Strength in numbers for aggravated condo buyers

The customer is king. That maxim applies not only in the trade of goods and services but also in the real estate business, particularly in the buying and selling of condominium units.

David Leechiu, country head of Jones Lang LaSalle Leechiu, advises condominium buyers who are unhappy with their payment situation to practice “plenty of due diligence” when filing complaints against developers and their selling agents. Fortunately, he says there are many public forums today which are on the side of legitimate complainants.

The Housing and Land Use Regulatory Board, he points out, would be able to help if it will provide a public service by publishing the complaints on developers’ projects. And when developers threaten to sue in return, Leechiu says a class action suit of buyers with similar complaints would be a stronger option.

False claims

Leechiu says false claims (of developers) will need to be proven and the HLURB has enough policies and regulations to protect buyers to date.

“The other route is to go high up the organization to voice issues and many times developers will settle rather than risk having disgruntled buyers,” Leechiu adds.

Inquirer Property has checked the HLURB website (http://www.hlurb.gov.ph/). It has an online folder for “services” for buyers’ guide, rights, how to file a complaint, developers’ guide, responsibilities, obligations and other related laws, updates on LGUs, frequently asked questions and other homebuyers’ concerns.

It also has an online forum for complainants as well as master list of developers and their addresses. It also includes the phone number and e-mail address of the Legal Affairs Group.

HLURB legal officer Mike Denava told Inquirer Property over the phone that HLURB would not know of preselling (problems) involving any developer until a complaint surfaces. He confirmed that there are developers doing preselling on projects that have not been registered yet.

An Inquirer Property reader a few weeks ago commented: “There’s poor regulatory enforcement by HLURB or other government agencies.” The reader cited that “no preselling should be the rule, unless the project is at least 80 percent complete.” The reader went on to say that “as it is, the delay in the delivery of the units and the documentary proof of ownership is the common practice by most developers.” This reader added that one should “stay away from developers whose come-on is the project’s proximity to malls.”

Appropriate agency

Enrique Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, agrees that the appropriate agency to address buyer and homeowner grievances would be the HLURB. “With the passage of the Resa (Real Estate Service Act) law, regulatory control of erring agents will now be under the jurisdiction of the Board.”

Claro dG. Cordero Jr., Jones Lang LaSalle Leechiu’s head of research, consulting and valuation, says, “Ideally, the HLURB should have full control on the strict compliance of the developers with their suggested construction schedule and deliverables.”

Cordero adds that “a prudent buyer should ‘double-check’ with HLURB regarding the reputation of the developer, and the proposed masterplan of the entire development.”

He explains: “It would also help if the buyer would check with relevant authorities regarding updated Land Use Plans and other plans for developments in the area that would have favorable and deteriorating effects to their developments.”

Cordero clarifies that there are a number of reputable developers who deliver on their promised units in a timely manner, along with the proper documentation on the proof of ownership (i.e., transfer of titles).

Soriano says, “As a general rule, buyers must make sure representations made by agents and the marketing collaterals presented must be duly acknowledged and validated by their superiors.”

“There are instances where collaterals are made through the initiatives of the sales agents and without the clearance of the developer. When necessary, certifications may be requested from the developer attesting to the truthfulness of the marketing promise.”

Soriano says, “With the bureaucracy and the volume of work in HLURB, I have reservations if they can provide answers in real time. In the end, verification of claims is still the buyers’ primary responsibility.”

SOURCE; INQUIRER, Tessa R. Salazar

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AmiSa

Everyday is a Holiday

Beach Resort Condominium at Punta Engano Mactan

Units Available include RFO and Preselling

Azalea Place

Life's Simple Joys are Always Within Reach

Convenient Business and Leisure Living at the Heart of Cebu

Currently Preselling!

Quality Projects of One of the Pioneering Developers in the Country

Robinsons Land Corporation

Flexible payment terms available!

For inquiries please call 09065549505 or 09229452718 and look for Ray.

You can also email at raymund.baroy@yahoo.com

=========================

Best Regards, 

Raymund B. Baroy

Account Manager

Robinsons Land Corp. - Cebu Sales Force

Visit Us here: Robinsons Land Premier Properties 

Call/SMS:

Local: 09065549505 / 09229452718

International :  +639065549505 / +639229452718      

Email : raymund.baroy@yahoo.com

AmiSa: AmiSa Private Residences

Azalea Place: Azalea Place

Memphis names Philippines ‘honored country’

Good news. The Philippines has been named the “honored country” by Memphis—the largest city in the US southeastern state of Tennessee—in its 2012 Memphis in May International Festival (MIMIF), the US Embassy in Manila announced yesterday.

In a report posted on its website, the embassy quoted Philippine Ambassador to Washington Jose Cuisia Jr. as having said “the Philippine government and the Filipino people are truly humbled by the privilege bestowed upon the Philippines as the honored country for the 2012 MIMIF, showcasing the best of Philippine culture, cuisine, performances, business practices and Filipino hospitality.”

“This festival will clearly demonstrate that ‘it’s more fun in the Philippines,’” Cuisia said, quoting the new Philippine slogan for promoting tourism.

Aside from building international ties and understanding, the MIMIF also “fosters civic pride and promotes awareness of Memphis heritage,” the  US Embassy said.

This week, at least 30 community and business leaders from Memphis are visiting the Philippines to “explore areas for potential trade and investment,” the embassy said.

“The delegation will be joined by their families and friends and other Memphis cultural enthusiasts,” the embassy said.

In a statement, Holt said he was “thrilled to be leading this trip…I look forward to furthering our relationships with individuals and interests in the Philippines.”

