Fiduciary Responsibility - What does it mean to you?
"Utmost care, integrity, honesty and loyalty in dealing with Seller/Buyer." Words I believe we should refresh in our minds with each transaction. Even experienced agents can become complacent and need reminding of the importance of our Fiduciary responsibility.
These words lay the foundation for Realtor actions, causing me to review different transactions I have been involved with during the last month.
Upon accepting a transaction you may not be familiar with it is the agents responsibility to educate themselves on the different components of that transaction ie short sales, probate, Trustee sales, etc. Even the traditional residential purchase agreement should be constantly reviewed as changes are implemented.
Again complacency is the enemy of any good Realtor.
As I read a post written by Kathy Godin "Be Careful I Kiss and Tell" one of the comments made me stop and think about my fiduciary responsibility to buyers when I am the Listing Agent or is there an ethical obligation - but to whom?
I spoke with an agent in my office who had the opportunity to act as a dual agent. He declined and did the right thing by the client who was going to allow him to sell the house for 150k but because the agent refused she ended up with an offer of $185k. The agent helped his client gain 35k.
One of my great take-aways from ActiveRain is the communication of ideas which inspire me to additional thought, research and sometimes office conversations.
But one thing I have grown to understand is a true awareness of the importance of my Fiduciary Responsiblity to clients. As a consumer you need to have this discussion with your Realtor.