The Most Important Personal Quality A Licensed Real Estate Broker Needs To Be Successful in the Real Estate Service

Integrity is doing the right thing, even when no one is watching.

C.S. Lewis, British Writer & Literary Scholar

By Realttorney^®

For those planning to take the Real Estate Broker’s Examination in April 2024, this will give you perspective on how you should act and what the future holds for you in a business that is based on the network and relationships you build at the beginning and all throughout your career.

This is an offshoot of my lectures on the Code of Ethics for Real Estate Service Practitioners. I have always said that the real estate service profession is relationship-based. How people perceive you or the kind of reputation you build as you embark on your career will determine how long you will last.

This article is written for those graduating with their degree in Bachelor of Science in Real Estate Management in 2024, as well as those newly accredited Real Estate Salespersons and newly licensed Real Estate Brokers.

What then is the answer to the title of this article?

The most critical personal quality for a successful real estate broker is unwavering integrity. In a profession built on trust, clients seek assurance that their interests are paramount.

Integrity is the bedrock of ethical conduct, ensuring transparent transactions and fostering lasting relationships. A licensed real estate broker’s commitment to honesty and ethical practices not only safeguards the client’s interests but also enhances the reputation of the entire real estate industry.

Integrity establishes credibility, allowing a broker to navigate challenges with trust and professionalism, ultimately defining success through a legacy of reliability and client satisfaction.

The quote by Clive Staples Lewis underscores the importance of unwavering integrity in one’s actions, aligning with the ethical foundation essential for success in the real estate service sector. Additionally, it reflects the commitment to principled conduct, emphasizing that true integrity is demonstrated consistently, regardless of external scrutiny or financial gains.

What is the next most important personal quality?

In addition to unwavering integrity, effective communication stands out as a bonus quality crucial for success in real estate brokerage. Clear and timely communication is the linchpin of client relationships and successful transactions.

A broker’s ability to articulate complex real estate concepts, market trends, and negotiation strategies instills confidence in clients. Moreover, active listening skills enable brokers to understand clients’ needs and preferences, fostering a more personalized and satisfactory experience.

How can these qualities be demonstrated in what licensed real estate brokers do and the opportunities that come along with them?

So, what do licensed real estate brokers do? Well, that answer can be found in Paragraph (4) (G), Section 3 of Republic Act No. 9646, otherwise known as the “Real Estate Service Act of the Philippines.” It states that a real estate broker is a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.

Simply put, the real estate broker is the middle person between the two parties wanting to make a deal or consummate a real estate transaction. What transactions, you ask? It could be a sale, purchase, exchange, mortgage, lease or joint venture project, or similar transactions on real estate or any interest therein.

What then are the opportunities for a newly licensed real estate broker? Easily, engaging in real estate brokerage is the most obvious one. A new real estate broker can apply with established real estate development companies to market existing projects all over the country.

Or the newbie can set out on his/her own and be an independent real estate broker seeking out listings from sellers of real property. The newbie can do this for a couple of years until he/she is ready for the next step in his/her career in real estate.

As they gain experience, the newbies are exposed to unethical behavior or other RESPs or are tempted to perform unethical actions by the sellers or buyers themselves. Under PRBRES Resolution No. 39, Series of 2019, working with unlicensed individuals is unethical. Likewise, sharing one’s compensation with a “colorum” practitioner is unethical. Therefore, the new real estate brokers must stand their ground and resist all attempts at performing unethical acts.

When I deliver the lecture on the Code of Ethics to aspiring real estate salespersons, I always say to the attendees that I will not judge them for the acts that they did in violation of the Code of Ethics or Rep. Act No. 9646. But, I tell them that if they get caught they have to bear the consequences of their acts. Therefore, maintaining unwavering integrity is key to one’s career longevity.

Meanwhile, not being able to properly communicate legal principles and the pros and cons of the real estate transaction at hand is a great disservice by the real estate brokers to their clients. It goes without saying that a good communicator is humble, honest, and straightforward. The real estate broker must call a spade a spade with or without embellishment. Enough of the “sales talk” and the B.S. to the clients.

The passion one has for real estate and its vast earning opportunities must always be tempered by unwavering integrity and effective communication skills. Through a combination of integrity and adept communication, a real estate broker not only builds trust but also cultivates a reputation as a reliable and client-centric professional, essential for sustained success in the dynamic real estate industry in the Philippines.

——-

Atty. Jojo is a real estate attorney, an estate planning attorney, a licensed real estate broker, and a PRC-accredited Lecturer/ Speaker for Training Programs in Real Estate. He is committed to helping new and veteran real estate service practitioners be well-informed of the latest laws, rules, and regulations, and information relevant to the real estate service sector.