WII-FM, Is This YOUR Top 40?
I have been reading a lot of real estate posts this week and there seems
to be a theme within the majority of them - What's In It For Me (wii-fm).
As a Real Estate Broker I am a FIDUCIARY. It is the law here in
California. Not every state has this requirement, but they should.
In some states the real estate broker is just a transaction facilitator. He
has no duty for fair dealing to his client. He can and does put his own
interests first.
Is this what we want for the Real Estate Industry? Do we want to be
considered to be something akin to Used Car Salesmen?
We "advise" clients on transactions that can and do have life affecting
repercussions. We MUST think of our client FIRST.
A recent blog post asked what is the "value" of an over=priced listing?
You can read it here and the follow-up post here.
I am appalled by this lack of ethics within MY PROFESSION. And yes, I
am a professional. All real estate brokers should also be
professionals.
I advise clients on investing in real estate in order for them to have a
better life while they are still working and after they retire.
Many Financial Advisors are really just stock brokers or insurance
salesmen. They aren't acting as FIDUCIARIES. They are more
concerned for their own commissions than the needs of their clients.
They don't work for the client, they sell to the client. Their allegiance is
to their company and themselves. But there is a trend in their industry
to become fiduciaries.
It seems we are going the other way.
More states are considering "dropping" the fiduciary rule for real estate
brokers. Really? How can this be good for our clients?
What's In It For Me (WII-FM) CANNOT be our favorite station. We need
to listen to our clients. We need to put them first. We must retain our
FIDUCIARY relationship.
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