As a Realtor I feel my mission is to best serve the public with their real estate needs, whether it be selling or buying.
A major flaw in our Realtor code of ethics is the provision that prevents us from soliciting or contacting the owners of an actively listed property subject to an exclusive listing agreement with another Realtor. Here are the top major issues with this provision for Sellers:
- Listing agent is not showing up or making showings almost impossible. The sellers has no way of knowing that their agent is missing showings and hurting them financially. Every missed showing could be that potential buyer... In this challenging market some agents are trying to double-side the commission and therefore make it harder for other agents to show especially in high demand neighborhoods or buildings...
- Listing agent has no pictures of the property or real bad ones, has incomplete or inaccurate information, or sometimes no information on the property. Most MLS have no requirements as far as info and pictures, and the MLS systems that do have slow and ineffective enforcement. The sellers may be wondering why the property is sitting with little activity when in fact their agent is not providing the info in the MLS that would entice another agent or buyer to see the property.
- Listing agent has the property listed at a grossly inflated price. Some agents take listings at any price and hope/know eventually the sellers will reduce their price... Some agents don't even know how to price properties and err on the high side to get the listing. In the meantime other properties are selling and the sellers are sitting like ducks.
- Listing agent is unresponsive (no voice mail or voice mail is full, not answering calls or emails, travels often...) Many issues here: difficulties in setting up showings, tough getting questions answered, and offers are not being presented in a timely manner...
Competition is the only reason we have progress and reasonable prices for any service or product. As a Realtor I feel that I should be allowed to compete with other Realtors and solicit business. This is the only way bad Realtors will be forced to shape up or do something else.
The code of ethics is preventing competition and the free flow of information in the marketplace. The only remedy is to file a complaint against the other agent, but that is costly, ineffective, and time consuming...
Competition is good and necessary for the protection of the public.
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