Known as the “River City,” Memphis was founded in 1819. It is the 20th largest city in the United States

By Jerry E. Esplanada
Philippine Daily Inquirer

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AmiSa

Everyday is a Holiday

Beach Resort Condominium at Punta Engano Mactan

Units Available include RFO and Preselling

Azalea Place

Life's Simple Joys are Always Within Reach

Convenient Business and Leisure Living at the Heart of Cebu

Currently Preselling!

Quality Projects of One of the Pioneering Developers in the Country

Robinsons Land Corporation

Flexible payment terms available!

For inquiries please call 09065549505 or 09229452718 and look for Ray.

You can also email at raymund.baroy@yahoo.com

=========================

Best Regards, 

Raymund B. Baroy

Account Manager

Robinsons Land Corp. - Cebu Sales Force

Visit Us here: Robinsons Land Premier Properties 

Call/SMS:

Local: 09065549505 / 09229452718

International :  +639065549505 / +639229452718      

Email : raymund.baroy@yahoo.com

AmiSa: AmiSa Private Residences

Azalea Place: Azalea Place

10 commandments of the Gokongweis

The younger Gokongwei shares his thoughts on what keeps their business empire afloat. It is interesting to note that even with their big conglomerate of businesses, he and the rest of the family-owned company continue to work hard and play smart in the Philippine business industry. 

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MANILA, Philippines - No in-laws.

This is the first of 10 unwritten commandments which John Gokongwei, founder of the Gokongwei group of companies, followed in running the family business “the Gokongwei way.”

Lance Gokongwei, president of JG Summit Group, shared his and his father’s secrets in running a successful conglomerate and in effectively transitioning from a company that is basically family-owned to one publicly-owned and listed.

At an Ateneo forum yesterday, the younger Gokongwei said that during his father’s generation, his aunts (married to his dad’s brothers) and his mother were involved in the business, but the elder Gokongwei soon discovered that this was not always ideal.

“There were situations where some of the marriages did not work. Loyalties change. Sometimes relationships between the different in-laws from the second generation become strained. Feelings get hurt. It is tricky deciding which in-law is more deserving, which is smarter, which would do a better job,” he said.

And so for the second generation, led by Lance, the rule of no in-laws was instituted – with some exceptions.

The second commandment is no moonlighting. Lance said the family rule is that if one is working for JG Summit, one can only own passive assets that do not require their attention such as property, shares, bonds and the like.

“If you work for the company, you must be either fully in the business or completely out. In running the business, you must be actively involved, with full-time commitment and focus,” he explained.

No conflict of interest is the third commandment. As a family member, one cannot set up a business involved in supplying or transacting with the JG Group of Companies.

“Around 20 years ago, my family learned this lesson. In one of the family manufacturing companies we acquired, one sibling was involved in an outside business supplying the company. Another was involved in a business that sold the final product for commission, and another was involved in a business that sold the scrap. As each party was concerned with his own interests, nobody was thinking of the interest of the family business,” Lance said.

The fourth commandment is “no work, no pay from the company.”

“The family member must work to receive a salary. There should be no fake pay. You must have a real, full-time position in the company. In my family, we do not receive allowances after graduating from college. If as a parent you want to give your child money from your own salary or dividends, that’s your prerogative. But the family is not going to pay for this,” he pointed out.

Fifth is that personal assets should be kept separate from company assets.

Lance said that personal expenses should be paid from one’s own pocket – including personal travels via the family-controlled Cebu Pacific and personal hotel stay at the family-owned RLC hotels, and even shopping at the Robinsons retail stores.

Sixth is pay must be based on contribution to the business. He said that in order for the family member to live and think independently, the family business must pay the right salary for the right job, but the pay must be adequate enough so that the family member will not be dependent on the parents for support.

“The amount you will receive is based on merit and not who you are in the family totem pole,” Lance added.

The seventh commandment of the Gokongwei group is that being family is no guarantee of employment.

“There comes a time when there is not enough jobs for everyone in the family. Oftentimes, professionals may even be better in running the day to day operations,” he said.

Eighth is avoiding working directly under one’s parents, specifically at the start of a career.

“When I first started, I did not report to my father. I worked for my uncle and another manager. If you are too close to the person, you usually won’t get good feedback. The parent might spoil the child or he may be too harsh. There is also danger of bringing issues and arguments home,” he noted.

Ninth is “give the next generation wings.” Also part of this rule is “have a fixed retirement age” for the business.

“I have seen many families where the patriarch passed on the responsibilities to the next generation successfully and some passed it on too late,” Lance cited.

The tenth and the most important rule is that “there can only be one boss.” He explained that this rule is related to succession. The role of the family and owners is to prepare a board to appoint a successor.

“You must establish a process to appoint the leaders. My dad and his brothers established a clear process on who can decide who the next leaders will be. They created an outside board whose role is to appoint and fire the CEO. This is critical so that a business can smoothly pass on from generation to generation, and achieve longevity,” Lance stressed.

SOURCE; INQUIRER

====

AmiSa

Everyday is a Holiday

Beach Resort Condominium at Punta Engano Mactan

Units Available include RFO and Preselling

Azalea Place

Life's Simple Joys are Always Within Reach

Convenient Business and Leisure Living at the Heart of Cebu

Currently Preselling!

Quality Projects of One of the Pioneering Developers in the Country

Robinsons Land Corporation

Flexible payment terms available!

For inquiries please call 09065549505 or 09229452718 and look for Ray.

You can also email at raymund.baroy@yahoo.com

=========================

Best Regards, 

Raymund B. Baroy

Account Manager

Robinsons Land Corp. - Cebu Sales Force

Visit Us here: Robinsons Land Premier Properties 

Call/SMS:

Local: 09065549505 / 09229452718

International :  +639065549505 / +639229452718      

Email : raymund.baroy@yahoo.com

AmiSa: AmiSa Private Residences

Azalea Place: Azalea Place