drbubb Posted August 24, 2017 Report Share Posted August 24, 2017 INNOVATION Needed in Property Market / The "Key Node" concept A new hyper-local approach may shift the balance towards Buyers & Sellers (this is an actual conversation from a viber chat. Only a few minor edits have been done.) M: E,, have you looked around my website, makati prime.com? M: The focus is on Real Estate related data ( a weak area in PH imho), and on developing a secondary market for certain targeted hyper-local areas in Makati : If anyone is doing something similar, I might be willing to cooperate, but so far, there seems to me to be a gap in the market. The secondary market buyers and sellers are not well served at the moment. All the efforts seem to be going into the primary market E: I think there are a lot doing the secondary market but it is not much publicized because the brokers doing it is not doing much advertisement nor do they put a lot in the real estate portals.. Usually, they do it on referrals and word of mouth advertising as well as localized MLS.. I have been buying properties in our buy-build-sell business and usually those properties are not much publicized.. It is being offered to us by the brokers or salespersons.. : The reason why they do it secretly and without much advertisement is because in the secondary market, the properties being offered for sale or rent is not on exclusive agreement from the owner so, they will not publish the property to protect their interest.. On the other hand, the primary market can be publish because it is open to all.. it is on a first come first serve basis. M: I think what you say is true, E. I aim to change that for certain projects and parts of Makati. it will be interesting to see how long it takes to catch on. will be quicker if I choose the right projects and can get some help I think the interest of buyers and sellers will be the first thing considered on my site, and they may both like more transparency, at least in searching for each other E: As long as the seller/broker is protected, they will publish it in any media.. otherwise, if there is no protection, they will just keep if until they will be able to sell it.. my experience is this M., sometimes one property is listed by more than 3 brokers/sellers so, it is really difficult to advertise.. that is why, finding secondary market properties is quite difficult unless you have contacts with more brokers/sellers.. They will just offer it to people whom they trust and have personal knowledge about them.. M: "They will keep it"? who is that?Imho, the model I see here is not fair to buyers and sellers - so I intend to disrupt it : Haha. Just watch me. I have done it successfully before. But it will be very localized, not all over PH.: I am curious - who is the "they" in this: they will just offer it to people whom they trust E: Well, that is good if you can disrupt it.. my opinion on this is that exclusivity should be the best practice to exposed the property to more people.They means that they will share only the listings to brokers or sellers personally know to them.. if it is a buyer, okey for them to share the listing.. but to advertise, it is a big NO.. M: Are you talking about brokers when you say "they" E: Yes, brokers and agents.. M: I want to help BUYERS and SELLERS - and by doing that, present a different sort of opportunity to brokers and agents. There will still be opportunities, and maybe big ones, but the balance of power may shift in certain hyper-local areas E: Example, If I have a listing in BGC - Alveo project on the secondary market, I will not advertise this if I know I am not exclusive because it can be identified easily by other brokers who may ask the owner to have also an authority.. M: Some people are afraid of change, but if people have a clear idea of the change and how they can get an opportunity from it, then they may embrace it E: Sure, they will embrace the change as long as it is beneficial to them.. M: Imagine that Buyers and Sellers can more easily find each other in certain locations.... Might you want to be a buyer or seller operating in that location - I think you would, because it would mean more liquidity, easier transactions, and maybe even a higher valuation in the secondary market If you agree, then maybe you see how Sellers benefit E: Of course I would agree on that.. M: They present system suits the brokers more than it suits Buyers and Sellers - that is my opinion: I know Buyers who would like to buy in the secondary market, but they are not finding enough opportunities, so they may want change too. : Also, Brokers may win, if they are willing to get involved in this particular slice of the market in a new and innovative way: Most of their business would remain the same, but for certain "Key Node locations" it could change: The key to making this change happen, is to make it work well (for buyers and sellers) in a few Key Node locations - and find some brokers who are willing to work in a new way for those locations =========== Possible Property Nodes Identified & under development: ==================== (Makati Area) + The Rise & Air Residences + Kroma & City Gate area + Jazz Residences + Chino Roces/ Waltermart (ATsanlo, Trevi, Cityland ... Beacon?) Link to comment Share on other sites More sharing options...
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