Our market today affords us interesting opportunities.

With inventory low, and buyers buying, we find ourselves entertaining multiple offers to the sellers. Now, there are many ways to handle multiple offers. Each of the ways require the seller’s understanding and permission. In fact, according to the Code of Ethics, we are not to reveal even the existence of another offer without the seller’s permission.

A common way to handle these are to counter all the offers with the direction of bringing back the highest and best offer to the seller. I am not a fan of this method, because each of the buyer’s may not want to negotiate against others and walk away. Now the seller has nothing! I prefer to counter each discretely and without disclosing the existence of the multiple offers to the buyers. The way to do this is to always counter only one at a time and always counter the lowest offer higher than the highest offer. Continue to do this, until your counters are rejected and you have settled on the highest offer. Be careful that you don’t settle on a price that is above the possible value of the appraisal!

If you would like more information contact me.

I’m Ric Giumenta. You can have a good day or a bad day. It’s your choice.

Make good choices.

According to the Code of Ethics, Article 12,

Realtors shall be honest and truthful in their real estate communications and shall present a true picture in their advertising…..ensure that their status as a real estate professional is readily apparent..

OK, this means we have to put the company name in all communications and advertising and we have to disclose that we are a real estate professional up front. This is a higher standard than the law. The law says that we have to disclose that we are a licensee upon first serious negotiations. The Code of Ethics says we have to disclose up front. So, we have two different requirements. When this occurs, our obligation is to always follow the higher standard, in this case the Code of Ethics. Now, the code says we have to paint a true picture in our advertising. Article 12 covers guidelines for offering prizes, premiums, merchandise discounts to sell or buy. It also covers website adverting.

Understandably, Article 12 is one of the most violated Articles of the Code. Why, because we all advertise and as often as we can! Unfortunately, we might exaggerate or embellish a bit too much! Again, if we see an improper ad, call the REALTOR and suggest they review Article 12 for compliance!

If you would like more information contact me. I’m Ric Giumenta. You can have a good day or a bad day. It’s your choice.

Make good choices.

Are you a REALTOR? I am very proud to be a REALTOR who prescribes to the Code of Ethics.

There are 17 Articles which outline specific duties to customers/clients, the public, and to REALTORS.

I would like to highlight Article 16 which requires REALTORS to respect exclusive relationships. So, if a customer has an exclusive relationship with REALTOR 1, then REALTOR 2 is not permitted to talk with the customer without the permission of REALTOR 1.

Now, each article has Standards of Practices that clarify different situations and can guide REALTOR conduct. It’s imperative that REALTORS know and understand each of the Articles and follow them accordingly. Case in point, there are times that REALTOR 2 can contact the customer and they are outlined in the Standards!

If you would like more information contact me. I’m Ric Giumenta. You can have a good day or a bad day. It’s your choice. Make good choices.

See you next time!