REAL estate ethic WHAT IFs?

[chaotix]

Originally Posted by lfsr1544

So as a home buyer to be (2nd tour) in the next couple months, I started thinking, maybe overthinking, about the client to rep relationship.

So I find a solid real estate buyer rep in the town I'm looking to buy. Positive referrals, good record, heck let's even say good lookin

So now I follow CD #1 rule: Don't by your home from the same agent that's listing the home. But then I have the what if?

BUT: what if his/her OFFICE (not the agent I hired) is listing the property, is that as still just a bad of a decision?

BUT: what if within the search process, my great rep, picks up a listing, AND I LOVE IT?

BUT: what if the "buyer" and "seller" agents just sort of meet in private and say, this is my client's hot buttons, now tell me yours.

BUT: AND THIS IS A REAL, REAL, BUT....If I happen to be a BUYER REP AND I LIVE IN THE TOWN (which is usually almost a 'plus'), isn't negotiating for a lower cost ALSO COSTING YOU a lower value on your OWN home? So are you to be honest or are you also thinking, geez, if this guy accepts this offer, my home is now worth XXX less?

It's a crap shoot, I'd say it is extremely difficult to find both an 'ethical and competent' realtor.

[manderly6]

Originally Posted by chaotix

It's a crap shoot, I'd say it is extremely difficult to find both an 'ethical and competent' realtor.

And why would you say that? What exactly is that statement based on?

[chaotix]

If you are asking for some credible source/datum, I’m sorry to disappoint,, this is my opinion based on my personal experiences and the very many others I have shared and collaborated with .

This is not an attack on realtors/agents, as 'ethics and competency' is a malady that affects many industries, especially those whose livelihood depends on brokering a deal, I’d say this one has more than its fair share

[manderly6]

Originally Posted by chaotix

If you are asking for some credible source/datum, I’m sorry to disappoint,, this is my opinion based on my personal experiences and the very many others I have shared and collaborated with .

This is not an attack on realtors/agents, as 'ethics and competency' is a malady that affects many industries, especially those whose livelihood depends on brokering a deal, I’d say this one has more than its fair share

I don't see how it isn't an attack on realtors/agents. But anyway, it is obviously based on an extremely small sample. It usually isn't the smartest thing to make sweeping statements based on very little knowledge.

[Chrisk327]

As much as the RE agent has a loyalty to their client, they're generally pretty loyal to the deal. not that they'll sell the client down the river.... but they get paid to sell the house and make a deal. if that invloves their client giving in more than they'd like b/c they don't think they can get the other party up.... that may happen.

[QuilterChick]

Here is some NAR educational information for the public; everyone should read it to learn how all Realtors, as members of the NAR, must obide by at all times, with buyers, sellers, and each other.

NAR: Real Estate Resources: 2011 Code of Ethics and Standards of Practice

Hope this helps in clarifying the duties. This is the minimal ethics; most Realtors who are successful go above and beyond to assist their clients. There is a strict fiduciary duty.

Only agents who are member of the NAR can use the title "Realtor", in any state.

[MikeJaquish]

Originally Posted by Chrisk327

As much as the RE agent has a loyalty to their client, they're generally pretty loyal to the deal. not that they'll sell the client down the river.... but they get paid to sell the house and make a deal. if that invloves their client giving in more than they'd like b/c they don't think they can get the other party up.... that may happen.

I have no doubt that I get paid to represent my client to the best of my ability, to help them reach the best possible outcome, whether they are buying or selling.

It is in the Agency Agreement, agency disclosure "Working With Real Estate Agents," the law, and the COE.

[Captain Bill]

Originally Posted by chaotix

It's a crap shoot, I'd say it is extremely difficult to find both an 'ethical and competent' realtor.

It is nothing less than an attack on Realtors. There is no data to back that generality up, except as has been mentioned, a very small sampling.

There are some bad apples in every bunch and that does not exclude Realtors, nor does it apply across the board to all Realtors.

There are so many people who have no concept of the negotiation process and the strategies necessary to make a deal work so that both parties will agree. In a Collaborative type negotiation strategy (win/win) which is usually the best strategy, (depending on the other sides strategy) neither the buyer or seller will get everything they want. But they will be happy with the outcome.

If a buyer is a win/lose personality type and is disappointed that his agent was unable to negotiate exactly what he wanted, then that buyer would probably bad mouth the Realtor, and the predictable complaint will be that the Realtor was out for just the deal and the commission, and not for the clients best interest.

That would be false in the majority of cases.

The other thing that many non-Realtors don't understand is that the top agents work hard to build a business of referrals. If they work hard for the client and get the "best deal possible", then the reasonable buyer is going to understand and appreciate what their agent has done for them; and they will refer the agent.

Therefore, it is in the best interest of the agent to work very hard to get the best deal for their clients in order to get referrals.

It is not in the agents best interest to try to pump the buyer up to a higher price just to make a couple dollars extra commission, only to have the buyer be upset with him and spread bad press instead of providing referrals.