Working in real estate has always been considered a good career move, given all the perks that come with the job. While a lot of people may think the process is too complicated, becoming a real estate agent isn’t hard at all. All it takes is a little bit of research and preparation to get the right steps done.
Now is a good time to start a career in real estate, especially since the market is expected to flourish post-pandemic. If you want to learn more about how to become a real estate agent in the Philippines, let this article be your guide.
Who is a Real Estate Agent?
A real estate salesperson or a real estate agent is someone accredited by the Professional Regulatory Board of Real Estate Service to perform professional services for a real estate broker.
In exchange for their services, real estate agents are given a commission, professional fee, or any other form of compensation.
Working in real estate comes with exciting benefits. In particular, a real estate career gives you freedom and unlimited income potential while providing you the opportunity to learn about the industry and beyond.
Qualifications to Become a Real Estate Agent
You must be a Filipino citizen to qualify as a real estate agent. You must also meet the following requirements:
- Completion of at least two years or 72 units of college education
- Of good moral character who has not been convicted of any crime involving moral turpitude
- At least 12 credit units of training and seminars in real estate brokerage constituting
Documentary Requirements for Accreditation
Once you’ve decided to pursue a real estate career, your next step is to prepare the necessary documents for your accreditation application.
1. Original copy and photocopy of PSA Birth Certificate or Certificate of Live Birth
2. Original copy and photocopy of PSA Marriage Certificate or Marriage Contract (for married female applicants)
3. Original copy of notarized Certificate of Educational Attainment on completing at least two years of college education
4. Original copy of NBI Clearance
5. Original copy of notarized Certification of 12 Credit Units of Real Estate Brokerage Seminar
6. Photocopy of the PRC license of the real estate brokerage training provider bearing three signatures
7. Accomplished application form
8. Passport-sized ID photo with white background
9. Community tax certificate (CTC) for the current year
Steps for Accreditation
The accreditation process will run smoothly as long as you follow these steps.
1. Find a broker or brokerage
Before starting your accreditation application, find first a broker or brokerage with which you can be associated. Under Philippine law, real estate agents can only operate and have a license under an existing licensed broker. A brokerage like RE/MAX Gold provides assistance and training to help you get accredited and licensed.
2. Fill out the application form
After finding a brokerage, the next step is to secure an accreditation application form at the nearest Professional Regulation Commission (PRC) regional office. Fill out the form and prepare the other documentary requirements.
3. Have the required documents notarized
Upon completing the application documents, proceed to the PRC Legal Division and have the documentary requirements notarized.
4. Pay the accreditation fee
Next, proceed to the cashier and settle the accreditation fee of Php 450.00. Be sure to keep your official receipt.
5. Pay the documentary stamp tax
After paying the accreditation fee, proceed to the PRC Customer Service Center for the documentary stamp. This is a form of tax imposed on all transactions and is non-refundable.
6. Submit the accomplished application form and supporting documents
Submit the accomplished application form together with the other documentary requirements to the PRC Application Division. Be sure to provide all the needed information and complete the necessary paperwork before submitting the documents to avoid getting your application rejected.
7. Verify the status of your application
You have now completed the accreditation application steps. All you have to do is check the status of your application at the PRC website. You will also receive an email regarding the progress of your application.
Reminders on the Practice of Real Estate Service
Once you’ve been accredited, there are some things you need to keep in mind to ensure that your accreditation will not be revoked. Take note of these limitations while practicing as a real estate agent.
- You cannot settle a real estate transaction on behalf of a broker without prior authorization
As a rule, real estate agents shall be under the direct supervision and accountability of a real estate broker. As such, you cannot be a signatory to a real estate transaction unless your supervisor is also a signatory to the contract.
- You are not entitled to compensation from anyone other than your broker
All forms of compensation can only come from your broker. Avoid trying to collect any fees from your clients. Violation of this rule will result in the revocation of your accreditation and even in the suspension of your broker’s certificate of registration.
Start Your Real Estate Career
A career in real estate comes with exciting benefits – from having control of your schedule to growing your network and maximizing your earning potential. With the thriving real estate market in the Philippines, working as a real estate agent will only become more thrilling.