Rants and Raves of a Bum: Lamudi Philippines

Gear up for the Lamudi Affordable Housing Fair, ready your finances, and know how much you can afford through the following tips and guide

MANILA, June 8, 2017: Buying a home is one of the most exciting and the biggest purchase decisions one would ever make and deciding which property to get does not stop on knowing how big the property is or how fabulous the amenities are. Your capacity to buy and pay off the monthly amortization must be your top concern.

Now that the Lamudi Affordable Housing Fair is drawing near, top real estate marketplace Lamudi has put together a list of effective ways to help house-hunters prepare their finances and know up to how much they can get based on their monthly income.

As a wide range of affordable homes will be showcased at the upcoming Lamudi Affordable Housing Fair, this might be your chance to get that most awaited home of your own. Head on to Lamudi Affordable Housing Fair slated on July 15 and 16 at the Glorietta 3 Activity Center in Makati City and see properties that are surely well within your means.

Take a Look at Your Household Income

Financial advisors recommend two ways to estimate the price range of properties that are within your means. One is the “2.5 rule,” which basically means that you should multiply your annual income by 2.5. Your monthly salary times 12 months (or 13 if you receive thirteenth-month pay) will give your annual income. You will then multiply the product by 2.5 to find out how much property you can afford. For instance, if you earn Php50,000 each month, your annual salary is Php650,000 and multiplied by 2.5, the cost of the property you can afford is roughly Php1.625 million.

Another way to calculate your capacity to buy a property is the “28 percent rule.” This means that your monthly amortization must not exceed 28% of your monthly disposable income. Anything above the 28% mark will be very difficult to pay off monthly.

Following the above example, a Php50,000 monthly salary will give you a Php14,000 disposable income that you can spend on housing. This means that you can only get a property that has a monthly amortization of Php14,000 or lower.

A house with an asking price of Php1.625 million minus 20% down-payment or Php325,000 will leave you with Php1.3 million loanable amount from a bank or other lending institutions. Using the loan amortization calculator of government shelter agency Pag-IBIG Fund, a repricing period of 10 years and interest rate of 8.035% reveals that your monthly mortgage amortization for this property will be Php9,570.68, which is payable for 30 years. However, the rate does not include mortgage redemption insurance (MRI) and fire insurance, and other contributions. This amount is definitely well within the Php14,000 budget. In addition, the Pag-IBIG Fund also offers much longer loan tenor (30 years in this case) while commercial banks and other private lending institutions may not do so.

Know the Latest Interest Rates

Recently, the Pag-IBIG Fund reported the lowest interest rate that they offer to minimum wage earners. An interest rate of 3% can be availed by Metro Manila-based workers with a gross monthly income of Php15,000, or Php12,000 for those based in the provinces. Minimum-wage workers are eligible to avail themselves of this low-interest rate for a housing loan not exceeding Php450,000.

Apart from the low-interest rates offered by the Pag-IBIG Fund, banks also offer housing loans with easy finance schemes. Check out different bank websites or know more about the housing programs of top banks at the upcoming Lamudi Affordable Housing Fair.

Check Your Financial Status

Review your current financial statuses such as bills that are regularly paid and debts that are still included in your budget. If a large part of your monthly salary is devoted to paying off credit card debt, car loans, and other expenses, you may need to look for lower-priced properties or consider sorting out your finances first before finally closing that housing deal. In addition, having a considerable down-payment cash (more than 20% of property’s selling price) can increase your chance of getting approved for a housing loan and significantly lowering down your monthly amortization.

Lamudi Affordable Housing Fair

Take advantage of exclusive property discounts and learn more about recent real estate information at this one-stop-shop housing event. Get a chance to join auctions and bidding of foreclosed properties, experience virtual reality in real estate, and get exciting freebies during the two-day event.

The first Lamudi Housing Fair was a three-day event successfully held November of last year and was attended by more than 5,000 visitors.

To know more about the Lamudi Affordable Housing Fair, log on to www.lamudi.com.ph/events

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MANILA, MAY 21, 2017: Leading real estate listings website Lamudi Philippines says that the local real estate industry is still riding high as more skyscrapers are set to transform the Philippine capital’s ever-changing skyline.

The Trump Tower

One of the most awaited buildings that will redefine the shape of the city is Century City’s Trump Tower Manila. Rising 250 meters in one of Makati’s up-and-coming business districts, Trump Tower Manila will beautifully stand as the fifth tallest tower in Metro Manila once it is completed later in 2017. Just like its sister buildings across New York and other parts of the world, Trump Tower Manila will boast luxury apartments and first-rate amenities.

