The Republic Act (RA) No. 9646 otherwise known as The Real Estate Service Act of the Philippines” or the ‘the RESA law” was signed into law on June 2, 2015, as a measure to regulate and professionalize real estate industry practices in the Philippines. Notwithstanding the purpose of it to maintain firm and legal real estate transactions, there are still many individuals who violate the law and into rampant unlicensed realty practices all over the country. The Philippine Association of Real Estate Board is operating an initiative to legitimize the practice of unlicensed real estate agents. PAREB National Director and Vice President of Visayas called on unlicensed realtors to come to registered broker organizations to be accredited.
Real estate broker Jonathan Filoteo, is one with the main goal of PAREB in regulating legalities for real estate professions. As a professional licensed realtor himself, he believes that end-users deserve a piece of quality real estate advice and guidance when it comes to properties. Jonathan is a graduate of BS Business Administration Double Major in Marketing Management and Entrepreneurship. He is now a licensed real estate broker and appraiser by profession. Apart from that, he also makes time for his hobbies in travel blogging and reading books mostly on self-development, finance, and economics.
Jonathan is affiliated with Land Asia Realty & Development Corp., a multi-awarded real estate brokerage firm that has been in business for 27 years and one of the pioneering real estate brokerage firms in Cebu that mostly specializes in residential and commercial real estate. LARDC has thousands of real estate agents working for them throughout different places. Established in 1992 by Mr. Ricardo and Mrs. Marissa Inting, Chairman and President of the firm, over the years they have expanded operations in other cities and countries. They are also partners with almost every developer in the Philippines. Jonathan shared that their business culture, professionalism, supportive company owners who know how to develop leaders and take care of their people are the things the corporation is greatly proud of.
Hard work and dedication bare Jonathan fruits of success as he won several awards just a year after he got his license as a real estate broker. He bagged Real Estate Broker of the Year Award in 2013 during the LARDC’s firm anniversary. Primary Homes Inc. also awarded him as 1st Runner Up Annual Category Agent Division, 1st Top Agent Quarterly Category, 4Q Best Subdivision Seller, Rising Star Award and other incentives such as travel opportunities, gadgets, cash, etc. Jonathan pointed out that brokers and agents today are getting their listing efficient through the platforms available now on websites and social media.
With the new techniques and schemes in helping buyers and sellers, Jonathan said that the challenge of the competition with non-licensed real estate practitioners is not going anywhere. He initiates the RA 9646 law which every realtor should bear in mind when doing business in the real estate industry. The law aims to professionalize real estate professionals under the Professional Regulation Commission (PRC). “There are still thousands of unlicensed practitioners. These people do not have the proper knowledge and training as we do and many sellers and buyers still deal with them because they are also uninformed,” said Jonathan. He further explained that many real estate professional organizations aim to stop this illegal practice for the industry to be properly and strictly regulated. Part of his concerns to be addressed, is for buyers and sellers to be educated as well in dealing with licensed real estate professionals only.
Jonathan’s insight on real estate Philippines is quite promising. As for him, the weather for the reality in the country is doing just fine but he suggested that it can be better with more refinement and regulation among agents who are still not accredited under the PRC. His one advice to all clients is to be vigilant in dealing with realtors. “Only deal with licensed real estate brokers. It’s their job and they got the proper training. It’s the same logic when you are sick and need surgery, are you going to a quack doctor or a real doctor?” Jonathan said. After all, being a real estate professional is not just about selling real properties. “It’s giving real professional advice for the best interest of both buyers and sellers and to ensure that all parties meet at a fair level and everybody is protected under the law.”he added.