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To succeed in real estate today, you have to develop every relationship and follow every lead.
Sometimes REALTORS® are so anxious to do a transaction, they forget to do their due diligence on the potential client or clients they are courting. If you’re not careful, you could end up with an ethics complaint filed against you for interfering with another broker’s exclusive relationship.
Article 16 of the REALTOR® Code of Ethics states: “REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage agreements that other REALTORS® have with clients.”
That means you cannot directly advertise to, solicit or interfere with clients that you know are in an exclusive relationship with another broker for the same type of real estate service or services.
You can protect yourself by asking each potential client, three (3) basic questions:
- Do you have a representation agreement with another broker?
- If yes, is it an exclusive agreement?
- What services does it cover (such as sale, rental, residential, commercial)?
If the prospective client answers yes to questions #1 and #2 you are free to discuss the type of service you could provide in the future, once their exclusive representation agreement ends. A REALTOR® can never suggest, assist, or induce any party to an exclusive agreement to terminate their current exclusive agreement.
Sometimes, despite your best efforts, you find out that your potential client chose another REALTOR® to list their home or assist them in finding their dream home. You might be tempted to follow up with that potential client to find out what you did wrong or what you could have done better. Never contact someone else’s client without permission from that person’s broker.
Once a client enters an exclusive relationship with another broker for the same services you were offering, you should not contact the client for any reason. Doing so is a potential violation of the Code of Ethics. However, once the exclusive relationship ends, you are free to contact the client.
