The sole real estate consultancy passer in the Philippines made headlines in early January 2023. The name of the sole passer was put in the spotlight because of this amazing news. Although you might have heard of familiar terms like real estate agent or broker already, let’s get to know real estate consultants in the Philippines and how to become one.
Real Estate Consultancy in the Philippines
A student from the University of the Philippines (UP) Diliman was the only one of the 17 candidates to pass both the written and revalida exams of the recently concluded licensure exam for Real Estate Consultancy. The board examination consisted of a written component that was administered on December 7, 2022, in Manila and Cebu, and a revalidation of findings that took place from January 9 to 13, 2023. Two working days following the final day of testing, the findings were made public.
According to the sole passer, Ms. Ma. Dani Vi Patal Edrad, her passing the licensure exam was like winning the lottery because the licensure exam is renowned to be one of the most challenging in the country. Due to this, the news sparked the curiosity of people, and began asking the question “How to be a real estate consultant in the Philippines?”.
What is a Real Estate Consultant?
As defined by Section 5 of Ministry Order no. 39 by the Department of Trade and Industry (DTI) Bureau of Trade Regulation and Consumer Protection, A Real Estate Consultant is “a natural or juridical person who, for and in expectation of a fee, compensation or other valuable consideration, offers or renders professional advice on: (1) the acquisition, preservation, utilization or disposition of lands or improvements thereon or valuable rights existing or to be created thereon; (2) the conception, planning and development of realty projects which may or otherwise encumber units like subdivision lots, condominium units, market stalls, memorial parks and the like”.
In other words, Real estate consultants are experts who help buyers and sellers make smarter real estate decisions. They may help with financial analysis for a specific property or strategic planning when aiming to build your portfolio.
Furthermore, since these consultants’ role in a transaction is primarily focused on wealth management, they primarily focus on engaging with real estate developers rather than residential buyers and sellers. Hiring a consultant, for example, can be an excellent approach for someone aspiring to be a real estate tycoon to design a precise real estate investment plan and set goals for developing a profitable real estate industry.
How to be a Licensed Real Estate Consultant in the Philippines?
Now that you’ve learned about the profession of a Real Estate Consultant, you’re probably curious about how to become one in the Philippines. The following are the steps you must take to become a Real Estate Consultant in the Philippines.
1. Earn a bachelor’s degree in Real Estate Service
A bachelor’s degree program in real estate is needed under the Philippines’ Real Estate Service Act, or RESA Law, to develop Filipino real estate professionals and further institutionalize the business. All of this began in late 2011, when the Commission on Higher Education (CHED) issued a memorandum outlining a new undergraduate real estate curriculum. Moreover, by 2016, the first cohort of students who began studying the topic had graduated and were prepared to take the real estate broker license exam. Since the CHED letter was published, an increasing number of universities have begun to offer the BS in Real Estate Management degree, and more are expected to follow suit in the future.
2. Earn Work Experience
Work experience will educate you how to be a more efficient, responsible, and dependable real estate broker. As a real estate professional, you must also constantly hone your talents. As mandated by law, an applicant for a real estate consultant license must meet the following requirements:
- 21 years old or older
- No charges of moral turpitude have been brought against him or her.
- A real estate consultant must have at least ten (10) years of experience as a registered real estate broker or five (5) years of experience as a real estate appraiser.
- It is necessary to take and pass the Department of Trade and Industry (DTI)’s real estate consultant examinations (written or oral), which are scheduled throughout the year.
3. Prepare the Following Requirements
After earning your degree, it’s time to prepare yourself for the Licensure Examination. All the following requirements must be satisfied before applying to take the Real Estate Consultant Licensure Board Exam:
- Passport-sized image of the applicant with a white background and collared attire;
- Transcript of Records accompanied by a scanned image and the remarks “For Board Review Purposes”;
- A copy of the applicant’s Birth Certificate issued by the Philippine Statistics Authority (PSA);
- A copy of the Marriage Contract from the NSO or the PSA (applicable to married female applicants only);
- Documentary stamps;
- A valid NBI Clearance;
- Proof of at least ten (10) years’ experience as a licensed real estate broker, or an assessor, or as a bank, institutional appraiser, or an employed person performing real property valuation, or at least five (5) years experience as a licensed real estate appraiser;
- Project Feasibility Study (hard & soft copy)
- An examination payment of Php 900.00;
4. File Your Application for the Licensure Exam
The Professional Regulation Commission’s (PRC) Licensure Examination and Registration Information System has made applying for the board examination and renewing your license with the commission easier and less time-consuming (LERIS). The PRC LERIS is an online platform where professionals and applicants can register their initial registration to take the board examination or renew their license when it comes up for renewal. Click this link for a comprehensive step by step guide for the online application process: PRC Board Exam Online Application: Step-by-step Process – Filcil
The traditional mode of application, on the other hand, is to file with the Department of Trade and Industry, or through its Regional Offices, and application forms, as well as requirements to accompany the application form, can be received from these offices.
5. Pass the Licensure Examination
Finally, on how to become a Licensed Real Estate Consultant in the Philippines, just like Ms. Ma. Dani Vi Patal Edrad, one must take and pass the real estate consultant examinations (written or oral) administered by the Department of Trade and Industry (DTI) throughout the year. For applicants for a license as real estate consultants, a qualifying examination, written or oral, shall be given. Applicants shall be required to prepare a thesis, project feasibility studies, or case studies that show proof that said applicant can provide professional advice or judgement
- The acquisition, presentation, utilization, or disposition of lands, improvements, or valuable rights existing or to be created thereon.
- The idea, planning, and development of real estate projects that may or may not contain units like subdivision lots, condominium units, market stalls, memorial parks, and the like.
To reiterate, Property consultants are hired to provide guidance on commercial and real estate development projects from inception to finish. This could include completing feasibility studies, competitive analyses, and researching viable development sites. In line with this, Bria Homes had been investing with Real Estate Consultants in order to make the best decisions at an affordable price for prospective customers. Invest with us today.