Greed and Stupidity anyone?

 

That's pretty easy to serve up....Did you know that the number one reason Why agents get sued is as simple as Greed and Stupidity??

Did you know that the Fiduciary Duty of Consumer Care..or lack of consumer care can pretty well be defined by greed and stupidity.

 

Consumer Care...what does that really mean?  Pretty much anything and everything falls under the vast Umbrella of Consumer Care. Unfortunately it is one of the hardest to define..because it's reach is so broad and left open to interpretation.

Lets look at the the Full Scope of Fiduciary Duties an agent owes to their client, be it a seller client or a buyer client. Remember that Fiduciary duty is the absolute highest standard of care imposed by law that one person can do unto another. There is no higher standard...none.  Technically that means that the needs of your client comes before the needs of your family.  Scary huh?  A fiduciary must be extremely loyal and they must not put their personal interests before the interest of their clients.   I think many agents forget that or don't really grasp the significance of it and how their day to day actions may violate a fiduciary obligation...especially Consumer Care.

The agent is bound by the Fiduciary Duties of:

 
Obedience...Means following all Lawful instruction from clients. In other words if your client tells you not to disclose the fact that the basement floods in the spring or that the furnace doesn't work or asks you to discriminate when showing the property...you should RUN not walk away.

Loyalty...Your clients needs comes before your needs or commission...after all client comes before commission even in the dictionary.

Disclosure...Full disclosure of anything that could effect the transaction and the client...such as buyers financing..credit issues, home inspections...market conditions/values.

Confidentiality...Forever imagine that!  To the grave in most states...In Louisiana it goes beyond the grave, kind of scary if you ask me..anyone watch the movie The Vampire Lestat??

Accounting...Safe guarding not only all monies(deposits) but the property as well...you are the keeper of the keys..remember that.

Reasonable Care and Diligence....Is pretty much anything a judge thinks is "reasonable care given from a competent professional" and usually the key question the judge asks is "is it reasonable for a consumer to expect this level of care from a competent real estate professional" !  If the answer is yes and you didn't provide it...you might as well say goodbye. 

 I learned to memorize my fiduciary duties it this way...OLD CAR