It's unethical for agents to overprice

QUESTION: Sir John, I commissioned a licensed Real Estate Broker to offer my vacant lot for sale at P6.5M. He advertised it in the classified ads at P7M negotiable, while all the other similar properties of the same size in the area are advertised at P6.5. Did my broker do anything unfair to me?

ANSWER: Definitely YES. Your Broker violated the Code of Ethics.

Section 3 paragraph (f) of the Code of Ethics says he (your broker) should not advertise any property without authority and in any offering, the price quoted should be in accordance with the price agreed with the owners as the offering price.

Moreover, the advertisement would also be useless because your property would become less competitive in the eyes of the prospective buyers.

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