A license issued by the Professional Regulatory Commission (PRC) is not only a legal requirement for real estate practitioners, but also an advantage for both sellers and buyers, online property site Lamudi said.
In a statement announcing an upcoming awards ceremony for registered brokers on the property listing site, Lamudi reminded real estate service providers and buyers that Republic Act 9646 or the Real Estate Service Act of the Philippines, otherwise known as the RESA Law, requires that all real estate brokers, appraisers, assessors, and consultants must be duly licensed by the Real Estate Board of the 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 being taken advantage of,” Lamudi said.
“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,” it added.
Lamudi said that properly licensed real estate brokers have an advantage over non-professionals because they can benefit from word-of-mouth advertising.
“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 acquaintances,” Lamudi said.
It also pointed out that unlicensed brokers or agents have difficulty establishing connections with developers or real estate service firms.“For example, real estate portal Lamudi only allows licensed real estate brokers and developers to post listings on its website. This is a rule that the company has implemented ever since its inception in 2014, and it functions as a security measure against online scammers and to protect consumers,” Lamudi said.