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Amid Metro Manila’s real estate boom, more people and businesses than ever are renting properties, necessitating the expertise of leasing brokers.
Even if not purchased as frequently, real estate is just as much a necessity as food, water, and utilities. As long as there are people, there will always be the need for residential or commercial space. This in itself is a good reason to venture into becoming a broker or operating a brokerage, as there is always a market to cater for. If you have the required knowledge, skills, and credentials, venturing into leasing brokerage may be something you could consider.
There are more potential lessees than buyers
With the continued increase in population in most metropolitan areas, the demand for real estate increases as well. While this creates a pool of potential clients, a good portion of these will be leaning toward renting a space rather than buying it. Many property-seekers are looking to avoid the large upfront cost that comes with purchasing, and instead choose to rent for a few years.
There are also more potential lessors than sellers
The same can be said for landlords. The demand for property is high, and many homeowners would turn to professionals to find possible tenants.
Most of the clients you will work with are business owners
You and your brokerage are likely to work with property owners looking to lease out space, as well as property seekers looking to rent and occupy. While some of these would be residential, you can expect that businesses look to pay for brokerage services most of the time.
Properties for rent are a business in themselves, and potential lessees commonly searching for the best possible terms are usually commercial, financial, and industrial firms working with a particular budget. This means clients with significant finances—sometimes a single business client can pay as much as two or more residential clients.
Leasing terms and contracts can get tricky for both parties involved
When it comes to selling the property, price and payment terms are often the only keys to reaching a deal. With regard to properties for lease, agreements could become a little more complex, with both the lessor and lessee looking to get the most benefit possible. As such, the services of a leasing broker is often required for an extended period of time, as they assist either the lessor or the lessee with hammering out details like property maintenance, utility payments, and years of the lease.
Increased opportunity for regular clients
One of the key elements of a lease agreement is the time that it will last. With that said, it is guaranteed that at some point a lessor will need a new lessee, or a lessee will need to renew a contract or find new space to occupy. This would mean your services as a leasing broker would once again be required as you assist your client to reach an agreement on a new contract, find a new tenant, or find a new property to rent.
Lamudi is awarding the top real estate professionals who have shown excellence in their practice in the past year through The Lamudi Broker Awards Night, happening on February 21, 2019, at Makati Shangri-La Makati. To know more about the event, visit the official page.
Source: Entrepreneur, Aquila Commercial