Cebu realtors up in arms against colorum brokers

CEBU, Philippines —  The Cebu Realtors Board (CEREB) is joining the Philippine real estate brokerage industry in the fight against the growing number of unlicensed property sellers taking advantage of a brisk market.

In a press conference to announce the organization’s 60-year anniversary together with its mother organization, the Philippine Association of Real Estate Boards (PAREB), which is set to kick off this coming March 27, 2020, the Cebu-based realtors are raising their banners together to insist their rights in protecting the industry and their position.

PAREB-CEREB president Nestor Toledo said Cebu will have to get more seriously involve in polishing the industry’s position paper crafted by the national organization to be submitted to Congress in their fierce fight against colorum brokers.

CEREB is also working with the Professional Regulatory Board of Real Estate Service of the Professional Regulatory Board (PRC) in policing the existence on non-licensed brokers.

The proliferating colorum brokers both locals and foreigners are already hurting the industry and the practitioners’ profession, he admitted.

“PRC and us are closely working together in stopping this malpractice,” he stressed adding that CEREB is active in supporting the campaign dubbed “Bantay Colorum.”

Because real estate has become the country’s economic miracle surpassing a ten-year cycle, Toledo said a lot of people here and abroad attracted to make the industry as “milking cow.”

While there’s nothing wrong with taking advantage of the robust real estate trade, those who are playing the industry should be responsible enough in respecting the legitimate professionals who are the only authorized persons to transact property related businesses.

CEREB is also inviting unlicensed [property] agents to get licenses,’ and the foreign nationals to be accredited with local brokerage or a licensed realtor.

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.