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I Don't Make Promises I Can't Keep - A Violation Of The Code Of Ethics?

I Don't Make Promises I Can't Keep - A Violation Of The Code Of Ethics?


After one of my recent listing appointments, I was taken by surprise because the reason I did not get the listing is because I don't make promises I can't keep. 

REALTOR(R) - Code of EthicsDuring my pre-listing interview with this potential seller, I've got the impression they were very exited and very motivated to sell their home fast.  Equipped with my market analysis and my presentation I drove to my listing appointment.  During the appointment I explained to them that in order to sell the home quickly an aggressive pricing strategy is recommended.  I reminded them also that even though they have updated their home and maintained it very well, the price what they paid for during the housing bubble can't be achieved at this time.  As I discussed the housing market in Lakeland and more importantly within their surrounding community, they were in agreement with my pricing recommendation and strategy, however they wanted to talk with another agent and would get back with me the next day.

I left very confident about my visit as they expressed to me that my name came up through word of mouth advertisement and they felt very comfortable with me.  The next day came and went and no call back.  The next day I called the seller and asked them when we can meet to sign the listing agreement.  They however declined to list with me because I could not promise them to sell their home at a much higher listing price as the other real estate agent did.

It took me by surprise to say the least, not because they didn't list with me.  I was surprised that there are still agents who promise sellers to sell their home at a certain list price and guarantee them or promise them to sell it at this price.  

Could that be a violation of our Code of Ethics?

The Code of Ethics and the Standard of Practice of the NATIONAL ASSOCIATION OF REALTORS®  states the following:

Standard of Practice 1-3 
REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value. 

It is one thing to make it clear to a potential seller that the list price does not reflect market value before signing on the dotted line, it is my opinion a violation of the Code of Ethics when a real estate agent makes a promise to the seller to sell at a list price and not make the seller aware of current market value just to get the listing.

What do you say?
 
 
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.

 

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Copyright © 2012 By Petra Norris *I Don't Make Promises I Can't Keep - A Violation Of The Code Of Ethics?*

 

Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
 
CDV TransAtlantic Inc
(863) 619-6918
 
13 comments • Petra Norris - Lakeland Florida Realtor® Lakeland FL Homes for Sale • January 16 2012 08:14AM

Who Is Your Real Estate Agent? – Are You Currently Working With A Realtor®

Who Is Your Real Estate Agent? - Are You Currently Working With A Realtor®

The most important responsibility as Realtors® to our clients and customers is to protect them from harm.  

Your Lakeland Florida Realtor

When showing properties for potential buyers or doing a Comparable Market Analysis for potential sellers, we sometimes get sidetracked and fail to ask the all important question - Are you currently working with a Realtor® or Who is your Real Estate Agent? - This is harmful especially when this potential customer already has an established relationship with another Realtor®

Last month I have written a post about the "Most Violated Article" of our Code of Ethics after attending my Quadrennial Member Education Course before it would expire on December 31, 2008. I always believed in to ask that very crucial question as a courtesy and out of respect to my colleagues until I attended and read that it is our duty as Realtors® to ask.  It is our duty and responsibility and not theirs. With the internet being one of the great resources a buyer or seller has, it still does not replace the Realtor®. In reality, the consumers don't know how Realtors®  work, we sometimes assume they do - consumers sometimes think so, too.

    

How can we make a difference?

  • Explain to a potential seller the listing agreement
  • Explain a potential buyer the buyer brokerage agreement
  • What it takes to sell a house from "cradle to grave"   
  • What all entails to buy a house from the first showing to closing

There are only 62 days left in this year, have you taken your Code of Ethics Training course yet? The article below from the National Association of Realtors® is just a small reminder on the importance of this training.

Article 16
REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients. (Amended 1/04)

Standard of Practice 16-13 

All dealings concerning property exclusively listed, or with buyer/tenants who are subject to an exclusive agreement shall be carried on with the client's representative or broker, and not with the client, except with the consent of the client's representative or broker or except where such dealings are initiated by the client.

Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospects, REALTORS® shall ask prospects whether they are a party to any exclusive representation agreement. REALTORS® shall not knowingly provide substantive services concerning a prospective transaction to prospects who are parties to exclusive representation agreements, except with the consent of the prospects' exclusive representatives or at the direction of prospects. (Adopted 1/93, Amended 1/04)

  

Who is your Realtor®?

 

 

Copyright © 2008 http://www.petranorris.com| All Rights Reserved | 

Who Is Your Real Estate Agent? - Are You Currently Working With A Realtor® 

Petra Norris - Realtor®

 Licensed Florida Real Estate Broker

CDV TransAtlantic, Inc.

P.O. Box 92050 - Lakeland, FL 33804-2050  

Telephone (863) 618-6919

 

Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
 
CDV TransAtlantic Inc
(863) 619-6918
 
9 comments • Petra Norris - Lakeland Florida Realtor® Lakeland FL Homes for Sale • October 30 2008 06:21PM