Agent

Do clients think of real estate agents as fiduciaries?

Read your state agency disclosure document, and make sure you really understand the role you play with the public
  • Each state determines whether, to what extent and under what circumstances a real estate agent is a fiduciary to the public -- and there are significant differences from state to state.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Repeat after me: “Real estate is local.” And so it goes in the context of this thing we call a fiduciary. Although it would be great if there were one uniform law of the land to give us a simple definition, no such luck. So when Brad Inman asked “Do you think of yourself as a fiduciary with your clients?" — a seemingly innocent question to the Inman Coast to Coast Facebook group — it’s no surprise there were 100-plus viewpoints as polarized as our national political aisle. A fair number of responders were certain they were a fiduciary, and others referenced their state law in both yes and no answers. Greg Fox wondered how many real estate agents think they are a fiduciary and yet have no idea what that means. There might be something to that. So what does being a fiduciary mean, why are there so many perspectives on this, and do consumers understand and care? Understanding common law Each state determines whether, to what extent and under what circumstances a real e...