Why Real Estate Brokers Often Work in Their Best Interest
When Florida residents need to sell a home, they often obtain assistance from a real estate broker. People on average buy and sell homes only a couple times in their lives, so they’re not usually very experienced in the ins and outs of the real estate processes involved. That’s why many turn to real estate brokers to guide them through the process.
But can they trust the person they choose to have their best interests in mind? Professionally and ethically, real estate brokers should be honest and trustworthy. After all, houses are typically the largest purchase a person will make in their lifetime, so homeowners and potential buyers trust this purchase to the experts.
However, if you’re a real estate professional, you work on commission, which means that you only make money when you help a person buy or sell a home. You’re not paid an hourly wage, like most professions, so your income is resting on a home purchase.
However, some real estate agents go a bit too far. While they should have their clients’ best interests in mind, many have only their best interests in mind. This can create some sticky situations that can cause a real estate professional to lose their job, be sued, lose their license and face other penalties.
Members of the National Association of Realtors (NAR) are required to take an ethics class every four years—and for good reason. Ethics is a huge part of real estate and even if real estate professionals think they are making good decisions, many times, they’re not. They want to make a living, which is understandable, but it needs to be an honest living.
This means disclosing certain things to a client, such as a home having prior fire or flood damage. What if the home had termites or required major repairs at some point? These are things that home buyers should know about, so you need to speak up, even if it could ruin a sale. A homebuyer is bound to find out at some point, and at that time, they could sue you for intentional non-disclosure.
Failing to communicate with clients and mishandling paperwork are some of the biggest issues in the real estate field. The best course of action is to communicate and document that communication. Don’t hide anything. The Golden Rule is a good rule of thumb. Think about how you would want to be treated if you were the client.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
Real estate professionals often walk a fine between acting ethically and performing illegal activities. While they may want to work in their best interests, they need to be an advocate for their clients. Otherwise, they can face serious penalties.
Protect your real estate license with help from Tampa real estate brokers license lawyer David P. Rankin. He has been involved in several hundred license discipline proceedings before the Florida Real Estate Commission and was the attorney for the Greater Tampa Realtors for 18 years. Schedule a consultation today by calling (813) 968-6633 or filling out the online form.