Showing posts with label code of ethics. Show all posts
Showing posts with label code of ethics. Show all posts

Friday, October 4, 2013

Playing Words with Friends and Selling Real Estate with Ethics



I have always loved to play Scrabble; so much so that my family will groan at the mere mention of this game as a potential pastime.When I received a Kindle last Christmas, I quickly installed and became hooked on Words with Friends and my family rejoiced!

I have a few people I play games with every evening. Some of the other players are really my friends and some are random opponents who are apparently as hooked as I am. (FYI—I refuse to put this or any other game on my phone or I would never get anything done.)



The other day my college student son saw me playing and said, “You know people cheat at that game, right?”



I said that yes, I did know. I know there are apps that will give the best words and online resources to find words ending with x or z. I could play that way too, but I don’t. There’s more sport in a game if you don’t cheat, plain and simple.   

Because it comes down to one word, ethics. But I am not naive; I do realize not everyone has the same ethics as I do...whether playing online or working in the real world.



When I do a market analysis, I play fair. A past selling client recently referred me to a friend of theirs by saying I was a “straight shooter”. I kind of liked that label. 

Even though these particular clients didn’t like all of the things I told them in regard to getting their Forest Lake home sold, I laid it all on the table, the good and the bad. And with work on both of our parts, their house did sell. It was sold within their time frame, budget and they now happily relocated out west.



With their strong recommendation, I was called in along with several very good agents that work the north metro to do a market to do a market analysis for another property. As always, I was honest with my market analysis and recommendations. A week later, I got the call. These sellers went with another agent. I was not surprised or upset by this…it happens when we are all good agents. So, I asked how the final decision was made and who they went with.



The wife’s answer floored me. They chose an agent from out of the area but who said she worked in the north metro. This agent also told them she “sells most of her listings in a day or two via word of mouth”.



Though were selling very quickly this spring certain metro communities, was an anomaly in the Forest Lake area when there are several new construction developments within a few miles selling brand new houses in the same price point. Most homes in this particular development stay on the market 3-4 months at the very least before receiving an offer. This was true even as the market activity increased because the builders in the area had really ramped up their construction efforts.



Telling a seller what they want to hear, whether it is price, timing or any other over promise is not the way I do business. My ethics just don’t allow me to puff up my abilities in that regard to get a listing.



When I was interviewed, I did say I had sold a couple of homes in a matter of days this past spring, but I also said the circumstances were very different. I could not guarantee the same results for their home. If I had over-promised or lead a seller to believe that I could work miracles when it came to their home sale, I would have to deal with their eventual disappointment. An upset client is never a positive in a service business. So I was up front and honest but lost the listing. I was not upset by this…it is the only way to “play the game” in my book. It is not about winning a listing. When it comes to my sellers expectations, I don’t play around.



So if you call me to do a market analysis of your home or list your house, rest assured, I will shoot straight. You might not like everything you hear, but I will be honest. Using this information, we can devise a plan together that will get your home sold. Like I said, it is all about ethics (and a lot of hard work too!)


  

Copyright 2013 www.terieckholm.com

Friday, June 15, 2012

One Size Does NOT Fit All When Selecting a REALTOR®



One of my family's favorite places to visit on a trip to Walt Disney World in Orlando, Florida is the Animation Building in Disney’s Hollywood Studios There is a spot after the animation tour where a couple dozen would-be illustrators can go for a half hour class with a Disney artist. The class gives step-by-step directions on how to draw a beloved Disney Character. It the past we have had the chance to draw Mickey , Goofy, Pluto, Stitch and even Jack Skellington and Scrooge McDuck. Thankfully, talent is not required and the only art on display is the actual instructors. At the end of the session, everyone leaves with a drawing that somewhat resembles the character that is up on the screen.

The best part of the day is when we compare our drawings Here are examples of my family’s drawings from when my sons were in grade school. Though all of our drawings look like Walt’s old pal, Mickey Mouse, none are identical to each other (and definitely NOT as expert as the one draw by the instructor!). Lesson learned? Everyone who can hold a pencil and follow simple instructions can draw Mickey Mouse, but it takes talent and experience to become a great Disney artist!

Now in real estate, there is a similar situation; anyone can take a real estate class but not all REALTORS® are exactly the same.

Though, REALTORS® do take the same required classes and tests to become agents and adhere to a very specific code of ethics, we are people not machines. As people, we are individuals with different life experiences and talents. Not every real estate agent does things exactly the same way. We all come into each experience with our own talents, abilities and backgrounds. Through education, we may become similar but not identical.

So what does working with a REALTOR® really mean to a buyer or seller?

REALTORS® do abide by a Code of Ethics. In my Minnesota real estate practice, I take these rules very seriously. It is considered the standard of practice that I work under as I truly believe it is the right way to do business. Although there are many details to the complete code of ethics, here are a few points I would like to highlight:

REALTORS® pledge to protect and promote the interests of their client.
REALTORS® do not mislead on property value.
REALTORS® must disclose material defects and facts on properties.
REALTORS® must not discriminate.
REALTORS® must disclose dual agency.
REALTORS® are required to be accountable for funds.
REALTORS® must disclose accepted offers.
REALTORS® are required to provide competent service.
REALTORS® are not lawyers and cannot offer legal advice.
REALTORS® preserve the confidential information of their clients.


When selecting a REALTOR® make sure that the person is on the same page with you and can draw up and present the contract in a professional manner. Take the time to research and select a professional REALTOR® that will be your partner and advocate. Work with a person you like and trust to help you understand the process and negotiate the best deal for you!



