Tips: How to Buy Residential Property in the Philippines – Ask Like an Expert

Most potential buyers of property often wonder how to get that ideal piece of real estate. But with very little time to research and the fear of making a mistake, very little action gets done and better opportunities are often missed. Don’t end up buying a property that may actually cost you more in the future, by just asking the right questions today.

In my years of real estate service practice with Megaworld, I have received many initial questions from prospective buyers.

Most agents fire head on with product info and pricing right away in their presentations in a strategy to make the property appear really promising and really cheap. This is not very effective and often intimidates the prospective buyer.

On the other hand, prospective buyers who shoot off right away with questions on pricing in a strategy to haggle the price down, often get what they deserve. They get a lower price but not a very good property.

In my practice and in the training of my sales associates, my mindset has always been to start any transaction by first building trust from both sides through an initial interview. Just like a doctor making a diagnosis or a lawyer making a deposition, we start by hearing from both sides before making any solution.

Here are the right questions to ask a prospective buyer and what a prospective buyer should ask themselves before talking to any agent or walking in to a showroom:

Marion’s Initial Questions for Prospective Buyers

1. Where do you intend to buy a property?
2. Will the property be for personal use or for investment?
3. When are you looking to occupy or use the property?
4. Who will be using it?

Notice that I have not even asked about pricing at this stage.

Logic Behind The Questions Explained

1. This answers the 3 most important factors in real estate – location, location, location
2. This determines the priority of the prospective buyer (short-term use, long-term use, financing, safety, comfort)
3. This confirms if the above location and priority matches availability or the date of completion of the property or properties to be offered
4. This opens up which size of the unit is most ideal based on questions 1, 2, and 3

Sample Answers Below

1. I intend to buy a property in the city, preferably in Makati
2. I need a place live near work since I have been commuting for 2 hours every day for the past 3 years
3. I wish to move-in in the next 2 to 3 years just in time for my eventual promotion in the company and continuing business/studies/career in the Central Business District
4. I plan to use it together with my family

Marion’s Recommendation

That sound’s great! I have a very good property for you located in the financial side of Makati CBD in Salcedo Village, it’s very near multi-national offices such as yours located in RCBC, GT, LKG and Ayala-Life. No need for you to commute anymore, just a peaceful walk for less than 5 minutes. You can use that 2 hours instead for recreation. Starting around December 2015 at the earliest you can relax right away in a 2-Bedroom unit in Three Central. Oh, did I mention it will also be fully-furnished and you get your own mall downstairs? That’s right. Let’s see and talk about it more this Tuesday afternoon, will you be available?

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