You are a REALTOR®. It’s a title you’ve earned and one you should be proud of. On our best days, we help people achieve the American dream. Is there any greater feeling than handing someone the keys to their first home or business?
But the privilege of being a REALTOR® also comes with responsibilities and expectations. Your customers and your peers expect of you greater levels of professionalism and service than from others in the real estate business. Years ago, the National Association of REALTORS® set out a Code of Ethics to help us all live up to those expectations.
But the Code is more than a list of Thou Shalts and Thou Shalt Nots. It’s a practical guide that can help you sell more real estate.
When it comes to building your business, you cannot grow without the trust of your clients, your prospects and your peers. Unfortunately, you cannot ask for trust. You have to earn it.
Like every other business, real estate has become more competitive over the past 20 years. Our customers are smarter; they have more choices and access to more information than ever before. If you want your business to grow, you depend on repeat business, referrals and the cooperation of fellow REALTORS®. These aspects of your business hinge directly on your reputation, on the way people think about you.
There is an old piece of advice that is the most practical advice ever given for building your business: do unto others as you would have them do unto you. The Golden Rule. A more modern interpretation says that “People may not remember what you say, but they never forget how you make them feel.” Remember that as you work your way through your calls, showings, meetings, and appointments. Treat people as you wish to be treated and your business will almost certainly improve.
Next: Your client comes first
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.