Due to historically low-interest rates, the housing market has witnessed a boom in business. With this increase in business, it raises possible ethical considerations faced by real estate brokers as they strive to enjoy the strong market. What steps can you take to ensure you remain in good ethical standing?
Presentation of Multiple Offers
Because of the low interest rates and rising prices, it is not uncommon for multiple offers to be made. In handling such offers, it is important to take certain steps to ensure fair dealing. For any offers received, present them as quickly and objectively as possible. If any buyer or fellow broker asks for information regarding any of the offers you have received, remember that you can only disclose the existence of such offers, along with their source, with express approval provided by the seller. Additionally, if you have authorization via a signed agreement to act as the buyer’s representative, you have to make sure the buyer is aware that the seller does not have to treat any offer as confidential, unless required to do so by law, regulation, or agreement.
Prevent Unauthorized Access
In order to avoid violating any terms and conditions a seller has for viewing their property, it is important to be present when a client wants to look at a home and ensure the viewing occurs within the appropriate time window. Never provide a client with unnecessary access to the home, meaning the client should never have a key to the home, the combination of a lockbox, or use of a lockbox key.
Ensuring you take all steps necessary to engage in an ethical transaction means you can enjoy a booming market without any risk of discipline. Any perceived unethical conduct could raise potential disciplinary issues toward your real estate broker’s license. If a situation arises in which you find yourself the subject of a disciplinary investigation, Williams & Nickl has extensive experience addressing any licensing issues that may arise with the Illinois Department of Financial and Professional Regulation and can effectively help you through the process.