Realtor Code of Ethics

[gwasser]

QUOTE (Ken15 @ Nov 2 2010, 05:24 PM) It`s happened again! I own a vacant parcel of land and the property directly adjacent to me recently sold. Another "backroom deal" that ended up in the hands of a couple of Real Estate Agents!?! Same scenario... A little old lady lived there and somehow these agents or her listing agent convinced her (or her estate) to sell to them without putting it on the market.... or even calling the developer (me) next door to get a competing offer. Once again it sold for way under value... Is it not "Real Estate 101" to approach neighbouring property owners especially when your neighbour is a developer???

If the unit was not listed it was a private deal. You could have gone to that lady yourself and make an offer with or without a realtor. Based on what you write here there was nothing onto ward. The Realtors were just smarter than you.

 

[Ken15]

My "beef" is not with the agents that bought the property.... but it is with the agent who`s sold sign that appeared on the property after the sale occured. Is it not their job to look after their client’s best interest? Not approaching a neighbouring property to see if there is any interest seems odd.

QUOTE (gwasser @ Nov 2 2010, 06:07 PM) If the unit was not listed it was a private deal. You could have gone to that lady yourself and make an offer with or without a realtor. Based on what you write here there was nothing onto ward. The Realtors were just smarter than you.

 

[gwasser]

QUOTE (Ken15 @ Nov 2 2010, 07:48 PM) My "beef" is not with the agents that bought the property.... but it is with the agent who`s sold sign that appeared on the property after the sale occured. Is it not their job to look after their client`s best interest? Not approaching a neighbouring property to see if there is any interest seems odd.

No it is their job to sell the property when they`re the listing agent - the seller determines what they want to sell it for while the Realtor only advises. The Buyer`s agent may have had a listing search going on in that community or for a particular property type on the MLS. If you work with a Realtor who has set up such a search, a listing may show up with you before it shows up on MLS.ca - typically one or two days earlier. It is one of the advantages of working with a Realtor. You can arrange a search easily with a Realtor who in turn expects that if you find a property this way, that you buy through the Realtor. He did set up that search for you for free afterall. Now with the new listing regulations and the resulting `a-la-carte` services that may change and you may have to pay.


So, you have at least two options: [list type=decimal][*]go around your neighbourhood and tell your neighbours that you are interested in buying their property and that if they are interested that they should go directly to you and thus avoid paying Realtor commissions.[*]Or... you could go to a good Realtor and ask him/her to set up one or more listing searches for communities and/or property types you are interest in. He/she will e-mail you what is currently available and thereafter you get e-mails about what is coming out new or what has been changed as soon as it is listed. This way you may be in a position to buy the property before even the `For Sale` sign goes up. Don`t set up to many searches unless you want to get a lot of e-mails.Be creative and do something like sending out flyers stating what you want to buy. Yellow letters come to mind.[/list type=decimal]Also, make sure you can move quickly if you see the right property. Most importantly have your financing ready to move. E.g. get pre-qualified for a mortgage with a mortgage broker - very important.

I hope this helps,

 

[housingrental]

You are correct Ken

Some realtors earn there comission and add value to a transaction.

Some don`t.

QUOTE (Ken15 @ Nov 2 2010, 08:48 PM) My "beef" is not with the agents that bought the property.... but it is with the agent who`s sold sign that appeared on the property after the sale occured. Is it not their job to look after their client`s best interest? Not approaching a neighbouring property to see if there is any interest seems odd.

 

[gwasser]

QUOTE (housingrental @ Nov 3 2010, 09:54 AM) You are correct Ken

Some realtors earn there comission and add value to a transaction.

Some don`t.

You are right with that Adam. But the question was whether they behaved unethical. In Ken`s first example, I would suspect they were not up to par. But in the second example it looks OK based on what was here presented. I don`t know that market and as such I have no idea whether it was sold for a good price or not, but you could wonder whether the Selling Realtor wasn`t a bit lazy. Yet again as said earlier we don`t know all the facts.