Real Estate Fiduciary vs. Functionary

 

To me our obligations are Black and White. If it’s not in the client’s best interest don’t do, don’t recommend it, and don’t say it! Even if it means the loss of a commission! As an industry we are placed in a position unlike any other professional. Other professionals with fiduciary obligations bill for their time and get paid regardless of the outcome. We only get paid if the transaction completes.

 

I believe this causes many in our industry to think and deal in shades of GRAY. Have you ever heard an agent let it slip that their seller over at 123 Main Street is having financial troubles?  That’s a breach of fiduciary. I’m sure can think of many more instances when a breach has taken place. You can’t let this happen to you!

 

So how can you continuously remind yourself of your obligations and increase your success with your clients? Stop being a salesperson and conduct your business as a consultant and an educator. Review your role as a fiduciary with every client!

 

In order to be afforded the opportunity to work with a buyer or seller, they need to like and trust you. I have yet to find a better foundation to build a relationship upon than to start by reviewing your fiduciary comittment to them. It will greatly increase their feeling of trust in you.

 

In several of my training classes I stress to agents that they take the time to fully explain how they conduct their business.  This differentiates them from other agents the client may be considering. Very few agents do this.

 

Use the linked comparison below to continuously remind yourself of your obligations and quickly gain the trust of your prospective clients.

 

 

 

Best wishes for a profitable and productive day,

Bill Wagner

609-432-8005