Any real estate agent that has been in the business for multiple years has inevitably gone through the following situation, or something similar. I'm just curious what you would do in this scenario.
I had a newer agent in my office come to me with a concern the other day. He had just cancelled a luxury listing that he had been trying to sell for a couple of months. The owners were going through a divorce, and are within months of losing the home. This agent tried and tried to get them started down the lonely road of short sale, but they would not cooperate.
Long story short, he gets an email from them saying they no longer need his services, so he cancels the listing, no questions asked. A few days later he realizes that the new agent that listed it had accessed the home just 2 days prior to her taking over the listing. After speaking to the husband, he finds out that the agent that took over the listing had contacted them and told them she was a short sale expert, and that if they needed her services she was happy to help. Yep, a total violation of the code of ethics!!!! She now has the property listed $400,000 less than what they had it listed with our office.
But what advice do I give this poor guy. Does he go through the time and energy of submitting an ethics claim, or does he just let it go. He's between a rock and a hard spot in my eyes, because more than likely the claim will not result in any punishment, and will take away from time that he could be spending being productive. But if he doesn't this agent gets away with this, and might continue to practice this way.
What would you guys do?
What advice should I give this agent?