Sophie Salesperson got off the phone after a heated conversation with Mary, who was new to the real estate business and worked for a different Brokerage. Sophie had been dealing with Mary over the last several weeks and they just did not see eye to eye. Mary had proven to be very aggressive when things did not go her way, and seemed determined that Sophie was now her enemy. (more…)
Sarah Salesperson had buyers with whom she’d been working for months. They were all getting a little desperate – the buyers because they were buying their first home and nothing they saw in their price range appealed to them, and Sarah because she’d shown them every house in their price range and they were just too picky. Still, she liked them and tried very hard to find their first home. She remembered what it was like when she was buying her first home and how hard it was to let go of some of the dreams. (more…)
Real estate lawyer Mark Weisleder has some good advice for landlords and tenants – the information is important for REALTORS® too. (more…)
The following case study is taken from the Professional Standards files of the REALTORS® Association of Hamilton-Burlington. The names have been changed. (more…)
Many RAHB members have encountered a situation where they are listing, showing or selling a multi-residential property – a duplex, triplex or property with up to six or eight individual rental units. Some properties conform to local zoning bylaws and some – many, in Hamilton – do not. (more…)
When you sell your home, if you expect the buyer to take over any of your rental obligations, be clear, or you will end up paying for it yourself later. (There’s a lesson for REALTORS® here, too.)
The following decision from RECO Discipline and Appeals Hearings has been condensed. All individuals and corporate names have been changed. (more…)
In the day to day dealings of the real estate world, the real estate professional is busy juggling clients, meeting deadlines, attending appointments and meetings and more. With so much going on, the real estate professional may at times forget the golden rule: “Do unto to others as you would have them do onto to you.” (more…)
The situation last month:
Salvatore was relatively new to the real estate profession and was listing his first commercial property. Because he found few comparables, he made some assumptions based on the residential market in the area and some assumptions about the future use of the property. Salvatore’s very demanding client, Albert, told him they would no longer work together. (more…)
Salvatore Salesperson was fairly new to the real estate profession. He may not have had a lot of experience, but he knew he was going to be successful – he was smart, he was personable, he had a wide circle of friends and acquaintances and he had ambition. (more…)
Remember your duty to your buyer client
The Fourth House
(scenario from Introducing REBBA 2002: The Real Estate and Business Brokers Act 2001, published by RECO. Reprinted with permission.)
The buyer signs a buyer representation agreement including specifics as to the type of property wanted, namely a two-storey residential home in the $425,000 to $500,000 range in the West Ridge area of Anycity. The salesperson locates four listed properties meeting those specifications, three of which offer co-operating brokerages a commission ranging from 2.5% to 3%. The fourth is attractively priced, offers the same amenities but with a lower commission of 1.5% to the co-operating brokerage. The salesperson shows the three properties only and obtains an acceptable offer. Prior to closing, the buyer discovers that the fourth house was deliberately withheld and lodges a complaint with RECO. Disciplinary action is subsequently taken against the registrant.
Article 19 REBBA 2002
19. If a brokerage has entered into a representation agreement with a buyer, a broker or salesperson who acts on behalf of the buyer pursuant to the agreement shall inform the buyer of properties that meet the buyers criteria without having any regard to the amount of commission or other remuneration, if any, to which the brokerage might be entitled.
Members are reminded that they have a duty to their buyer client to show their buyer all properties that meet their requirements, even though it might mean a lower commission.
The association continues to receive complaints from members of the public that they are being contacted by real estate sales representatives after their listing has expired. (more…)