Overpricing by agent is unethical

QUESTION: Rltr. John, I hired an agent to offer my vacant lot for sale at P6.5M. He advertised it in the classified ads at P7M, while all the other similar properties of the same size in the area are advertised at P6.5M. Did he do the right thing?

ANSWER: In my opinion, your agent violated the Code of Ethics of Real Estate Service if he did it without your consent. Section 3 paragraph (f) of the old Code of Ethics says 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”. Offering it for sale at overprice would make it less competitive in the eyes of the prospective buyers.

If there is anything else important that I forgot to include in this article, or if you experienced a real estate transaction that is anomalous, scam, fraudulent scheme that you want me to document and expose for others to be warned, or if you want to donate to the war chest of real estate consumer rights advocacy, please feel free to email me at JohnPetalcorin@Gmail.Com. If you want to comment about this article, there is a provision for this purpose that you can find below.
Thank you so much for visiting my site. May God Bless You!

No comments: