Real estate agents’ ethics for sale

Unfortunately, real estate agents are involved in an industry where people are handing over the vast majority of their money.
With housing prices, interest rates, rental prices and rental demand all on the increase: the situation is tense.
Like their cousins in car sales, real estate agents are pushing a product. But unlike cars, you can’t just check the odometer, pop the hood and take it for a test drive.
The shortcomings of houses, apartments, contracts and agreements are a lot easier to hide. And consumers are a lot less knowledgeable about things like construction, legal contracts – we have to rely on the agents to explain this stuff to us.
Honesty in real estate seems to be so rare, that an advertisement that used honesty caused media attention. Calling the house a ‘dump’ was a technique celebrated for not using ‘real estate speak’.
The selling agent, Paul Cooper, from Ray White, Balmain explained his decision: “People like honesty, and it’s not something that real-estate agents are renowned for.”
But – can you blame the agents, when they are trained, by their own industry to dupe their clients?
In one training course, agents are encouraged, when conveying an offer, to quote a lower figure, so that they are pleased when hearing the actual offer.
Young agents, who are trained in a class room and by their superiors, to deal in dishonesty are just following suit….. right?
And lately, as consumers, we are not in a position to complain.
With 30 – 40 people turning up at inspections, it is the real estate agents that hold the power.
Silent bidding wars are the norm, with renters desperate to secure a lease.
Lance Moult, 26, turned up to an inspection and waited for an hour, just to get in the front door. On getting his application form, Lance had to ponder what he would need to do, in order to secure the apartment.
“I have heard of mates who have given the agents wine, liquor, cash, just to get their application to the top of the pile”, he said.
“I don’t know if I would resort to bribes, but you can see why people are sucking up to the agents. They have the power.”
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