Three Central

Property giant Megaworld Corporation will likewise add iconic landmarks through its roster of residential towers scheduled for turnover this 2017. Three Central and Paseo Heights both in Salcedo Village, Makati, are scheduled for completion this year. Three Central will stand 51 floors high near Ayala Avenue and will feature a two-story posh mall. Paseo Heights, on the other hand, is a 30-story condominium tower overlooking the trees and greens of Makati. Both residential buildings are designed to cater to professionals living in Makati.

Uptown Ritz Residence

Staying true to their live-work-play concept, Megaworld will also finish two exciting developments in Bonifacio Global City. Uptown Ritz Residence in Uptown Bonifacio and The Florence at McKinley Hill will soon stand out in the high-class cityscape of Taguig. Uptown Bonifacio, one of Megaworld’s mixed-use townships in Taguig, also features commercial areas and corporate hubs. And at the center of it will rise the 45 floors Uptown Ritz, a high-end condominium that offers residential suites ranging from two to four bedrooms and will only have a maximum of 10 units per floor.

The Florence, on the other hand, is McKinley Hill’s first and only gated garden community. It has three towers ranging from 22 to 28 stories and considered as the most private among other residential developments to rise in the Taguig township.

Not one but four residential projects are scheduled to be turned over this year by SMDC: Breeze Residences in Roxas Boulevard and Shore Residences at the Mall of Asia Complex both in Pasay, Grace Residences in Taguig, and Fern Residences in Quezon City are all expected to rise before the year ends. The four developments are strategically located in key areas in Metro Manila. Furthermore, all will bear the SMDC trademark for amenities, such as resort-like swimming pool and grand lobby.

Ayala Land subsidiaries Alveo Land and Avida Land will likewise deliver exciting real estate landmarks this year. Alveo Land’s Kroma Tower and Avida Land’s Avida Towers Asten will both rise in major areas in Makati. Rising 46 stories along Dela Rosa Street, Kroma Tower is just a few steps away from key establishments, such as the Makati Medical Center and the Ayala Triangle, and it is directly integrated into the elevated pedestrian walkway network of the Makati CBD.

Avida Towers Asten in Barangay San Antonio, on the other hand, will feature three high-rise buildings and its first building will greet the skyline before 2017 ends. The residential edifice will offer studio, one-bedroom, and two bedroom apartments perfect for families working and studying around the Makati CBD.

Located in the heart of Sta. Cruz, Manila, Alveo’s Celadon Park will complete its neighborhood of three towers this year, while Avida Towers Vita in Quezon City, will be one of the first structures to rise in the vast mixed-used complex Vertis North, which is right next to TriNoma.

The Federal Land Tower, a 66-story tower in Federal Land’s Grand Central Park in northern Bonifacio Global City, is also scheduled to be completed before the year closes. The much-awaited skyscraper will house the Grand Hyatt Hotel on its first 25 floors, while the succeeding floors will be devoted to high-end residential and commercial use.

The Proscenium

The Proscenium at Rockwell Center, Makati, will add more dramatic structures to Makati’s dynamic skyline through Kirov and Sakura Towers, both of which are expected to be completed this 2017. The high-end residential towers boast unique architectural styles that will set them apart from other structures.

Shang Salcedo Place

Set to stand 67 stories high, Shang Salcedo Place by Shang Properties is touted to become one of the tallest buildings in Metro Manila. It is likewise deemed to be an iconic structure due to its design that looks like the tip of a fountain pen.

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Global property portal Lamudi Philippines delves on the most important aspect of real estate: housing for all.

MANILA, March 7, 2017: Where do we go from acknowledging the importance of a home? As the number one marketplace for all things real estate, Lamudi Philippines talks about affordable housing and how best to make it available to every Filipino.

“More than just a roof to keep our people safe from external threat, a shelter is where values are formed, hopes and dreams are built, and the true meaning of family is defined. For many of us, a home is indeed a symbol of identity and dignity,” said President Rodrigo Duterte at the 7th National Developers’ Convention of the Organization of Socialized Housing Developers of the Philippines (OSHDP). In the same event, the president called on all economic development stakeholders to unite and formulate development action plans aimed at providing decent homes to Filipinos.

The dream of having a home of their own is one common aspiration shared by all Filipinos but as the rise of property prices continue to shoot up this goal is becoming more and more elusive most especially to low-income earners. To be able to address the housing ownership challenge many Filipino families face, here are some innovative solutions that can be rolled out.

Affordable Finance Schemes

The first step to a housing within reach is easier finance schemes and lower interest rates especially for the poor and the marginalized.

