Why You Need a License to Practice Real Estate Service in the Philippines

Set to honor empowered real estate brokers this year, Lamudi Philippines explored why it is really important to secure a realty license.

As the real estate sector continues to be one of the most buoyant sectors of the Philippine economy, more stringent measures are carefully placed to protect real estate investors and property buyers. In line with this, Republic Act No. 9646 or the Real Estate Service Act of the Philippines, which is more commonly referred to as the RESA Law, was enacted. This is the governing law that must be followed by all real estate professionals practicing in the Philippines.

As stipulated by the RESA Law, real estate brokers, appraisers, assessors, and consultants must all be duly licensed by the Real Estate Board of the Professional Regulation Commission (PRC). As the purchase of a piece of real estate is an important and expensive transaction, buyers’ interests must always be protected. For example, having a licensed real estate broker transacting on the buyer’s behalf greatly minimizes the risk of the buyer getting taken advantage of.

But more than just being a law-abiding citizen, there are more reasons why a professional license is your best means towards a successful real estate career. To shed some light on this important topic, top property portal Lamudi Philippines, compiles the best benefits of having a professional real estate license.

First and foremost, a PRC-licensed real estate broker is undeniably a more trustworthy agent when it comes to real estate buying. If you are an investor, would you entrust your investment to just anyone else? Credentials such as a PRC license assure buyers that they are dealing with a registered professional and should anything go amiss, they can always file a case in the PRC.

For example, real estate portal Lamudi only allows licensed real estate brokers and developers to post listing on its website. This is a rule that the company has implemented ever since its inception in 2014 functions as a security measure against online scammers and to protect consumers.

With credibility come opportunities. A credible and reputable real estate broker who has served a happy and satisfied clientele has one important advantage over unprofessional ones: the power of word of mouth marketing. Indeed, happy customers are only too happy to refer a great real estate broker to their relatives, friends, and acquaintance.

The road to being a real estate broker is tough and Lamudi Philippines recognizes the hard work and contributions of these important players to the industry. On March 30, 2017, Lamudi Philippines will award the best of the best licensed real estate brokers who are subscribed in the portal. More than 300 brokers will vie for various honors.

“This endeavor of Lamudi is not only aimed to recognizing the excellence of today’s top brokers. The winners will become great examples to their peers and will likewise teach a thing or two to many aspiring property professionals out there,” shared Bhavna Suresh Chathambeth, CEO of both Lamudi Philippines and sister website MyProperty.ph, a long-running local property portal acquired by Lamudi from Summit Media in 2015.

Filinvest is one of the major sponsors in the upcoming prestigious awards night. Other parties interested to partner with Lamudi Philippines in awarding the best brokers are invited to take part in this upcoming event, dubbed Lamudi Philippines Broker Awards Night 2017 to be held at the New World Hotel in Makati. They may contact events@lamudi.com.ph and avail of the early bird promo where they can get 30% discount on all booths if they book before March 6, 2017.