Is RESA Law anti-poor, anti-pinoy, anti-tech, anti-progress (Part 2)

INVESTING ON THE GO - Iggy Go (The Freeman) - November 17, 2020 - 12:00am

In part 1, we discussed a little history, the current so-called “uproar against RESA” and some questions (which is the title of this post). Let's answer even more questions!

Should we reduce the qualifications of real estate professionals (to highschool grad/level)?

SHORT Answer, NO. The real estate professional is not just a salesman. They have to be a buyer’s advocate, next an industry analyst, potential auctioneer, also a consultant, negotiator, and a marketer; can occasionally perform the services of an appraiser, a clerk, and a loan officer a well. Other times, they become pseudo accountants & lawyers too. Basically a real estate professional is expected to be and do a little of everything.

Let’s compare the qualifications for real estate professionals in Malaysia. The journey to becoming a fully-qualified real estate agent requires a lot of work, a great deal of study, a significant number of exams, and a sprinkle of work experience on top.

Compared to PH, they require a similar set of real estate courses but you have to pass the exams for each of those courses while we just require units of completion (basically seminars). One of the credits must be from the Mathematics, Science, Commerce OR Accounting subject.

Step 1: Study for 6 exams.

Step 2: 6 courses with exams, all of which must be passed. It generally takes around two years to study for and complete all examinations.

Step 3: The next phase is registering as a probationary estate agent, and undertaking a two-year placement gaining experience in the field.

There’s actually more here: https://www.propertyguru.com.my/property-guides/how-to-become-property-agent-malaysia-15192

But to answer the question, is the RESA Law prohibitive due to it’s requirements to be a Real Estate broker or salesperson? Compared to Malaysia, NO. They even have 2-year placements (like our Architects here) and proper tracking of registered professionals and agencies which we don’t currently have if I’m not mistaken.

Is the RESA law in favor of foreigners vs pinoys?

Ignorance of the law excuses no one. The law is clear but we lack implementation and enforcement. This must not only come from the related government agencies but also from the registered & licensed professionals themselves.

Is there protection for local real estate professionals & entrepreneurs?

(This also addresses the above question) Yes and No. Ideally yes because it's in the law. The first recognized AIPO (Accredited and Integrated Professional Organization) which is PhilRES ceased to exist since 2014 after various Real Estate Service Organizations opposed its formation due to various reasons. Why was it opposed? Who knows at this point, we can only guess. So, no unified org since that time.

Other professions (Doctors, Lawyers, Dentists,..etc..) have big, united, strong organization that can gather evidences, have unlicensed practitioners arrested, prosecuted, and jailed. There are so many groups with vested interest in the status quo or the potentially post status quo.

Should we change the RESA law to address the PH housing backlog?

This is not a simple issue, so NO. This requires legislative, legal, NGAs, LGUs, real estate developers, & Urban planners to pitch in to address.

Finally, is it anti-progress?

Yes and No again. NO, because RESA’s purpose and aim is to professionalize the real estate service industry. I would also say YES because laws in this context does limit or prevent unrestricted progress.

Progress is not necessarily bad but too much of anything is dangerous. Poor planning & unrestricted development has led some parts of our country to become vulnerable to preventable flooding, landslides & the like disasters.

RESA LAW
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