1/15/2013

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.


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