DUE to a shortage of manpower to monitor fraudulent activities in real estate, the Department of Human Settlements and Urban Development has collaborated with a group of real estate salespersons in the country to put a stop to the proliferation of unlicensed sales agents, currently estimated to number over 100,000.
Industry estimates put the number of real estate salespersons selling properties without a license in the Philippines at around 120,000, according to Dr. Eduardo Ong, Philippine Federation of Real Estate Professionals Inc. chairman. ACRES national president Chris Malazarte said stakeholders expect a rise in fake real estate sellers and brokers, given the rapid growth of real estate in the country today.
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