People like to make fun of realtors

Realtors have a moral and financial obligation to put your interests over theirs

People crack jokes about realtors, but the truth is different. Let’s be real for a moment, when it comes to jokes about professionals, realtors are right up there with lawyers on the list of jobs people like to crack funnies about. We know. I have a sense of humour and I’ve heard all the jokes at least three times over the years. Truthfully. The funny thing is (see what I did there?) the truth is actually quite different.

Yes, there are some bad apples out there (a quick Google search will give you some examples), just as in any industry, but I deal with fantastic realtors who put their client’s needs first on a daily basis.

A good realtor is worth his or her weight in gold, but unfortunately, the transactions that run smoothly and leave everyone happy rarely make the headlines.

Our industry is actually much more reputable than many jokes would have you believe.

For example, many consumers are unaware of a realtor’s fiduciary duties, but they’re massively important and work as a true guideline for our industry.

A fiduciary is a person or organization who enters into a legal agreement to put another person’s needs first — even ahead of their own. In a real estate context, this means your realtor is ethically required to put your best interests first.

There are also a number of other responsibilities that come along with a fiduciary relationship: CARE Your real estate agent must give you their best at all times. They must use their skills, experience and expertise to help further your best interests, even ahead of their own. LOYALTY AT ALL TIMES No matter the situation, your realtor must put your best interests ahead of everyone else’s during your transaction - that includes their own interests. There are no exceptions. Loyalty is a must. CONFIDENTIALITY Realtors are negotiation experts and you hire them, in part, to handle the tricky business of negotiations for you. Any private info that you reveal to your agent, should remain exactly that — private and confidential.

This is especially so if it concerns info that could hamper your negotiating position. FULL OBEDIENCE Your real estate agent has an obligation to do as you wish. They must execute all ethical and legal requests you make with regard to your transaction. ACCOUNTING Any funds that you entrust to your real estate agent must be accounted for properly. A realtor must not, accidentally or otherwise, commingle your entrusted dollars with their business or personal funds. TOTAL DISCLOSURE Remember; your agent has a responsibility to you. If they gain information that could assist you in negotiations, they have a duty to tell you, even if it makes their life more difficult. You are No. 1. At my brokerage, Walker Real Estate, one of the things that brings us great satisfaction is education. We love making sure our clients are ‘in the know’.

If you’re considering buying, selling or investing in Kelowna real estate, I hope you will consider contacting our office.

At the very least, the next time you’re thinking about hiring an agent from any brokerage, be sure to ask about their fiduciary responsibilities - that way, the joke won’t be on you.

P.S. Even if you just want to share a great (original) realtor joke with us, we’d love to hear from you!

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His organization runs KelownaProperties.com, Kelowna’s most comprehensive real estate search tool. Walker Real Estate specializes in retirement properties, and you can contact their office at 250.764.4344.