Ethics and professionalism in the real estate industry

Ethics and standards in real estate activities
The ethical approach to the work of a realtor: importance and standards

Every profession has its own rules of conduct that are necessary to adhere to norms and avoid conflicts. The real estate profession is no exception, requiring specialists to have knowledge and strictly follow professional ethics.

Professional ethics of realtors

Disputes often arise among realtors regarding the distribution of commissions and client base, which can lead to serious conflicts. To avoid such situations, it is necessary to deeply understand and strictly adhere to the professional ethics of realtors. It is important to note that the rules of conduct may vary depending on the region or affiliation with a particular association.

International quality standards

Since 2020, Russia has been transitioning to international standards for brokerage services (REABS), developed by the Royal Institution of Chartered Surveyors (RICS). Some major players in the real estate market have already implemented these standards. Companies participating in RICS are required to adhere to 12 key principles of REABS. Among them are transparency, compliance with legislation and the professional code of conduct, avoidance of conflicts of interest, and resolving disputes in a fair and transparent manner.

In any field of activity, it is important to adhere to established norms and rules to ensure harmonious interaction and avoid potential conflicts. Working in the real estate sector also requires knowledge and adherence to professional ethics, which defines the standards of behavior for specialists. Among realtors, disagreements often arise regarding the distribution of commissions and client bases, which can lead to conflicts.

Professional ethics of realtors

To avoid such situations, it is essential to have a good understanding of and strictly adhere to the professional ethics of realtors. However, it should be noted that there is no universal code of conduct for all real estate agents, as the rules may vary depending on the region or the association to which the realtor belongs.

International quality standards

In 2020, Russia began the process of transitioning to international standards for brokerage services (REABS), developed by the Royal Institution of Chartered Surveyors (RICS). Some major market players have already adopted these new rules. Companies that are part of RICS must adhere to 12 core principles of REABS, including transparent and lawful operations, avoiding conflicts of interest, and resolving disputes fairly and promptly.

Ethical approach to the work of a realtor

When engaging in real estate activities, it is important to avoid unequivocal and biased judgments or actions in business relationships.

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It is necessary to ensure that clients are informed in a timely manner about cooperation issues in an accessible form. Conduct marketing activities with consideration for objectivity, reliability, and compliance with moral standards, including advertising materials.

Special attention should be paid to the safety, security and insurance of the client's funds. It is also important to take care of professional liability insurance to the client and partners. Take all necessary measures to protect the client from possible risks and damage caused by the activities of your real estate company.

Providing reliable information

Provide clients with access to reliable information about the costs of buying, selling, or renting real estate, as well as the associated expenses of ownership or maintenance of the property. Take into account the current state of the industry market and other significant factors. A certificate is a guarantee of the quality and integrity of your work.

The significance of the ethical code

The Code of Ethics for Real Estate Agents is designed to create an honest and open community of professionals, support transparent cooperation and ensure a high level of customer service. Joining the community requires certification, although it is important to remember that the mere fact of certification does not guarantee unconditional professionalism. A real estate company can join international ethical standards by having only one certified employee, which can sometimes mislead clients.

Not all clients realize the importance of certification for real estate agencies. Large companies operating on an international level strive to obtain this certification, as it enhances their appeal to foreign clients. However, it is important to remember that certification is not the only criterion for professionalism and the quality of a realtor's work. One should also consider the company's reputation, client reviews, and accumulated experience.

In the real estate profession, there are many rules of conduct and professional ethics that should be followed to avoid conflicts and uncomfortable situations.

It is essential to be honest, open, and transparent in your work, always adhering to laws and codes of conduct.

Employees of real estate companies who hold an RICS certificate are required to follow certain rules, ensuring quality service for clients and protecting their interests.

The transition to international quality standards for brokerage services will also help improve the industry's reputation and increase client confidence.

It is important for all participants in the real estate market to recognize the significance of adhering to professional ethics and to strive for the continuous improvement of their skills and work standards.