Lack of ethics from Real Estate Agents in Bavaro - Punta Cana.

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 3, 2011 -- The lack of ethics in the real estate business of Bavaro - Punta Cana, is a matter of great concern, as thousands of consumers are being ripped-off in the process of buying or selling a property.

Many times, the Agent works for both parties -the buyers and the sellers- and do not disclose negative –and sometimes fraudulent- information to the opposite party about the property they are selling. The practice of inflating apartment prices is also a problem; some agents submit offers to buyers, which are higher than the actual price in order to gain higher compensation- many times this is due to the chain of referrals or just desperation to make a quick buck now.

This misconduct is unethical and is profitable only for the agent. Both the buyers and the sellers suffer a financial loss, not to mention the emotional distress caused by such unethical acts, also devastating to the market and the reputation of the Bavaro – Punta Cana Real Estate business.

"What qualifications should real estate agents have?

· Is there a minimum academic or professional requirement for those employed within this industry?

· Do these employees hold academic or professional real estate certification to warrant their practice, or even just a minimum of business experience or common sense?

· What about negative criminal backgrounds?

There is a big difference between what is legal and what is ethical and many agents use ‘legal’ instead of ‘ethical’ standards, since there is no law that regulates Real Estate Agents in the Dominican Republic. The Government and consumer protection bodies, although aware of the rot in the industry, do not do anything to put an end to the situation.

Real Estate Associations have generally failed in its mandate, having been established by local agents with no experience or leadership skills- many with a poor reputation, poor management and/or selling record, and many in the middle of legal issues related to real estate. These “Associations” offer registration for people who seek to practice as Real Estate agents, but offer no real incentive of benefits to belong to the Association, while its governing members use it solely for self-promoting of their services. These conditions may lead agents to provide false or misleading information.

Demanding ethical behavior from people is not a big ask, regardless of which industry you work in, what walk of life you come from, or who you work for or with. In order to be successful in real estate, how you conduct yourself and your business must be based on ethics.

Ethics are linked to a person’s morals and a person’s perceptions of what is right and wrong and good or bad. Being ethical, and ultimately being successful in business, isn’t a new concept either. Dating back to Ancient Rome, philosopher and statesman Cicero encouraged business people to revise their thinking and believed that real success comes from not from trickery and deception, but from moral goodness, in both thought and action.

The problem is, you often can’t tell at first who is and who isn’t lacking in ethics. If somebody feels like they're going to make less money, they find ways to cut corners or be more aggressive in a way that's not necessarily ethical. Often, deceitful agents look just like the honest ones on the surface and are often charming, considerate and knowledgeable. But bad behavior in business has a tendency to come back to bite you on the behind, and when it comes to real estate, it’s imperative that real estate agents stop thinking about who is right and start thinking about what is right.

However, not all agents follow such practices; a generalization for unethical practices of agents would be unfair. In the real estate business ethics are not just about the agents, it's also about the property owners.

Sadly you can’t force people to be ethical. The importance of ethics is vital in building trust in relationships. Very few vendors or buyers want to work with a real estate agent they don’t feel they can trust, and ethical behavior eliminates that fear. In this sense, a strong show of ethics can be one of your most profitable strategies.

Jocelyn Hernandez Irizarry
Sales, Rentals and Property Management
Punta Cana Lifestyle Real Estate, S.R.L.
Office: (809) 552 0421 | USA: (305) 600 4852 | Skype: puntacanalifestyles
Fax: (305) 428 2722 | Email: jocelyn@puntacanalife.com | Web: www.puntacanalife.com


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