Lumina Sessions: How to Become a Licensed Real Estate Agent in the Philippines?

Hello everyone! Welcome to another episode of Lumina Sessions!

Are you considering being part of the real estate industry or maybe you are planning to be a Lumina Homes sales agent? If you want to have a high reward type of profession while being able to help people find their dream home, then this episode is for you!

Let’s join Deb, our Lumina Marketing Officer from Lumina Tagum and discover how you can become of the real estate industry.

Who are considered licensed real estate agents?

Real estate agents, real estate brokers, or real estate salespersons (which are what we commonly called them) sell real estate properties like house and lots offered at Lumina Homes.

Real estate agents can act individually although they need to be under a real estate broker who in return can manage only up to 20 agents or salesperson. There are some agents who are not a licensed salesperson so make sure to check verify your agent first before entrusting your dream home or your house investment to them.

What are licensed real estate agents?

According to RA 9646 or the RESA Law (Real Estate Service Act Law), there are five (5) types of real estate practitioners:

Real Estate Consultant

They are the most experienced type of real estate practitioners. They are also the ones who are advising the real estate companies or firms about the best strategies to do in a property. They can advise if a bare lot is better to be utilized as a commercial property or as a parking area.

You can only be a real estate consultant if you have 10 years of experience as a real estate broker of five (5) years experience as a real estate appraiser.

Real Estate Appraiser

A duly registered and licensed person who performs or renders, or offers to perform services in estimating and arriving at an opinion of or acts as an expert on real estate values. A real estate appraiser also follows certain steps and makes report when they appraised a property.

Real Estate Assessor

A duly registered and licensed person who, like a real estate appraiser, also works in a local government unit and performs appraisal and assessment of real properties, including plants, equipment, and machinery, essentially for taxation purposes.

Real Estate Brokers

A duly registered and licensed person who acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, negotiate, or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.

Real estate brokers are the ones looking for buyers and sellers to come up into a transaction agreement about a property for sale.

Real Estate Salesperson

A duly accredited person who performs services of, and in behalf of a real estate broker who is registered and licensed by the PRB of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration.

Where will you go to be a licensed salesperson?

Real estate firms or developers conduct seminars for those who want to be a licensed salesperson. In order to be a licensed salesperson, you need to have the following requirements:

• You are required to get 12 CPD units to be a real estate salesperson.
• You can also be an accredited Lumina Seller by going to https://sellers-portal.lumina.com.ph/accreditation. If you will be under a specific developer, you will be restricted to sell properties other than what the developer is offering.
• You will be required to present an HLURB License to be an accredited broker.
• If you want to be an accredited salesperson, you can contact Lumina Homes’ accredited brokers instead.

When can you be a real estate salesperson?

You can be a real estate salesperson anytime as long as you are qualified. Below are the qualifications in order to be real estate salesperson:

• Citizen of the Philippines
• Graduate of any 2-year course
• Has passed at least 72 units

Why you should be a real estate salesperson?

Real estate is a high risk high reward profession meaning it is an output-based or commission-based type of job. Your income will be greatly dependent on the amount of effort you will put into your profession.

On top of that, you can also learn a lot about real estate and investment aside from having a lot of free time for yourself.

Just make sure that you are an authorized real estate person as you can be penalized with at Php 100, 000 or at least two (2) years of imprisonment if your sell a real estate property without a license according to Section 29 of the RESA Law.

How to become a licensed real estate agent?

Here are the steps on how to become a licensed real estate agent:

1. Find a Licensed Real Estate Broker.

You need to find a licensed real estate broker because you can’t transact alone without the guidance of a real estate broker. Make sure to select a broker with a PRC License and one you can trust.

2. Join a real estate seminar.

There are a wide variety of topics in which you gain knowledge about the real estate industry. You will be given a form that you need to fill out and you need to have it signed by your real estate broker. You can also earn certificates for each seminar that you attended and you must gain at least 12 units of CPD.

3. Go to PRC to get an ID.

Make sure to prepare and complete the following requirements before you go to PRC:

• Original and photocopy of NSO Birth Certificate
• Original and photocopy of marriage certificate or contract for a married female person
• Original and notarized educational attainment. This is the notarized TOR that has a label for PRC Licensed
• A valid and original copy of the NBI clearance
• Original and notarized certificate of 12 CPD units on real estate brokerage

Take Note: Aside from submitting all the requirements, you will also need to pay fees that range from Php 800 to Php 2, 000.

We hope that we were able to help and guide you on how to start a career in the real estate industry. See you next week everyone. Have a great week ahead!