Archive for the ‘how to be the best realtor’ Category

Tips for Realtors: Ethical Considerations for Agents

Friday, March 23rd, 2012

You will probably hear of tips for realtors with regards to the ethical way they should behave. Some of them are quite common and are actually required of most professionals. However, most of them are also specified as laws and violating them may put a real estate agent in legal trouble.

Realtors Tips

As a realtor, you should be aware of the ethical responsibilities attached to your title. It is not just about avoiding legal troubles, but also about making sure that you are doing the right thing and earning a good reputation which will help you build a long, successful career. Here are some ethical issues you should be aware of.

1. Misrepresentation. This one is not only unethical, but is also against the law. A realtor should never exaggerate or conceal facts from the parties concerned. Every job done on the property should be disclosed to the buyer or the buyer's agent and the condition of the house should not be covered up. And most of all, every aspect of the property should be documented, from the repairs done to the marketing to the agreement with the buyer or seller.

2. Personal interest. Realtors are required to disclose if they have any interest in the property being purchased or sold that they also represent. For example, if a member of the realtor's family or the realtor himself is about to purchase or sell a house whose account is also being handled by the realtor, then he has an obligation to disclose this matter and should also secure all necessary permits and documents for the transaction.

3. Third-party commissions and fees. Real estate agents are not allowed to accept commissions or any form of gifts from a third-party without the express consent of the buyer or seller he is representing. For example, if the realtor is representing a seller, accepting a commission or even a thank-you monetary gift from the buyer of the seller's property is considered unethical, unless the seller is told about it and the latter has given his consent. In short, any monetary gift received from someone outside of the person or company being represented by the agent requires the consent of the client.

4. Discrimination. This is a no-no in all professions. A real estate agent should never discriminate against a seller or a buyer based on his race, religion, sex, national origin or familial status. If the agent refuses to represent a client, then he should have valid reasons to do so and these reasons should be documented. It is the same when showing off a property. A realtor should never refuse a potential buyer a viewing based mainly on the elements mentioned earlier.

5. Misleading advertisements. Truth in marketing and advertising is a necessary element of being a realtor. When promoting a property, the realtor should never include information about it that is not true. Listing a bigger area or claiming features that are not there are just some of the examples. These tips for realtors should be kept in mind if a real estate agent is to avoid legal trouble and if he wants to build a strong reputation as a realtor.

offers genuine tips for realtors.


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