REALTORS® Reminded of Obligations to Clients

REALTORS® Reminded of Obligations to Clients

Don’t Take the Risk of Providing Services in an Area You’re Unfamiliar With.” – RECBC

Once again (June, 2015) REALTORS® are being reminded by the Real Estate Council of British Columbia (RECBC), about the dangers of stepping outside their comfort zone.

Even in a hot property market, you can’t afford to run the risk of trying to provide services to clients in an area of real estate you are unfamiliar with. Whether your prospective clients want you to help them buy or sell a type of property you haven’t handled before, or whether they’re interested in buying or selling in an area that’s not well known to you, think twice about trying to provide these services.”

REALTORS® have a legal obligation to uphold the integrity of their clients, while protecting and promoting their interests. This means that you should expect a REALTOR® to know your neighbourhood, provide the highest possible level of choice, and take care of all your specific real estate needs.

There are often situations where a prudent licensee should refer business to someone who is more knowledgeable in a particular market or to another licensee within the brokerage who has the knowledge and experience to assist the clients.”

In the past year I have referred, two sales in Richmond and another in Metrotown, to other REALTORS®, so if you want to buy or sell outside of the Tri-cities, I will either refer you to a local expert, or occasionally co-list.

RECBC rules require REALTORS® to, “advise the client to seek independent professional advice on matters outside of the expertise of the licensee.” “That applies not only to professional knowledge outside of real estate, but also to real estate matters that aren’t your specialty, and to issues affecting real estate in locations that you are not familiar with.”

In the various neighbourhoods of the Tri-Cities, things like transit, traffic, OCP, the Murray-connector, flood plains, zoning, schools, or the trains that have rumbled through here for over 100 years, are some topical examples where a buyer will likely want to be adequately informed.

I’d strongly recommend anyone considering buying or selling to really do proper due diligence when choosing a REALTOR®.

We’ve seen many news clips throughout Metro, where a new homeowner is objecting to what is often something, known, expected, and allowed, in their new neighbourhood. I’d first question whether they had a local REALTOR® to guide them, because this misguided opposition from newcomers to pre-existing conditions tells me they didn’t do their own due diligence, or worse, they were given wrong information.

…more thoughts here: Be Aware of the “Everywhere Specialist”

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