‘Don’t deal with unlicensed brokers’

CEBU, Philippines - As the upbeat real estate industry paves way to a lucrative career in brokerage, the sector likewise is facing pressing concerns on the proliferation of unlicensed and fly-by-night real estate brokers.

Cebu Real Estate Board  have noted the increasing number of bogus brokers victimizing investors, which has also given a bad impression to legitimate brokers and to the entire industry.

Incoming CREBA president Samuel O. Lao said the robust growth in real estate in Cebu and the overwhelming interest of buyers from both local and international markets have drawn people to get into the real estate brokerage business including the unscrupulous individuals.

"We are receiving complaints from buyers of unprofessional dealings with some brokers, most of them [if not all] do not have licenses," said Lao.

Likewise, CREBA is urging buyers to deal only with licensed brokers, and those that have legitimate affiliations in order to avoid failed business dealings.

The attractive real estate sector, he reiterated have also espoused interest to those people who make this profession their "sideline" and would transact and promote for-sale properties via referral system.  Buyers are warned of the possible pitfalls in this kind of dealings as most ended up being victims of over-pricing or worst they find themselves in a "bogus" transaction.

Meanwhile, Lao said the board is now offering review classes for people who are interested to make real estate brokerage as a career, and take advantage of the great potential for entrepreneurship.

Although some Cebu universities have already offered a bachelor’s degree in real estate management, they have yet to produce BSREM graduates by 2016. Thus, CREBA is urging individuals interested to get licenses in real estate brokerage to review and take their exams now.

There are three kinds of brokerage professions: those brokers that are engaged in secondary market or "buy-and-sell" transactions; other brokers are engaged into project selling, including those people that are promoting and legitimately selling projects for particular developer. Other brokers are also doing the promotion of rent and leasing and other related services.  (FREEMAN)