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  • Real Estate Agent Ethical Issues

    "A real estate agent and his employers, Jones Lang LaSalle, have been censured after on-selling two properties within days for more than $80,000 above the original price"

    Real estate agent fined for $80k on-selling in days

  • #2
    Originally posted by chrisgoh View Post
    "A real estate agent and his employers, Jones Lang LaSalle, have been censured after on-selling two properties within days for more than $80,000 above the original price"

    Real estate agent fined for $80k on-selling in days
    Thanks, very interesting

    Comment


    • #3
      Another wet bus ticket

      Comment


      • #4
        Originally posted by Maccachic View Post
        Another wet bus ticket
        Agree.

        Should compensate the seller full $80k, refund full brokerage fee and additional compensation for mental distress.

        Comment


        • #5
          about as dodgy as they come.
          Needs civil action from the vendor - sue the ar#@ off them!

          Comment


          • #6
            Cant believe how lightly they got off....

            Comment


            • #7
              The title of that news items says they were fined - but they weren't fined - they had to refund the commission.

              But they must have also been paid even more commission when it was on sold? So they are still ahead!!! Yes there's the publication of their bad dealings but they should have had to pay whatever commission they got on the second deal to the previous vendor too.

              cheers,

              Donna
              SEARCH PropertyTalk, About PropertyTalk

              BusinessBlogs - the best business articles are found here

              Comment


              • #8
                Real estate agent rents house to friend at discounted rate

                A real estate agent rented a house to a colleague at a discounted rate and paid the difference so he could use its garage for storage - without the owners' knowledge.


                Property manager Christopher Wright told the homeowner clients that he'd found a couple with an adult son willing to rent their New Plymouth property for $460 a week.


                But in fact, the tenants were two adults and three children - and people he knew.


                He charged them $350 per week, while paying the remaining $110 per week rent himself so he could use the property's garage as storage.


                In exchange, he agreed with the renters that he would keep the property and its hedges in order.


                When the homeowners found out about the bizarre situation, they complained to the industry watchdog.


                The Real Estate Agents Disciplinary Tribunal's complaints assessment committee charged Wright with two counts of misconduct.


                Allegations of "disgraceful conduct" included that he misled landlord clients about who would be occupying their property and that he was renting the garage.


                He was also accused of producing retrospective rental statements and misleading the committee over rental records.


                Wright was further accused of having a "cavalier attitude to his obligations" as a real estate agent.


                But Wright denied any wrongdoing.


                "I am at a loss to understand what disadvantage financial or otherwise the landlord has suffered due to my actions," he told the tribunal.


                The Real Estate Agents Disciplinary Tribunal concluded that while Wright's actions were "concerning and unsatisfactory", it fell short of misconduct.


                While the charges were dismissed, the tribunal asked Wright to undergo an appropriate educational course "explaining the principles of ethics applying to real estate practice".


                "If we had jurisdiction we would order that educational course, but because the defendant's concerning conduct is not real estate work, we have no jurisdiction to find, or penalise for, unsatisfactory conduct," it concluded.

                (Source: May 4, 2015, NZ Herald)

                Comment


                • #9
                  Odd why not just put the proposal forward to the owner. Actually if he is the PM and is responsible for inspections I wonder what he was using the garage for...

                  Comment


                  • #10
                    Maccachic, agree.

                    It will not be an ethical issue if the PM upfront with the owner.

                    Comment


                    • #11
                      Property manager guilty of misconduct

                      "Failure to pass on collected rent to clients has led the Real Estate Agents Disciplinary Tribunal to find a Paeroa property manager guilty of disgraceful misconduct."
                      (Link: By Miriam Bell)

                      The article went on to recommend the followings:

                      Evans also recommended that, to try and avoid such a situation, property owners should choose a property manager who:


                      • Provides detailed monthly statements on the property.
                      • Has a no-tolerance for rent arrears policy
                      • Operates a separate account for rents received.
                      • Has a reliable accounting system and processes already set up.
                      Fortunately my PM in NZ has so far done a great job

                      Comment


                      • #12
                        There are many items on these Forums
                        on how PMs not within REAs were some
                        sort of dangerous breed. Especially the
                        view of the REA CEO. Ha! And ha, again!

                        Pot: go check kettle.
                        Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                        Comment


                        • #13
                          Good recommendations in the article but these 2 are hard to check really
                          • Operates a separate account for rents received.
                          • Has a reliable accounting system and processes already set up.

                          Comment


                          • #14
                            Originally posted by Wayne View Post
                            Good recommendations in the article but these 2 are hard to check really
                            • Operates a separate account for rents received.
                            • Has a reliable accounting system and processes already set up.
                            Aren't these the types of things auditors check up on ?

                            Comment


                            • #15
                              Originally posted by speights boy View Post
                              Aren't these the types of things auditors check up on ?
                              Pass - do they get audited?
                              Keys - do you get audited?

                              Comment

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