If you are a real estate professional, you understand, and realize, there are many duties and responsibilities, associated and required of a licensed professional. Some of these are described in specific state laws, and statutes, while others are explained, in the Realtor Code of Ethics, as described by the National Association of Realtors (NAR), and/ or state associations! However, for the sake of simplicity, let’s review 5 ways, Realtors, specifically, owe their allegiance to their clients.
1. Fiduciary responsibilities: What specifically are the fiduciary responsibilities, a real estate professional, owes to his clients? This starts with, never disclosing any factor, which might negatively impact your client (Of course, this does not include, disclosing material necessities and issue, which must be fully disclosed). Some of these issues include: a client’s reasons for moving; any financial stress, your client may be having, which might weaken the negotiating status; etc.
2. Best Interests: The simplest approach might be to ask yourself, if what you are doing, serves the best interests of your client! Will you fully articulate and explain, what someone needs to know and understand? Will you proceed with empathy, in order to better focus on addressing your client’s expectations, so he remains calm, and does not proceed with excessively, unrealistic expectations? Are you ready, willing and able to listen effectively, ask the appropriate questions (and follow – up), and proceed with empathy?
3. Best Practices: Have you focused on the best way to proceed, in order to make your client’s experience, a more positive one? Will you take advantage of the best practices, which include: using technology appropriately; being empathetic; professional negotiating; understanding the local market; and proceeding with the skills, abilities and practices, which will best benefit your client?
4. Quality negotiations: What will you do, before, during and after, to assure, your negotiations are as efficient and effective, as possible? How will you be certain, to avoid some of the pitfalls, which include: talking too much; listening too little; tipping your hand; or proceeding with illogical expectations?
5. Integrity: There can be no commitment to allegiance, unless one maintains absolute integrity! How a particular scenario benefits you, should never interfere with your ability to prioritize your client’s best interests, etc!
Will you proceed in a quality, empathetic manner, and prioritize allegiance, to those you represent? Those who do, will possess the proper form of ethical behavior!
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