Do real estate agents need formal training in practical ethics?
As a property lawyer who represents clients in the sale and purchase of real estate in the State of Victoria, Australia, I am appalled by the ethical standards displayed in our local industry. For example, a real estate agent who had falsely claimed to have “another offer on the table” later admitted that this was just a ploy to have my client pay more. When I told him that I felt that this was professional misconduct, he informed me, “I have a fiduciary duty to my vendor client to get the best price, and I do whatever it takes to fulfil that duty.” He admitted that he had received no formal training in ethics, other than a small component of his intial training course which contained a few “motherhood” statements about being honest and obeying the law. I have now started the “Real Estate Ethics” group in LinkedIn, and I would like to encourage all stakeholders (i.e. real estate agents, lawyers etc.) in the real estate industry to become involved in working through some of the ethical