In recent financing program of Pag-IBIG Fund, the lowest interest rate they offer to its members is 5.5% for a one year fixed-pricing period, 6.5% for 3 years, 7.270% for 5 years, 8.035% for 10 years, 8.585% for 15 years, 8.8% for 20 years, 9.050% for 25 years, and 10% under a 30-year fixed-pricing period. To avail of the lowest rate of 5.5% per annum, borrowers must have a monthly amortization that should not exceed 30% of the borrower’s gross monthly income; and the ratio of the loan amount to the appraised value of the collateral shall not exceed 75%.

One major worry though is the full risk-based pricing framework that the Fund has recently adopted. This means that the interest rates will only be fixed on the assigned period and might go higher or lower depending upon the prevailing market rates. Fortunately, the shelter agency reported that since they used the new scheme, the agency has lowered its rate for five consecutive times. This rule applies to all eligible members of the Fund.

Public–Private Partnerships

In a study of the Housing and Urban Development Coordinating Council (HUDCC), the affordability of housing has been adversely affected by out-of-control urbanization and unplanned urban sprawl where demand for a residential land far outstrips the available supply of land, particularly in densely populated areas.

The best course of action for this dilemma can start with a more proactive engagement of private investors in the national agenda. With the government and the private sector sharing ideas and working together, planning for future developments of a city that will include more low-cost housing will be made much easier.

The only listed example of public and private cooperation under property development in the portal of the Public–Private Partnership Center of the Philippines is the Pabahay Sa Riles Project which can be recalled as not exactly a success.

As upcoming projects such as the Cavite–Laguna Expressway and the NLEX–SLEX Connector Road has been proven to be helpful, we can only hope that joint venture real estate developments will soon be planned and conceptualized for Filipinos.

Lower Rental Costs

Taking a leaf from the plans of former HUDCC chief Leni Robredo, a public rental housing program can likewise help ease the financial burden of housing to salaried workers and employees. This initiative will help individuals and families who temporarily chose to reside near their workplace in the city but do not intend to acquire a home there. By providing value-for-money ready-for-lease units, the families can save up for that dream house that they can own in the future.

According to a study conducted by the Philippine Institute for Development Studies (PIDS) in 2004, 33% and 17% of the Philippines’ urban population are renters and sharers, respectively. Through helping this big chunk of the market, this might be the way to not only help future homeowners save but also address the issue of informal settlements in key urban areas.

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After leading the online property scene, Lamudi will launch another exciting product to widen its reach.

MANILA, February 20, 2017: In a bid to conquer every nook and cranny of the real estate scene, leading online property marketplace Lamudi Philippines is expanding its reach by launching its own lifestyle magazine centering on real estate.

Starting this quarter, Lamudi will release its self-titled real estate–focused magazine that aims not only to showcase exciting real estate products across the country but also provide comprehensive and updated news and information on the local real estate scene.

“Our goal is for Lamudi to be known as the household brand for both online and print real estate. This way we will be able to reach both offline and online property hunters,” shared Bhavna Suresh Chathambeth, CEO of Lamudi Philippines and its sister website MyProperty.ph, which the former acquired from Summit Media in 2015. Together, Lamudi and MyProperty.ph are the Philippines most visited and largest real estate websites.

The magazine will be released every quarter and will be sold for Php150 in all National Book Store outlets.

“Although Filipinos are big Internet users, a large chunk of the local market still appreciates and follow traditional marketing such as print advertising. We acknowledge this so we decided to harness our real estate knowledge and authority to come up with an informative and helpful publication targeting both sellers and buyers alike,” added Ms. Suresh.

Lamudi also stressed that the magazine will utilize years’ worth of listings and search data accumulated by the website to study the online behavior of property hunters, information that will determine the next trends in the property sector. Therefore, everyone can expect only the best articles on the Lamudi magazine.

“Everything about real estate from digital trends to easy home hacks will excite the pages of the Lamudi magazine. We are also getting the views and insights of top real estate personalities to make sure that we will deliver the best to our readers,” Ms. Suresh added.

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Top property portal Lamudi Philippines bares why online marketing is one of the best trends in the local real estate scene.

MANILA, February 24, 2017: Changes is continuously coming due to the never-ending evolution of technology. This is particularly true in some industries that have successfully adapted in the current global business landscape.

For real estate, many licensed professionals are taking advantage of the World Wide Web to reach their target market. Gone were the days where you only have to rely on the people that you know and those you meet on the streets to promote what you offer. With the advent of social media platforms you can instantly reach almost two million possible clients with just a few clicks away.

Lamudi Philippines, a leading real estate website and an expert on online real estate marketing, shares the reasons why many real estate professionals claims that online marketing is now the way to go.

