Knowledge is power is a quote from Sir Francis Bacon and I have found it to be true in my own life. Knowledge is powerful because it helps one establish factual reasoning. It is powerful because it creates confidence. Knowledge, based upon research, will help you create an edge in your business of real estate.
Do you spend enough time understanding the facts, knowing the nuances of the deals you are working on? I, sometimes, do not.
Have you actually read NAR Code of Ethics? For example, if another realtor called you about one of your listings and asked, "What kind of contract do you have with the owner and when does the contract expire?" One might say, "It is none of your business." After hanging up, the person may go and complain to others about the crass and arrogant behavior of the agent who placed the original phone call. How would you respond?
Now read from the Code of Ethics the article and standard of practice section:
Article 16
Realtors® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other Realtors® have with clients. (Amended 1/04)
• Standard of Practice 16-4
Realtors® shall not solicit a listing which is currently listed exclusively with another broker. However, if the listing broker, when asked by the Realtor®, refuses to disclose the expiration date and nature of such listing; i.e., an exclusive right to sell, an exclusive agency, open listing, or other form of contractual agreement between the listing broker and the client, the Realtor® may contact the owner to secure such information and may discuss the terms upon which the Realtor® might take a future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing. (Amended 1/94)
It seems to me if you are ever confronted with this question from another realtor, you would be wise to answer the question forthright honesty. If you do not, you have given the other agent the ethical right to call your client and engage in a discussion about the property.
Experience, research, and learning will help you as a realtor gain the knowledge necessary to empower your career. This is one of the benefits of walking in the rain, Active Rain that is.
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