Best Practices

On my last trip abroad, I picked up the following practices that we RE Brokers could apply here:

1. All legal documents are done electronically. Third-party e-signature applications, such as DocuSign, are used.

Unknown to many, e-signed documents are legally binding in the PH. Hopefully, signing digitally will become the norm.

2. They had a QR code on their listing info sheet/calling card that led to an offer sheet online that buyers/tenants could use. Smart!

3. For leases, brokers prepare a 121-page "Ingoing Condition Report" (104 pages are photos of the property/furniture). With this report, the excuse, "it was like that when I got it," would no longer apply.

4. They had a 6-page Tenant Information Statement, which indicated the specific duties of the landlord/broker (required by the government). There's a considerable number of first-time renters, and they need to be more knowledgeable about the nitty gritty of renting properties (e.g., the procedure for repairs).

5. Direct debit against (DD) tenant's bank account. There are reasons why Filipinos prefer PDCs over direct debit arrangements (i.e., bouncing check law); however, DD arrangements would enable landlords to quickly know whether their tenant is potentially (financially) problematic in the future. Responsible tenants would ensure they have enough funds for rental payments.

(This next one is a must!)

6. The government has a tenancy database where the landlord/broker inputs data about problematic tenants. The database is owned/managed by a private company to which landlords/brokers subscribe. Isn't this a good business idea?