RISMedia's Real Estate Magazine

APR 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1097917

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Page 38 of 144

34 April 2019 RISMedia's REAL ESTATE us to know the cultural differences of other countries, and the relation - ships we have built allow us to intro- duce our clients to people we know personally." Thriving in the ever-growing Philip - pines real estate market, Pinnacle Real Estate Consulting Services, Inc. is led by Michael Mabutol, with 18 years in the real estate busi - ness. With two offices, 150 full-time employees and more than 800 co- brokers across the nation, Mabutol helps the firm navigate important market trends, such as co-working spaces, income-generating proper - ties and township projects. According to Mabutol, "the Philip - pine market has been continuously diversifying. A few years ago, service offices and co-working spaces were virtually unheard of, but now, there are more than 150 players in this space. The retail market is equally buoyant despite heavy competition from the e-commerce industry. The government has cleared some road - blocks for the implementation of REITs, which will provide local and foreign investors more options to park their capital." All of this is leading to an increas - ingly global landscape. "We're living in a global market," explains Mabu - tol. "Opportunities are coming from different parts of the world. Borders are also becoming increasingly po - rous, enabling much-needed capital to cross borders more efficiently. For instance, the ASEAN region is slowly integrating into a single market, and companies that embrace diversity and are well-equipped to work with other nationalities will find success in every market they venture into." This is where LeadingRE is an invaluable asset, allowing Mabutol to learn from fellow members and share information and best prac - tices. "Being part of LeadingRE has opened doors for us and enabled us to tap into other markets." Frank Morrice Arias has been the broker/owner of Panama's Servmor Realty since 2001. Servmor has been the largest firm in MLS produc - tion for Panama since 2012. With an overstock of inventory in the mid- to high-residential market, Morrice currently finds himself in a buyer's market. However, he expects an improvement in Latin American economies to help absorb excess inventory in the years ahead. "Pan - ama's GDP has grown over 5 per- cent in recent years, and 2019 is forecasting a 6.3 percent increase in GDP , so our general fundamentals are okay," he explains. According to Morrice, one of the main challenges for firms outside of the U.S. is a "lack of adequate poli - cies to regulate the industry, develop new agents and implement an MLS, which has an impact on the level of professionalism. We started an MLS in 2012, which has been a catalyst to increase the level of transparency and professionalism in our industry, but it is a culture change. We expect it will take several more years for it to be the norm." In the meantime, Morrice is able to take advantage of different oppor - tunities and educate himself on how to increase business through his in - volvement with LeadingRE. "I do be- lieve real estate is local, but being able to have access to relationships and understanding the global mar - ketplace through our affiliation with LeadingRE has lots of value. It is critical for undeveloped markets like ours to learn from more developed markets like the U.S. so we can es - tablish strategies on how we can be better and create more value for our customers." A World of Possibility Ultimately, LeadingRE's roadmap is focused on driving opportunities to its members worldwide and providing systems, connections and education to support their success—including the insights that come from being part of a truly global organization. "We are uniquely positioned to benefit from the diversity that comes from having members in all cor - ners of the world," says Boomsma. "Whether working with a client from another country or within your own di - verse community, tapping into what we can learn from one another is in - credibly powerful." RE For more information, please visit www.leadingre.com. Michael Mabutol shares insights with fellow members during LeadingRE's Global Symposium. Photo Credit: AJ Canaria of PlanOmatic Michael Mabutol President/Managing Director, Pinnacle Real Estate Consulting Services, Inc. Makati City, Manila, Philippines Frank Morrice Arias General Manager & Owner, Servmor Realty Panama City, Panama

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