Strategies for Real Estate Brokers and Salespersons

As of 2023, there were 2.16 million Overseas Filipino Workers (OFWs), with remittances reaching an impressive PhP 239 billion during the April to September period alone. This growing sector presents an immense opportunity for real estate brokers and salespersons in the Philippines. With a large proportion of OFWs remitting significant amounts of money back to the Philippines, many of them are looking for secure investments, such as real estate, to ensure their family's future.

Here are key strategies to help brokers and salespersons tap into this market effectively:

1. Target OFW-Rich Regions and Communities

Opportunity: Majority of OFWs come from Luzon, particularly CALABARZON (19%), Region III (15.2%), and NCR (9.6%). Luzon accounts for 65.9% of the OFW population.

Strategy: Focus marketing efforts and hold property seminars or webinars in these regions where OFWs or their families reside. Leverage partnerships with local government units and OFW support organizations to host community events or property showcases tailored to OFWs. Highlight investment opportunities in their home provinces or nearby areas for convenience and sentimental value.

2. Highlight Real Estate as a Safe Investment for OFWs’ Remittances

Opportunity: OFWs sent PhP 238.63 billion in remittances in 2023, with 37.3% sending between PhP 40,000 to PhP 100,000, and 30.9% sending over PhP 100,000.

Strategy: Promote real estate as a secure investment option for OFWs looking to maximize their remittances. Develop materials that show how investing in property can lead to long-term financial security. This could include informational content on how OFWs can use their remittances to build wealth, whether through property rentals, resale, or personal use.

Highlight tax benefits, flexible payment terms, and promotions that cater to the financial habits of OFWs, such as financing packages that align with remittance schedules.

3. Offer Tailored Payment Plans for OFWs

Opportunity: A large percentage of OFWs remit funds regularly and look for accessible, flexible ways to manage their finances.

Strategy: Offer OFWs flexible payment plans that coincide with their remittance schedules. Work with financial institutions to create easy financing solutions such as deferred payments, low down payments, or amortization plans that fit their income flow. Make sure to emphasize that owning property doesn’t require immediate lump sums, making it more accessible for OFWs to invest.

4. Capitalize on OFW Preferences and Geographic Locations

Opportunity: Saudi Arabia, the UAE, and Singapore are among the top destinations for OFWs. Asia accounts for 77.4% of all OFWs. Most OFWs are in elementary occupations or service and sales roles, which suggests they are seeking safe and practical investments back home.

Strategy: Reach out to OFWs directly by partnering with Filipino communities abroad, especially in countries with high OFW concentrations like Saudi Arabia and the UAE. Conduct virtual property tours and organize online events to target OFWs overseas, who may be looking for investment opportunities in the Philippines for their families.

Additionally, emphasize affordable, practical housing or properties suited to their income levels, especially for those in elementary occupations. Focus on residential or rental properties in the Php 1-3 million range, which may be within their financial capacity.

5. Highlight Family-Centered Property Solutions

Opportunity: OFWs, especially those in elementary occupations (41.1% of total OFWs), often support their families and are keen on providing housing for their loved ones.

Strategy: Position family-centered property packages that provide both security and comfort for their loved ones while they are abroad. Emphasize the value of owning property close to schools, hospitals, and job centers for their families. Present these properties as a way for OFWs to ensure their family’s future while they work overseas.

6. Use Social Media and Online Platforms to Build Trust

Opportunity: Many OFWs rely on digital communication and platforms to stay connected with their families and manage their finances.

Strategy: Utilize social media, websites, and mobile applications to offer virtual consultations, property tours, and easy booking processes. OFWs often seek transparent, reliable information, so building a credible online presence can help them feel more confident when making real estate investments. Regularly update your content with success stories, testimonials, and tips for buying property while abroad.

7. Promote Financial Literacy and Property Ownership Education

Opportunity: Many OFWs, especially those in elementary occupations, may need guidance on navigating the Philippine property market.

Strategy: Offer educational seminars or webinars on topics like home ownership, property investment, and financial literacy. Collaborate with banks, government agencies, and OFW organizations to educate potential buyers on how to maximize their savings and remittances through real estate investments. Empowering OFWs with knowledge can lead to more confident, informed investment decisions.

8. Capitalize on OFWs' Preference for Banks and Remittance Services

Opportunity: OFWs prefer using banks (62.2%) and money transfer services (36.5%) to send remittances.

Strategy: Partner with banks and remittance centers to streamline the process for OFWs to invest in real estate. This could involve joint promotions where real estate companies offer special packages for OFWs remitting through select banks, or it could include setting up property information desks within remittance centers to offer direct consultations.

9. Leverage OFW Women and Their Purchasing Power

Opportunity: Women make up 55.6% of the OFW population, with many working in elementary occupations or service and sales jobs.

Strategy: Tailor marketing messages that appeal to OFW women, emphasizing properties that cater to their needs as caregivers, heads of households, or breadwinners. Highlight homes that offer security, proximity to essential services, and convenience for their families. Focus on housing projects that meet both practical and emotional needs, such as family-oriented neighborhoods or affordable condo units.

The OFW market holds massive potential for real estate brokers and salespersons in the Philippines. By focusing on personalized, strategic marketing that addresses the unique needs and preferences of OFWs, real estate professionals can tap into this lucrative market, offering valuable property investment options for Filipinos working abroad. Through tailored payment plans, targeted outreach, and educational efforts, brokers and salespersons can help OFWs secure a solid financial future while boosting their own sales and networks.

Read Also: Data Source from PSA