Wider Reach and Limitless Possibilities

According to internetlivestats.com 43.5% or almost half of the Philippine population are using the Internet. Imagine being able to tap even just a fraction of that number. Fortunately, there is just so much that you can do online to get the attention of Internet users. Some of the most effective tools like clear and crisps photos, short but engaging videos, and now virtual reality are just some of technology-enhanced gears that you can harness to capture your market.

One best example is the magnified effect of word-of-mouth advertising. For instance, a nice new place complete with residential and leisure components that becomes an instant hit to social media users can effectively help a rising condo in that area. Shares will just pour in and you will just ride the hype and count your sales.

Harold Geronimo, AVP and Head of Public Relations and External Affairs of property giant Megaworld Corporation, shared that his company is now recognizing the evolution of the market. From heavily banking on various traditional advertising methods, the shift to more portable, more real-time and fast-paced approach to reaching your target audience is gaining importance. Because of this, different online promotion techniques such as social media channels, blogs and websites have become an integral part of Megaworld’s marketing mix.

Mr. Geronimo also emphasized that the fastest and cost-efficient way to distribute content is through social media. “Almost all segments of consumers in the Philippines are on social media and we want to be where our target markets are. With the growing competition of real estate in the country we are utilizing the online space to spread our creativity and be ahead of other companies,” he stressed.

Lamudi also interviewed Pinnacle Real Estate Consulting Services Inc., one of the top property management and brokerage services providers in the country, and they stressed that digital marketing is now considered one of the best ways to advertise as this provides a wider reach and the fastest vehicle toward clients.

On the GO!

Posting listings or browsing for a dream home is just quick and easy. As Internet and technology become more mobile, the chance to find your next big sale or your first investment can be done simultaneously with other tasks. As Filipinos learn to value their time and resources more, people tend to rely on various applications, service-focused websites and other technology-assisted means of making life a tad easier.

Alejandro Mañalac, Executive Vice-President of Step Philippines, Inc., also revealed that digital marketing plays a big role in their day-to-day real estate operations. “Generating leads wherever and whenever really maximizes time and resources. Furthermore, upon receiving inquiries from our various campaigns, we are already equipped with the information that we can share instantly while the leads are hot, which means quicker response time,” Mr. Mañalac enthused.

Sales, Sales, and More Sales

The potential to earn a six-digit income monthly with just a few sales is the ultimate come-on spiel of successful real estate brokers. Mary Clair Dino, licensed real estate broker who freshly acquired her PRC license last year, is now very interested to give real estate platforms like Lamudi a go because of her experience in successfully closing sales using just Facebook (and without extensive training and very technical knowledge to do such). “I just posted pictures and shared the advantages of the properties and I successfully closed deals, then it occurred to me that there is more to Internet marketing,” shared Ms. Dino when asked why she is interested to subscribe on Lamudi.

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Aiming to cement its position as top-of-mind choice for online property hunters, leading portal Lamudi will launch its very first and heartwarming TV advertisement

MANILA, February 13, 2017: Already recognized as the number one real estate website in the Philippines based on online visibility and monthly website traffic, Lamudi Philippines is now bringing its game a notch higher by launching a new TV campaign. The new advertisement aims to strengthen Lamudi’s position as the go-to website for all Filipinos who are looking for a home of their own.

Lamudi, a frontrunner in the online real estate space, is bringing a fresh take to its own branding by creatively telling the story of a family who is finally coming home to a place of their own. The TV and out-of-home ads will run on various cable channels and will be featured in prominent billboard locations around Metro Manila.

This advertising milestone is a first for the young startup. Through this campaign, the company expects to reach offline property-hunters who do not normally look for properties on the Internet and to introduce to them new and modern ways to search for properties.

“Lamudi since 2015 has been the most visited online real estate portal in the Philippines, but we are now elevating the website to make it the top-of-mind real estate portal in the Philippines, shared Bhavna Suresh Chathambeth, CEO of Lamudi Philippines and MyProperty.ph. The latter is a website the former acquired from Summit Media in 2015.

Ms. Suresh also stressed that 2017 will be a big year for the top real estate portal, as this year, Lamudi is focusing on being more consumer-centric. “We have already built a strong online brand, especially among real estate brokers and developers. Now, we are reaching to the traditionally offline market to encourage them to use the Internet to find properties.”

The timing couldn’t be perfect, shared Ms. Suresh, as Lamudi has a lineup of exciting consumer-focused events this year. One will delve exclusively on the affordable housing sector, while another housing fair scheduled in mid-2017 will be held in Cebu City and will focus on the exciting real estate market of the city and the Visayas. These two on top of a host of offline marketing campaigns intended toward Filipino homebuyers can be expected from the top property website this year.

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