Copyright 2012 www.terieckholm.com

Sunday, July 19, 2009

REALTOR® Selection—One Size Does NOT Fit All!

The Animation Building in Disney’s Hollywood Studios is my family’s favorite places during our bi-annual treks to Orlando. (Okay I still call this park what is now known as MGM Studios, but that is just me.) There is a spot after the animation tour where you (and 30 or so other would-be illustrators) can go for a half hour class with a Disney artist and be given step-by-step instructions on how to draw Mickey , Goofy, Pluto, Stitch or another beloved character. Talent is not a prerequisite. At the end of the session, everyone leaves with a drawing that somewhat resembles the character that is up on the screen.

As soon as we finish, we compare our drawings. Here are examples of my family’s drawings from one class on a previous trip when my sons were in grade school. Though all of our drawings look like Walt’s buddy, Mickey Mouse, none are identical to each other (and definitely NOT as good as the instructors!). Lesson learned? Everyone who can hold a pencil and follow simple instructions can draw, but it takes talent and experience to become a great artist!

Now in real estate, there is a similar situation; anyone can take a real estate class but not all REALTORS® are exactly the same.
Recently a prospect, not someone I was under contract with, asked me to write up an offer on an REO property for him. It was a home under construction that had gone back to the bank. This foreclosure property would require significant work and renovation to complete, so it was significantly overpriced. This prospect wanted to make an extremely low offer that I deemed fair considering the condition. He was ready to write a purchase agreement at our next meeting. As part of the preparation process, I went into my spiel of what is required to make an offer; we would first enter into a representation contract, please bring a checkbook for earnest money and preapproval or proof of funds letter…yada, yada, yada.

This guy was beyond shocked and I got an earful! In short, he stated that he was NOT going to prove his financial situation to anyone prior to the offer being accepted. It was his opinion that working with a REALTOR® to write and present the offer should carry enough weight alone to get the offer accepted.
Hmmm…let’s forget the financing aspect of this situation; I’m more concerned with the implication that all REALTORS® are created equal.

Though, REALTORS® do take the same required classes and tests to become agents and adhere to a very specific code of ethics, we are people not machines. As people, we are individuals with different life experiences and talents. Not every real estate agent does things exactly the same way. We all come into each experience with our own talents, abilities and backgrounds. Through education, we may become similar but not identical. From time to time, I see a contract from a fellow agent that is just not up to snuff so I know that there are a few that don’t do consistently do what is required to represent their clients it the best possible way. So I was taken aback by the implication that by virtue of working with a REALTOR® one would not have to justify their funding to a seller.

So what does working with a REALTOR® really mean to a buyer or seller?

REALTORS® do abide by a Code of Ethics. In my Minnesota real estate practice, I take these rules very seriously. It is considered the standard of practice that I work under as I truly believe it is the right way to do business. Although there are many details to the complete code of ethics, here are a few points I would like to highlight:


REALTORS® pledge to protect and promote the interests of their client.
REALTORS® do not mislead on property value.
REALTORS® must disclose material defects and facts on properties.
REALTORS® must not discriminate.
REALTORS® must disclose dual agency.
REALTORS® are required to be accountable for funds.
REALTORS® must disclose accepted offers.
REALTORS® are required to provide competent service.
REALTORS® are not lawyers and cannot offer legal advice.
REALTORS® preserve the confidential information of their clients.


When selecting a REALTOR® make sure that the person is on the same page with you and can draw up and present the contract in a professional manner. It is in the client’s best interest to provide the seller with a professional, sincere and concrete purchase agreement from the get go. Lowball offers without documentation do not get noticed, it gets tossed in the trash. As your REALTOR®, I want your offer to be given serious consideration by the seller and ultimately accepted. That doesn’t happen if it goes from the fax machine to the shredder in less than five minutes.

Take the time to research and select a professional REALTOR® that will be your partner and advocate. Work with a person you like and trust to help you understand the process and negotiate the best deal for you!







Copyright 2009 Teri Eckholm 


Monday, March 26, 2007

The Realtors’ Code of Ethics--The Rules I Live By


From the time we are children we learn right from wrong. As a child, our parents guide us and help us to establish an internal compass that directs us throughout our lives. I have always abided by the Golden Rule; Do unto others as you would have done to you.
The Realtor’s Code of Ethics is based on this same principle. It is an outline as to how we as Realtors conduct our real estate business. It defines how we are to treat our clients. It specifies how we are to treat the public. And it further directs how we as Realtors should treat other real estate professionals.

Not all real estate practitioners are Realtors. In order to use the Realtor name you must join the National Association of Realtors and abide by their code.

In my Minnesota real estate practice, I take these rules very seriously. It is considered the standard of practice that I work under as I truly believe it is the right way to do business.

Although there are many details to the complete code of ethics, here are a few points I would like to highlight:


  • Realtors pledge to protect and promote the interests of their client.

  • Realtors do not mislead on property value.

  • Realtors preserve the confidential information of their clients.

  • Realtors must disclose material defects and facts on properties.

  • Realtors must not discriminate.

  • Realtors must disclose dual agency.

  • Realtors are required to be accountable for funds.

  • Realtors must disclose accepted offers.

  • Realtors are required to provide competent service.

  • Realtors are not lawyers and cannot offer legal advice.

As a Minnesota real estate professional, I am proud to be a Realtor. And this is a sampling of the rules that I live by.
If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007 terieckholm.com

Rent Continues to Rise in Minneapolis & St Paul MN

The September Rent report just released by ABODO shows te average rate to lease a one bedroom apartment in St Paul to be increasing ...