CASE STUDY ON ETHICS :
Ethics Case : A network recently asked me on how to handle an ethics situation with a network of his. A property was offered to the Buying Broker ( BB ) by the Listing Broker ( LB ) and after the BB viewed the property with client, an offer was made, however, the Seller decided not to sell at that time. Now it just so happened that the BB also knew the Seller. After several months, the Seller called the BB to advise that the property is available but at a different price. Ethically, we should always go back to how the listing was known and in this case the LB originally gave it to the BB. The BB should acknowledge the property from the LB despite being called upon by the Owner, specially if the Buyer is the same client, that is really a no brainer as far as ETHICS is concerned. The grey area we currently experience with practices in the Philippine Real Estate Market is when the property is advertised through the newspaper or a signage is placed on the property, Unfortunately, we consider this an “open listing” already.
“Only True Relationships” with your Trusted Networks will have the Honor to acknowledge the listing from you no matter what and that’s RARE ! That’s why, take the time to analyze who this valued networks are !
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Robert G. Sarmiento Properties
Professional Affiliation :
Real Estate Broker’s Association of the Philippines
President, Greenhills Chapter 2008, 2009
Philippine Association of Real Estate Brokers
San Juan Mandaluyong Chapter 1998, 1999
PRC # 6569
AIPO # 000897
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Website : www.robertgsarmiento.org