Propertyfinds Asia | Property Now, Coffee Later: Foregoing Old Habits Can Lead to New Opportunities | Sol Nolasco, president and CEO of SN HomeFinders Management and Development Corp. who has been in the industry for 36 years, shared how her team conducted a study a decade ago on the younger generation market of real estate. According to their findings, these individuals spend the equivalent amount of money per month to own a place near their workplace on transportation, toll, and coffee.
“[I]f they forgo one Starbucks coffee a day, that is already a saving equivalent to one month of amortization,” Nolasco said.
With the rising inflation rate in the country, property seekers must save as much money without compromising good value when purchasing a new investment, and brokers must always assist clients throughout their buying journey.
For Cindy Medina of G.I.M Realty and a member of the Parañaque Las Piñas Alabang Real Estate Board, Inc. (PLAREB), the rapid advancement of technology still takes some getting used to. “[Brokers] have to take it upon [them]selves to upload [listings], which is a problem for me because I’m used to [the] traditional. So right now, I still have difficulties in updating [listings],” she added.
Traditional marketing tools are reinvented to remain relevant in the digital world. In the past, brokers were the ones approaching the property seekers to generate leads. Nowadays, the property itself goes to the seekers with the help of various online tools.
Building Trust in the Digital World
Trust in any kind of transaction is important because it builds a long-lasting relationship between a customer and a client.
Tonik’s Head of Growth and Business Lead for Big Loan Kate Ladyzhenska, who has extensive experience on digital secured loans, shared how the digital bank values trust.
“[T]he rates, reviews and the processes evaluated by our customers creates that trust and word of mouth,” Ladyzhenska said. “We, as a bank, invest a lot in our security and data protection. The other thing is the reviews of our customers.”
On the other hand, Medina regards transparency important in her career as a broker. I become transparent [and] honest to our clients [even] in the risk of losing an account—to that extent,” she added.
Nolasco is a prime example of gaining the trust of a client through having the same common ground. “I am a Cebuana from Davao and I am an Illongga from Bacolod so when I notice that my client has an accent, I usually ask, ‘are you from the province?’,” she said.
Building trusting relationships in the new normal can go a long way especially in a highly competitive industry like real estate. Both brokers and clients must shoulder the responsibility to cultivate that trust to last.
Choosing Between Speed and Low Interest
Various types of banks offer different benefits to the Filipino home buyer. Neobanks promote speed, while traditional banks promote lower interest rates. From Medina’s experience, the latter is more preferred by her clients than a speedy transaction.
“Ang mga Pilipino, masyado tayo pasensyoso ‘e… [W]e would rather save a lot than ‘onting abala,” Medina said. (Filipinos are known to be patient so we would rather save a lot of money than prefer a faster transaction time.)
The preference of Nolasco’s clients, on the other hand, values speed. “[I]n my experience with the buyers and sellers, especially the sellers, they would want a faster loan take out,” she said.
“[I]n terms of digital banking,” Ladyzhenska shared, “all the research has shown that people who are starting to use digital banking, they are already aiming for fast transactions. [F]or them, the speed would mean much more than the interest rate for the important decision that they need to take.”
Making the Most Out of Digitalization
The new normal calls for new ways to become a more effective broker and it has been possible thanks to digitalization.
“[Digitalization’s impact for me is] convenience. The very first years that I’ve been doing advertisements, we have to go to the [newspaper] offices to put up the ads,” Medina shared.
As a tenured broker since 1986, Nolasco has experienced all changes in the real estate industry so the online advancements have made her profession easier. “It was fun [back] then but it was a lot of work and you can only do one call a day. So now, I sit [at] my table and stay in my office. So I can’t live without Lamudi anymore,” she added.
With the nature of neobanks, which solely exist online, Ladyzhenska said they “aim to grow their generation of customers that will be loyal to them using the convenience of the service, speed and reliability.”
The future is indeed going digital with the advancements of technology, especially with regards to the real estate industry. Both brokers and clients can save time and money with every transaction done online.
Network with fellow brokers and end 2022 with more learnings as Lamudi Link, in partnership with E.V.Y Construction and Development Corporation, goes to Bacoor, Cavite on December 15, 2022, at Fynn Boutique Hotel.
Register now and don’t miss this year’s final networking night. Program starts at 6:30 p.m.