she never intended to give my share and I never got a piece of that pie.

I’ll continue this with what I think went wrong and the lessons I’ve learned in this transaction…

Jonas Montemayor

Real Estate Broker

PRC License #: 0007396

503-8070 / 0905-311-0120


Philippine Association of Real Estate Boards


Filed under: Leasing, Personal Development, Real Estate Broker, Real Estate Lesson, , ,

2 Month Security Bond: What’s it for?

Recently, in my practice, I’ve been encountering landlords (real estate property owners having their property rented / leased out) not willing to have their property occupied if prospective tenants can’t issue post dated cheques.  During the old days, this was never an issue.  Now, for me, it appears to be a very big issue!  Is it because we can’t trust anyone who doesn’t have a checking account?  What if the prospect is a foreigner who recently arrived Manila?  Local banks will only allow individuals to have a current account once they have a six month savings account with them.

No one wants to be hassled or bothered nowadays.  No landlord wants to talk to their tenants on a monthly basis getting the rent payment anymore.  Wouldn’t it be better if landlords and tenants have more than a professional relationship?  Not having this personal relationship may be the reasons why some tenants don’t care whether or not they trash the leased premises.  I think that landlord – tenant personal relationship is especially beneficial if the leased premises are residential.  For commercial and other types of rentals, I won’t say the same.  For, after all, it is a business transaction.

If prospective tenants are willing to pay a two month security deposit and two month advance (a month more than the standard), in cash, wouldn’t this prove they can afford to pay monthly?  Sometimes I wonder if landlords really want their property rented out!  Owners with a year old vacancy, wouldn’t you want to convert your liability in to an asset?  Just in case a tenant defaults in payment, isn’t this the reason why we ask for advance and security bond payments?  Why not loosen up?

Filed under: Leasing, , , , , , ,

What’s the 2 months security bond for?

Recently, a young American prospect contacted me to view a unit for rent. So, we met in Ortigas Center, Pasig.  I showed the bare unit. He loved it and was excited to move in ASAP. He has the cash, but doesn’t have a current account.  Will this be a problem? 

Find out in my upcoming post.

Filed under: Leasing, , , , , ,

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