American broker works on Cebu realty database

Thursday, January 26, 2012By Mia A. Aznar

NOTING something missing from the local real estate industry, an American real estate broker is planning to introduce a multi-listing service in the country this year.

George B. Flessas, who recently paid a visit to Sun.Star Cebu, explained a multi-listing service will benefit local real estate brokers, agents, developers and financiers by allowing them access to an information database.

Learn What's new in Cebu Now, click here

Aside from properties up for sale, Flessas said the database will contain data needed for continuing education, legal forms and contracts needed in official transactions, and appraisals in certain areas.

While he will give a sneak preview to local real estate brokers this Friday, the project will officially begin operating by April yet.

Herbert Buot, president of the Chamber of Real Estate and Builders Association, Inc. (Creba), said the service will benefit them greatly, as it will give interested buyers from outside the country access to properties that are for sale in the Philippines.

Buot said Cebu has a very high potential to attract foreign property buyers, especially retirees. He explained that many find Cebu appealing as a retirement destination because of its central location, access to modern amenities and cheaper costs compared to Metro Manila.

He added that they felt privileged that Flessas thought of Cebu first, saying even engineers, contractors, architects, accountants and lawyers whose clients are in real estate will benefit from the service.

Pilot area

Flessas said he made Cebu the pilot area because he found it easier to do business and meet people here to support the project.

Eventually, he plans to offer the service to real estate sectors in Metro Manila and other parts of the country.

Though he tied up with Creba for this endeavor, Flessas said that members of other real estate broker associations and those who do not belong to organizations can access the multi-listing service.

To access the service, a P1,200 application fee is required.

Buot said the fees are minimal and he believes anyone in the real estate industry will be thankful to be able to use such a service.

Published in the Sun.Star Cebu newspaper on January 26, 2012.