Real estate plagued by colorum players

CEBU, Philippines — The Philippines should address the effect of ASEAN integration to the real estate sector, especially now that there are already foreigners such as Koreans, Japanese, Chinese nationals selling Philippine properties.

Anthony Gerard Leuterio, president of the Allied Chamber of Real Estate Brokers and Licensed Salesmen (PhilAcre), said that the inter-selling of real estate properties within the ASEAN region should be defined by the government under this new environment.

Republic Act 9646 or the Real Estate Service Act, otherwise known as RESA Law, which took effect on July 30, 2009, deals primarily with the acts generally considered to be real estate services, the qualifications of those who may practice the profession, and the penalties corresponding to violations of its provisions.

The law protects the rights of those who call themselves real estate professionals, and also lays down the rules which these professionals have to adhere to, so that they may be registered under the Professional Regulation Commission (PRC) and be allowed to continue their practice.

Despite the RESA Law, Leuterio said, the industry is lost at how to properly handle, if not sanction, foreigners who are selling Philippine properties in their respective countries.

There must be clearer policies for agents or brokers who are selling properties.

“We are flooded with lot ‘colorum’ practitioners,” he said.

Meanwhile, the real estate brokerage industry is pushing for the creation of Real Estate Commission to regulate practicing players and professionals.

Just like the insurance industry that has Insurance Commission (IC), the real estate sector, with its sustaining strength in the Philippines, should also have similar governing body, said Filipino Homes founder and chief executive officer Anthony Gerard Leuterio in an interview yesterday.

Leuterio said that despite its buoyant shape, the sector should be ruled by a body that will police, monitor, and regulate the practices of both developers and property sellers.

While there is an existing Housing and Urban Development Coordinating Council of the Philippines (HDUCC), its function is too broad, he said.

The Real Estate Commission, on the other hand, can focus on standardization of practices—setting up ethics blueprint among real estate brokers and agents, among others. (FREEMAN)