Real Estate Catch-22: What Agents Need To Know
The real estate industry is saturated with agents and brokers looking to sell homes and property. Some are experienced in one area of real estate, such as residential, and want to branch out and possibly make more money. It’s only natural to want to earn more, but real estate agents and brokers need to be aware of the ethics that apply.
While there’s nothing illegal about branching out into various fields of real estate, you need to be honest with clients about some things, such as a lack of experience. In fact, it is mandated that you do so. Article 11 of the Code of Ethics requires you to disclose your lack of expertise to clients. It states that you must be knowledgeable and competent in your usual fields of practice. You must also obtain assistance or disclose your lack of experience, if necessary.
This can be a real catch-22 though. How can you gain experience without the experience needed to do so? This is a problem in many industries, not just real estate. Many people have trouble getting jobs because they don’t have experience. How are they supposed to gain this necessary experience?
Many people do so through internships. They may work for a low wage or even for free to gain experience. Many use their networks. For example, if they know someone in the industry, they may leverage that person in their favor. They may ask that person for assistance or even work with them to gain experience.
This happens frequently in the real estate industry. A real estate agent who is highly skilled in the residential portion of real estate may want to branch out into the commercial side. If you know someone who has a lot of experience with commercial listings, then you may want to collaborate with them to some degree. Can they provide you with training? Can you perhaps shadow them on some listings? Maybe they can help you with advertising or guide you in the right direction. Having an experienced professional to help you transition to a new field of real estate can be invaluable for your career.
Whatever you do, just make sure you are abiding by Article 11 of the Code of Ethics. Not only must you disclose your lack of expertise in a certain field, but if you work with another agent, you must also disclose that agent’s identity to any clients.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
It can be hard to break into the real estate industry when you are legally mandated to disclose your lack of experience. It may seem like a catch-22, but you have to be honest.
Lying about your experience or credentials can land you in legal hot water. Tampa real estate broker license lawyer from The Law Offices of David P. Rankin, P.A. can assist you with professional licensing issues and disciplinary proceedings. David P. Rankin has represented hundreds of real estate sales associates and brokers in DBPR/ Division of Real Estate investigations. He also represented the Greater Tampa Realtors for 17 years. To schedule a consultation, fill out the online form or call (813) 968-6633.
Source:
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