|A Broker's Responsibility
William A. Greene
Broker, Kensington Realty
More often then not, the keyword in the real estate industry is
"sell" rather than "represent". Far too many brokers and agents
appear to have an undeclared mission statement that reflects
"salesmanship" rather than "representation" of Buyer or Seller.
The California Department of Real Estate unwittingly reinforces
this by identifying the licensee as a "Broker" or a
"Salesperson". A "Salesperson" should be more properly
identified as a "Broker Associate" or "Broker Affiliate" to more
properly identify the responsibility inherent in this role.
First and foremost, ethically and legally, a real estate agent
should be continuously aware of his fiduciary responsibility to
the client. "Fiduciary" simply means handling funds on behalf of
another. Integral to that definition is the element of trust
which is as much a responsibility, as it is a privilege. Real
estate breeds the most litigation of any industry, a fact that
could very easily be a thing of the past if more agents would
faithfully execute their fiduciary responsibility to their
clients. It would reduce litigation significantly.
There is an adage in this industry that says, "20% of all agents
make 80% of all sales". Is this a measure of success? Perhaps,
but a better measure of success would be one that measures
character and responsible representation.