As soon as you begin a conversation about any sort of a real estate topic with an agent you have started on a journey that the Broker takes very seriously. Whether you want to know my opinion on the direction of the economy, what I think of a certain neighborhood or even if I know of any good deals I must pass on the information with skill and care, to the best of my ability because we’ve formed a special bond. You don’t know it yet, but I do.
It’s called an Agency Relationship (RCW 18.86.120) and my livelihood is based upon me performing to the top of my ability no matter what I’m doing when it comes to real estate. Cocktail party banter about the horrors of a short sale transaction carries the same responsibility as a discussion with a buyer when writing a touchy offer on a bank owned property. I must consider each person I converse with as a client and relate to them the most current information, the most accurate statistics and my most knowledgeable opinion.
You have the same relationship with your doctor, your lawyer and your pastor. They must always be vigilant in what information is conveyed to you, how it is conveyed and where and even to when or to whom is it repeated. The answer to the last three is nowhere, never and to no one. That is the essence of a Fiduciary Responsibility which is just a part of the whole. I’m not allowed to reveal any of your thoughts, directions or goals unless it garners you more leverage in a negotiation. Nothing is spoken between agents unless it makes gains towards your objective.
In short, you’ve created a trust with an agent as soon as you begin speaking. Whether it’s over a martini at McCormicks or a beer at Buckley’s we must live up to that trust to ensure your satisfaction. The performance needs to be top rate or else you can question either your choice of agent or their dedication to the relationship. If you feel a trust has been broken a breach of ethics might have occurred and the power of the NW Multiple Listing Service can levy penalties….and I’m not talkin’ peanuts.
A fiduciary is someone who owes a duty of loyalty to safeguard the interests of another person or entity, such as a trustee of a testamentary trust, a guardian of the estate of a minor, a guardian, committee or conservator of the estate of an incompetent person, an executor of a will, an administrator of the estate of a decedent or an advisor or consultant exercising control over a testamentary or express trust.
