Code of Ethics: Duties to Other Brokers

The first realtor code of ethics was written in 1913, 100 years ago. It was divided into 2 sections. The first was called “Duties to Clients” and there were 10 duties. The second section was called “Duties to Other Brokers” and there were 13 of those. I mentioned the duties to clients previously & now here are the duties to other brokers.

Briefly, the duties to clients were

1. Respect the listings of other agents and co-operate with him or her to sell, as long as the other agent has the most suitable property.
2. Advise a seller to renew the selling contract with the other agent, rather than solicit the listing yourself, provided the other agent has made a reasonable attempt to sell the property.
3. Always be fair and honest when co-operating with other brokers and always speak well of the competition, refusing to judge based on rumors.
4. Advertise facts about the property and do not criticize a competitor’s proposition.
5. Give an honest opinion of a competitor’s proposition when asked by a prospective buyer, even if it results in a sale by a competitor.
6. Refuse to put a “For Sale” or “For Rent” sign on a property that already has a competitor’s sign placed on it, provided it is with the owner’s permission.
7. If an agent cannot efficiently handle a proposition, it should be referred to a competitor who can.
8. Seek co-operation with other members in the Association when selling listings, unless there is a particular deal or buyer already expected, and be willing to equally divide the regular commission with any member of the Association who can produce a buyer.
9. When settling differences, agree to friendly arbitration by the Real Estate Association rather than through the courts of law.
10. Do not disregard other agents. Work with the owner’s regular agent when selling the property to a live buyer and don’t insist on handling the entire deal and getting all the commission.
11. As a broker, do not put your name in the newspaper in connection with a deal unless you are a party to that deal and are receiving a part of the commission. Otherwise, the publicity is a sham and the deception hurts everyone.
12. When a sale or exchange is handled by two agents, each agent shall get due credit in the report of the sale or exchange.
13. Do not relay property,--i.e., giving property information to one agent that was obtained from another agent—unless the property is exceptional and the third agent knows that the property information is not coming directly from the first agent. A broker who relays represents neither side and is not entitled to the same consideration as either of the other agents.

Being a Mentor, Days 4 & 5

My mentee and I finished out last week with two more busy days. Here's what they looked like.

Day 4 of Mentoring
We started out the day having coffee with one of the lenders. He & I had planned to meet the previous Friday & it hadn’t turned out. It was great to have my mentee meet another lender. The more people she meets as she goes along, the better. If a buyer is already working with a certain lender, it is easier for the real estate agent if they have met in person. If the buyer doesn’t have a lender yet, it is easier for the real estate agent to create for the buyer a list of possible lenders he or she has met if the buyer wants it.

In the afternoon, we showed property in Orchard Mesa & Glade Park. Properties that are more rural can have wells and septic systems. Also we were lucky because the properties we saw had views of the surrounding cliffs and mesas. Glade Park is actually above the Colorado National Monument. Here’s a link to the CNM webcam. http://www.nps.gov/colm/photosmultimedia/webcams.htm You can imagine the views!

Day 5 of Mentoring

Here's what a buyer packet looks like.

I had floor scheduled for 9-11 this morning. When Bray is open, we have someone always available to answer questions about Bray properties. We also answer general questions about buying & selling homes. We can help people if they call or come in, & they want to get started in the process of buying a home or selling their current one. My mentee came in & shadowed me for that. I created a packet in case a buyer came in.

I ended up getting a call from someone who wanted to sell their house. I will be going over there later this week to see everything. This has basically finished our first week together. It was a good week. My mentee is scheduling her calendar & learning lots. So ... I told her to take tomorrow off from real estate & get her family life caught up.

Being a Mentor, Days 2 & 3

Last week my mentee and I kept busy with a variety of set-up, orientation, and mentoring activities. Here's a brief description of what our days looked like.

Day 2 of Mentoring
My mentee got a tour of the office. She also got her phone extension and did more paperwork for the office. We looked at a Comparative Market Analysis that I am working on for a listing. While we were doing that in Navica, we also looked at property information. I've talked about Navica here before, and how to understand Navica MLS listings. At the end of the day, she attended a Bray Productivity Meeting about Money Management and Profitability. The productivity meetings are run by a Bray agent & offered to Bray agents on most Wednesday afternoons.

Day 3 of Mentoring
At the beginning of the day, she attended a Bray Contracts Class about Listing Contracts. The contracts class is run by a Bray agent & offered to Bray agents on most Thursday mornings. I like to attend those classes when I can, but I attended a GJARA board MLS committee meeting. I am currently a non-voting member, & I hope to be a voting member on that committee soon. You may remember that GJARA is the Grand Junction Area Realtors Association.

Later in the morning, my mentee spent time at the front desk, learning to use the phone there & seeing what it was like at the front. Agents call to set showing appointments on Bray property. People walk in to meet with Bray agents or if they have questions. If they are not working with any agent yet, they are helped by the floor person. It can get busy at the front desk! Mentee had lunch with one of the lenders. In the afternoon, she & I went to get office supplies together.