broker ethics: To paraphrase Richard Nixon, ‘I am not a spy!’
- 07/01/10 03:07 AM
Alan Chesterman, CEO It is hardly a secret that many consumers think of us brokers as thieves, liars and assorted other unsavory characters. But spies? Alas, it seems that we’ll have to contend with that false appellation as well, thanks to the arrest of 11 alleged Russian spies. I’ve written before about the disgracefully low threshold for becoming a real estate agent. Proof: 18 percent of the alleged spies, who apparently failed to compromise U.S. national security over the years, are said to have claimed careers in real estate. Anna Chapman, not One of the suspects, who goes by “Anna … (2 comments)
broker ethics: Out of the mouths of babes is one thing. . .
- 06/12/10 04:24 AM
There oughtta be a law. But wait, there IS. (Flickr photo by kolix) But out of the mouths of experienced brokers is quite another. The other day, clients of mine lingered in a $2 million loft that interested them in Tribeca. As we were leaving the newish building in lower Manhattan, they asked the broker who showed us the condo two questions that he should have known better than to have answered. Q. Who lives in the building? A. A lot of nice people, many like you. Q. What’s the neighborhood like? A. It’s very safe. I had all I … (4 comments)
broker ethics: With little to fear, Manhattan brokers test ethical standards
- 05/30/10 12:35 AM
Flickr photo by marttj BROKER WARS: Tales from the Front This is Part 2 of a my three-part series on broker ethics in New York City. State law outlines a real estate agent’s fiduciary responsibilities to their clients, including obedience, loyalty, disclosure of information, confidentiality and accountability as well as reasonable care, skill and diligence. Yet not one of the brokers in Part 1 of this series has complied with his or her obligation to serve the best interests of their clients. They are not alone, and the widespread practice of ignoring the law’s strictures is deplorable and disgraceful. To … (1 comments)
broker ethics: What’s wrong with brokers anyway?
- 05/29/10 05:29 AM
Flickr photo by marttj BROKER WARS: Tales from the Front If real estate brokers receive little respect, there is ample reason. In this three-part series, I’ll provide examples that prove the point, explain what is required of brokers in New York now and suggest a solution. It does not surprise me, and certainly won’t surprise you, that 30 percent of respondents in a Harris Interactive Poll said real estate agents and brokers deserved “hardly any prestige.” Their assessment was exceeded by a couple of points only by the categories of actor and stockbroker. As for having “very great prestige,” real estate … (0 comments)
broker ethics: Who do you trust? Probably not me, right?
- 05/26/10 11:05 AM
What kind of world would we have without trust? If you are anything like the typical consumer, and especially a real estate professional, you very likely don’t believe what a real estate broker tells you. Do you trust information from a broker on such matters as: The square footage of an apartment in the event that the listing broker is rash enough to commit to a number, daring a subsequent lawsuit. Ceiling height. When any renovations were completed. How much it will cost for any improvements you have in mind. A board’s approach to potential buyers. The seller’s flexibility on … (16 comments)
broker ethics: Which is more important, broker or brokerage?
- 05/20/10 04:21 AM
There is no shortage of bad brokers–those who are some combination of lazy, incompetent, unprofessional, unethical or nothing more than avaricious. Of course, there are lots of good brokers in New York City and elsewhere as well. The question at hand: Is there a clear connection between the quality of the broker and the reputation or size of her/his firm? The answer: An unqualified yes and no. If you assume that there is a connection between good brokers and those with a long track record, bear in mind that at least the three biggest Manhattan firms try to hang onto … (1 comments)
Alan Chesterman, CEO
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