It is important for real estate agents to carefully research and understand the policies and practices of developers and brokerage firms before entering into any business arrangement with them. This helps to mitigate the potential risks and challenges involved in working with these parties, and ensures that the agent’s interests are protected.
One such risk is the possibility of delays in receiving commissions, even when times are good. To prepare for this possibility, it is essential for agents to have backup plans and alternatives in case of unexpected delays or issues with receiving commissions. This might include having a financial cushion to fall back on, or exploring alternative sources of income in the meantime.
In addition to being prepared for potential delays or issues, it is also important for agents to have clear, legally binding contracts in place to protect their interests and ensure that they are fairly compensated for their work. This includes understanding the terms of their agreements with developers and brokerage firms and negotiating any necessary changes to those terms to ensure that their rights and interests are adequately safeguarded.
Proactive communication is also key in working with developers and brokerage firms. It is essential for agents to communicate openly and honestly with these parties to address any issues or concerns that may arise. This might include raising concerns about delays in commission payments or seeking clarification on policies or practices that they do not fully understand. By being proactive and communicating openly, agents can help to ensure that any potential issues are addressed in a timely and effective manner.
Finally, it is important for agents to be resilient and adaptable, and to have the ability to bounce back from setbacks or disappointments in the business world. This might involve finding creative solutions to challenges that arise, or simply persevering through difficult times until things improve. Whatever the situation, it is important for agents to stay focused on their goals and to remain committed to achieving success in their careers as real estate agents.
The experience of real estate agents in a condominium development in Metro Manila illustrates the importance of these strategies. In this case, a number of agents had to wait for more than a year to receive their commissions, and some were unable to wait and left the brokerage firm. There were also clients who paid the full down payment and filed claims for non-delivery of condominium units with the Department of Human Settlement and Urban Development. This highlights the need for agents to be prepared for the possibility of delays in receiving commissions, to have backup plans and alternatives in case of unexpected issues, and to have clear, legally binding contracts in place to protect their interests. It also underscores the importance of proactive communication and resilience in navigating the challenges of the real estate industry.
Remember:
- Research developers and brokerage firms carefully.
- Expect delays in commission payments.
- Have backup plans.
- Understand and mitigate risks.
- Use contracts to protect your interests.
- Communicate openly and proactively.
- Be resilient and adaptable.
