By Angelica Villanueva
GET ready to see transparency beyond the real estate industry and to witness improved and enhanced practices this year as the Housing and Land Use Regulatory Board and online real estate marketplace Lamudi Philippines announced their partnership recently.
A ceremonial signing was held in Makati on Jan. 24, attended by HLURB Chief Executive Officer and Commissioner Atty. Lloyd Christopher A. Lao, HLURB Commissioner Atty. Melzar P. Galicia, Lamudi Philippines Managing Director and CEO Bhavna Suresh and Lamudi Philippines Director for Brand and Communication Ken Lerona.
Transparency with the HLURB
Get to see and learn more topics about the rights of real estate, to the verification of brokers, projects, and developers in Lamudi: Real Estate Magazine, where Atty. Lao shares his thought leaderships pieces to the readers.
HLURB will also use the Lamudi platform to address frequently asked questions, including those about options for financing, procedures and remedies afforded to aggrieved buyers and developers, and even who to approach or look for when paying a visit to their office.
Consistent with its aim to increase transparency in the industry, HLURB also has revamped and upgraded its website, which now comes with a user-friendly online inquiry feature. This shall be integrated in the Lamudi website which receives around 1.5M visits per month, so property seekers will find it easy and hassle-free to search for registered brokers, as well as projects that have been issued License to Sell numbers.
What the HLURB want is to deliver transparency to the public and serve them better through embracing digital practices.
Visibility through technology
In the 2016 Global Real Estate Transparency Index by JLL, a leading real estate and investment management firm, the Philippines ranked 46th out of 109 countries and fell under the semi-transparent market. This tier, according to JLL, is where the most rapid progress in real estate transparency can be found.
Rising expectations from citizens as well as technological advancements serve as drivers for improving real estate transparency. Innovations in the prop-tech industry, JLL says, “offer the opportunity for a quantum leap in data access to support a rising culture of ‘open data.’”
Aside from high-quality accessible market data, ingredients of a transparent real estate market include: strong corporate governance, stringent regulatory enforcement, high ethical standards, and international best practice.
Atty. Lao also ensures that even the HULRB is a regulatory body, the agency is ready and willing to lend their hand to those under their jurisdiction. He also believes that the key to the sustainability of the housing sector is having responsible real estate practice.
Ms. Suresh, for her part, shared that Lamudi is one with HLURB in its aim to push for transparency as this shall open many doors in the future. As seen in JLL’s 2016 GRETI, higher real estate transparency is linked to new business and investment, and even plays a role in community well-being and inclusiveness.
She also said that Lamudi is thrilled to be partnered with HLURB in achieving transparency and assured that they will always support the agency’s mission.
“We are here to support HLURB, and look forward to more partnerships like this one,” she added.
