StraightTalk is a great place to start learning how living the code can help improve your business, but it’s no legal substitutue for the Code of Ethics.
Thoughts on Article 9
Clarity diffuses conflicts
Whenever you create any kind of agreement—a contract, a listing agreement, a lease, whatever—be clear; be specific. Write out in clear language the terms of the agreement. Make sure everyone understands any conditions, as well as each party’s obligations and commitments. Of course agreements can change over time. Use written, dated extensions and amendments to keep the agreement current. And again, be clear and specific.
If you want to earn the trust of the people you work with, if you want to earn their repeat business and cooperation over time—be specific. Being vague is the shortest route to disagreement.
Once an agreement is fully ratified, make sure everyone involved has a copy of it.
Next: Advertising that works
Terms to Know:
Before we begin, there are several terms that appear in the Code of Ethics that could use a little clarification:
Client is anyone that you or your firm has a formal agreement to work with. It could be an agency relationship or you could be providing a non-contracted service.
Customer is a party to a real estate transaction who receives information, services or some other benefit from you, but doesn’t have a contract with you or your firm.
Prospect is a buyer, seller, tenant or landlord with whom you or your firm has no contract. An agent is anyone with a real estate license (though not necessarily a REALTOR®) acting in an agency relationship as defined by Virginia law.
Broker is someone with a real estate license (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation; and “broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity.
REALTOR® is someone who has earned his/her real estate license and also earned the right to use the title. REALTORS® serve many roles in different real estate transactions. For our purposes, we mean the term to be all inclusive, whether the REALTOR® represents a buyer, seller, tenant or landlord. Whether they provide contracted services or provide a service without a contract.