Land Asia’s Dr. Ric Inting Urges Aspiring Salespersons to Get PRC Accreditation & DHSUD Registration as Cebu’s Property Market Booms
As Cebu’s real estate market continues its rapid growth, Land Asia Realty Chairman & President Ric Inting is calling on aspiring real estate salespersons to obtain proper licensing. He underscores the risks associated with unregulated property transactions and stresses the importance of professional accreditation.
The Risks of Unlicensed Real Estate Transactions
Inting warns against dealing with unlicensed sales agents, highlighting the legal and financial dangers that buyers and sellers face when transacting with unauthorized individuals.
“There’s a significant risk in engaging with unlicensed agents. Beyond legal consequences, there is also a lower chance of fair profit-sharing,” said Inting, a veteran in the real estate industry.
He emphasized that ethical practices and professionalism are crucial in real estate, ensuring that all parties involved are protected from fraud and misrepresentation.
Calls for Stricter Regulation
Despite Cebu’s booming real estate sector, Inting underscores the need for stricter enforcement of the Real Estate Service Act (RESA) to combat unlicensed brokers and protect consumer rights.
“Many individuals advertise and sell new properties on Facebook and other social media platforms without the required license. There is minimal monitoring, and currently, no one has been penalized for these violations in the Philippines,” Inting stated.
To maintain industry integrity, he advocates for transactions to be handled exclusively by licensed brokers, ensuring transparency and preventing fraudulent practices.
“The Philippine real estate market is thriving, but qualified brokers must be held accountable. Stricter enforcement is vital to uphold the industry’s credibility,” he added.
Cebu’s Real Estate Market Poised for Growth
Cebu’s property market is on a steady rise, driven by limited land supply that continues to push prices higher. As the second-largest city in the Philippines, Cebu faces unique challenges, with only 7% of its land classified as flat terrain, while the remaining 93% is mountainous. This geographic limitation has led to intensified development in key urban areas, particularly within Cebu City’s central business districts and the South Road Properties (SRP).
The supply-demand dynamic is expected to favor real estate developers, as Cebu continues to attract investors, businesses, and homebuyers. However, Inting cautions developers to strategically position their projects to prevent potential oversupply and foreclosures, particularly when catering to the overseas Filipino worker (OFW) market.
As the property sector flourishes, Inting’s call for stricter regulation and professional licensing remains vital in ensuring sustainable growth and protecting consumer interests.
