ETHICS CASE : Money Changes People

Posted on Jun 19, 2017 in Blog, Newsletters

ETHICS CASE :

Recently an associate from our supposedly select viber group had an issue with someone from our group.  One of the realities of our Industry and other businesses as well is that : MONEY CHANGES PEOPLE !

The incident involved two licensed brokers ( both were ethical in my books ).  Now this is were the problem lies, the Listing Broker was exclusive to the property listing and it matched the Buying Broker’s requirement.

Proper registration was done and eventually, viewing was done to show the property.   The Buyer liked the property so a letter of intent of Php 17M ( buyer offered the Seller’s price )  was offered subject to the approval of the owner.  Ethically, as per our Code of Ethics ( which still has to be approved, i just can’t believe that since 2009, RESA Law was passed however, politics came into place ! ), an offer should be submitted to the Property Owner.

The Listing Broker advised the Buying Broker that there was another interested party on the property.  A few days later, the Buying Broker heard through the gravevine that the property was sold for Php 15M only.  The Buyer was the client of the Listing Broker.  This of course means that the Listing Broker wanted the whole professional fee but what’s worse is that he / or she didnt’t give the best offer to the Seller.

Please be advised that in our industry, our Clients come first, in this case the Seller should have gotten the better offer !

This is definitely unacceptable !  Unfortunately, we still don’t have an existing CODE OF ETHICS.   During the tenure of Department of Trade and Industry, we had a CODE OF ETHICS to suspend or even disbar individuals committing unlawful acts.

It’s now 2017 and RESA Law was passed in 2009, and other governing bodies that were supposed to implement Real Estate Laws still haven’t done do.  WHY ?

It’s our goal to advise everyone that Laws are passed so they can be implemented.  Change must happen for the good of the Real Estate Industry which we honestly believe will reach new heights !

As for the this unethical broker, you may have your day but KARMA will soon catch up with you.

Visit www.robertgsarmiento.org for blogs, news, case studies, updated rulings and property listings which you may find informative.

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Thank you.

robert

Robert G. Sarmiento Properties

Professional Affiliation :

Philippine Association of Real Estate Boards

Member, City of  Taguig Real Estate Board 2016 – 2017

Real Estate Broker’s Association of the Philippines 2000-2015

President, Greenhills Chapter 2008, 2009

Philippine Association of Real Estate Brokers

San Juan Mandaluyong Chapter 1998, 1999

PRC # 6569

PRC Accredited Lecturer # 0294

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