Embarking on the journey of buying or selling property in the Philippines can feel like navigating a labyrinth, especially with the prospect of high-pressure sales tactics by some real estate agents. To help you steer clear of unnecessary stress and make informed decisions, here’s a detailed guide with practical advice and real-world scenarios.
Understanding High-Pressure Sales Tactics #
High-pressure sales tactics can push buyers and sellers into making quick decisions, often without sufficient time to consider all factors. Agents might create a sense of urgency, citing reasons like a competitive market or a one-time offer that seems too good to pass up.
For Buyers #
Scenario: The “Exclusive Viewing” Opportunity #
An agent contacts you about an “exclusive” viewing opportunity for a newly listed condominium in Bonifacio Global City, with a price tag of PHP 15 million. They suggest that this is a rare chance and imply that missing out could mean losing the best deal you’ll find.
How to Deal:
- Question the Exclusivity: Ask why the viewing is considered exclusive and if any offers have already been made.
- Bring a Companion: Having a friend or family member join you can offer a second opinion and reduce the pressure to make an on-the-spot decision.
- Market Comparison: Before attending, look at similar properties in the area to understand if the price and the offer truly stand out.
Tips to Avoid Pressure: #
- No Rush Commitments: Make it clear you won’t make any immediate financial commitments during or right after the viewing.
- Knowledge Is Power: Familiarize yourself with the buying process, including standard deposit amounts and conditions, to strengthen your negotiating position.
For Sellers #
Scenario: The “Market Downturn” Forecast #
An agent suggests that the real estate market in Davao is about to experience a significant downturn, recommending you sell your property quickly, even if it means lowering your asking price from PHP 7 million to PHP 6 million to attract buyers.
How to Deal:
- Seek Market Analysis: Request a comprehensive market analysis that supports their claim. This should include recent sales data, current listings, and trends in Davao.
- Consult an Economist: For an unbiased opinion, consider consulting with a real estate economist or market analyst.
- Consider Timing: If you’re not under immediate financial pressure to sell, it might be worth waiting for market conditions to improve.
Tips to Avoid Pressure: #
- Long-Term Perspective: Remember, real estate is often a long-term investment. Market fluctuations are normal.
- Transparent Communication: Encourage open dialogue with your agent about your selling motivations and financial needs.
Scenario: The “Competing Buyers” Rush #
While looking to purchase a home in Cebu, an agent tells you that several buyers are interested in the property you’ve just viewed and are ready to make offers above the listing price of PHP 9 million.
How to Deal:
- Verify the Competition: Politely ask for evidence of these competing offers, understanding that confidentiality rules might prevent specific details from being shared.
- Stay Calm: Take a step back to assess whether you’re being swayed by the fear of missing out rather than the property’s merits and value to you.
- Set Your Limit: Decide on the maximum amount you’re willing to offer based on your budget and the property’s value, not on perceived competition.
Tips to Avoid Pressure: #
- Emotional Detachment: Try to remain emotionally detached until a deal is finalized, reducing the impact of high-pressure tactics.
- Multiple Options: Keep your options open by considering multiple properties to avoid feeling pressured into making a quick decision on just one.
By understanding these scenarios and preparing your responses, you can navigate the Philippine real estate market with greater assurance and peace of mind. Remember, the decision to buy or sell a property should always be made based on careful consideration, not under undue pressure.
