A real estate advocacy group wants to make becoming a real estate broker in the Philippines easier and has filed a petition with the Makati Regional Trial Court seeking a change in the current rules. Currently, broker licensing regulations in the country are covered under the Real Estate Service Act of 2009 (RESA).
A Better Real Estate Philippines (ABREP) believes unnecessary educational requirements and other burdensome regulations have made becoming a real estate broker in the Philippines too difficult. One example cited by the real estate advocacy group was the requirement that calls for one licensed broker for every 20 accredited salespersons.
However, is becoming increasingly troublesome due to a lack of licensed brokers in the country. RESA regulations state that only those holding a four-year degree in Bachelor of Science in Real Estate Management (BSREM) can take the Professional Regulation Commission’s (PRC) broker licensure exam.
This is proving to be problematic for a number of reasons. Firstly, the BSREM is not widely offered at Philippine universities. Secondly, there are less than 100 BSREM graduates annually and not all of these pursue or pass the PRC. Experts point out that the entire industry is suffering with so few new real estate brokers entering the field each year.
“The backlog is a major problem in the Philippines, but we cannot sell enough units due to the lack of salespersons. Even the good schools do not offer this course,” National Real Estate Association President Benny Cabrieto told the Philippine News Agency.
By reducing the educational costs and eliminating some redundant registration fees, ABREP believes the entire industry would benefit. It was also noted that the group is not seeking to eliminate regulations entirely. Instead, it is focused on creating a more inclusive and accessible environment that paves the way for more people to pursue a career in the real estate sector.