We can’t deny the fact that a true agency relationship requires loyalty and trustworthiness. There are some duties that estate agents owe to their clients and can face serious consequences in cases of violation. There is no doubt that property dealing is an interesting thing, however, when it comes to professionalism, a practical approach is vital. Barring the market prices of properties, there are multiple other factors too. So, the estate agents in Covent Garden should take note of the duties of a fiduciary.
- Obedience and Accounting
The estate agents will work closely with their clients, helping them in any way possible. Let’s suppose you are working as an estate agent and your client wants you to lock the deal with a specific buyer even if there are two to three buyers in the queue. What will you do? Being an estate agent, you should listen to the client even if you feel it’s a bit of a biased approach. Not only that but keeping a track record of client’s funds that they entrust to you should also not commingle with other funds. Obedience and proper accounting are important duties.
- Confidentiality
It is one of the more important duties, to respect the confidentiality of all the information you get from your clients. Disclosing such information for personal benefit is an act of misconduct and you can end up facing legal actions. The estate agents should make sure to store the data of the client in a secure manner. However, if you feel like disclosing information can prove helpful in the favour of the general public, and the regulatory bodies ask you regarding such info then, of course, you are liable to disclose.
- Careful Approach
The agents should adopt a careful approach while dealing on behalf of their clients. They are not liable to disrespect the client for any reason. Besides, the property matters should also be handled in a careful way as a little mistake can put the whole burden on your shoulders. So, how would you be able to adopt a careful approach? It’s quite simple, as you will have to learn the necessary rules to know the relevant and most suitable approach. So, make sure that you are aware of all the regulations.
- Fair Presentation of Paperwork
The paperwork shouldn’t be manipulated at all. Overstating and understating the figures come into the category of fraud. The data should be disclosed in a fair manner. Estate agents who do not want any hurdles in their career should make sure to keep their services legal. It is one of the fiduciary duties to prepare a contract for both parties and while making that contract; the facts should be clearly disclosed.
- Loyalty
The agents should stay loyal to their job and to the clients as well. However, it is vital to do the job under the limits that are announced by regulatory bodies.
In short, these are the fiduciary duties that estate agents must take note in their diary in order to avoid the inconvenience.