A Real Estate Broker’s Code of Ethics

It was bound to happen.  Every few months I hear an offhand comment, almost an afterthought to a phone conversation.  A throwaway remark that says “This profession stinks, I don’t respect it, I’m tired, I give up”.

The circumstances this time: Another broker recently shared a new listing with me (confidentially) so that I could present it to a client and prospective tenant.  When I asked if I could share this info within my office, this broker asked that I keep it in confidence, but then remarked - “you’re going to do what you want, anyway”…

Wait a minute, now!  Has commercial real estate sunk so low in its ethical standards even among its practitioners?  If there is no respect among colleagues within the brokerage community, how can we expect any respect from our clients and prospects?

Another example: in confirming that leases were being prepared to finalize previously agreed upon terms and conditions, a landlord’s broker said to me, “better hurry, anything can happen?”.  When I queried LL’s broker by asking, “does that mean that you not going to abide by our verbal understanding?”, I was informed “well, this is commercial real estate”.

What the heck does that mean?  Do you not have any respect for yourself and your chosen profession?  How else will our profession elevate itself from it’s current slot on the “respected professionals” standings, (just above used-car salesman).

A final story: our firm recently extended an offer to a new hire.  On the agreed upon start date, this employee didn’t show up, didn’t call, no letter, nada.  And this was not an administrative or junior professional, but an experienced real estate professional.

Wow!  Is that what too much time in this industry does to a person’s character?

As a result, I feel an overwhelming need to reiterate my personal professional code of conduct:

1) I will not lie,

2) I will treat everyone with respect,

3) I will return phone calls promptly,

4) I will help others without asking for reciprocation,

5) I will present and conduct myself professionally,

6) I will identify and avoid conflicts of interest,

7) I will be an objective fiduciary to my clients,

I will endeavor to identify and uncover any and all hidden financial obligations on behalf of my clients,

9) I will not hesitate to take an ethical stance,

10) I will represent my profession well, and strive to elevate the perception of my profession.

P.S. - I’m sure I will add more as I continue to practice commercial real estate.

This entry was posted on April 3, 2007 at 5:17 am and is filed under Jack's Rantings. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.