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The common man often does not know about real property more than a child knows how to write. As a child can blabber all the time but cannot write a few words, the common man can go on discussing things like storage features, plumbing, decor, etc a property and live on it but when it comes to selling or buying he is in the childs position. So he needs someone to trust and this role is played by the real estate agents . Since the layman trusts them on the sole condition that they will do no wrong to him, the agent is expected to maintain high code of conduct inducing a feeling of confidence in the client. So he must do some duties that are expected of him.
The first duty of the real estate agents is to serve the interest of the principal, the term used in legal parlance for the person who has appointed him. He should place the interest of the principal before his own in respect to the job he has been charged with. So he must show some signs to prove that he is genuinely trustworthy. This includes taking utmost care of the deals and applying the necessary skills, obedience and good faith to the principal, proper accounting and loyalty and of all disclosure of the material fact regarding the operations. All these duties are to be performed from the moment the agent is appointed.
The first duty of the real estate agents is to show reasonable care and skill. The agents should take care while discharging their duties and also if they are skilled in any respect they should use that skill to the advantage of the client. It should be made clear that whatever the agent discloses to be competent in at the time of agreement should be applied in the real time or else if the client suffers any damage the agent is liable to get penalized. Similarly the agents are to be obedient to the principal. This means that any instruction that the principal or the client gives to the agents should be properly carried out and in good faith. The actions of the agents should be in accordance with the intention with which the instructions were given. But this does not mean that the agents should act on any unethical or unlawful instructions.
The real estate agents are required to handle money and costly articles. So they must be very serious about accounting and should regularly report to the clients about the state of such funds and articles. The agents must also ensure that the fund is not mixed up with other funds and it is better to operate separate accounts for them rather than operating many funds from one single account. The interest of the client should be above anyone elses and this is what loyalty is all about. No confidential information of the client may be revealed to anybody at any time including after termination of the agency. Also the agents must place the clients interest before their own personal interests.
Last of all, it should be seen that the real estate agents disclose all the facts relating to the property to the clients. This should be done because such information may influence the clients decision. He should also present all the offers received to the principal regardless of their acceptability and anything about any relationship of the agent with any of the potential customers. Besides meaning good business the agent should also take care of these ethical matters to become successful.
Hailey Self Storage
Pocatello Self Storage
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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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