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.
The introduction of Scout for SAFEMLS as RAHB’s authentication system for the MLS® System has given RAHB the ability to document occasions when members’ login credentials (their access codes and passwords) are being used by more than one person. (more…)
The following article by Mark Weisleder was originally published in MoneyVille. The article was written for the public, but has valuable lessons for REALTORS® as well.
Remember your duty to your buyer client
The Fourth House
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 buyer’s criteria without having any regard to the amount of commission or other remuneration, if any, to which the brokerage might be entitled.
(reprinted from Introducing REBBA 2002:Â The Real Estate and Business Brokers Act 2001, published by the RECO.)
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 for you.
The following case study is taken from the Professional Standards files of the REALTORS® Association of Hamilton-Burlington. The names have been changed. (more…)