Realtors Need To Engage In More Ethical Practices

Introduction

The National Realtor’s association is an association of bankers, real estate managers and other individuals involved in providing housing to Americans. Since the initiation of the realtor’s association, it has been the most successful lobbying group in the United States. Most Realtors are making a good living off the group’s activities. Different people have different perspectives about what realtors do. There are those who support them, others who are against them and of course realtors are in support of their activities. Foreclosures are a very good opportunity for realtors and it is among the most rewarding sources of income for them. For people experiencing the negative part of it is wrong but for realtors, it may be right, as it is a source of income. There is also legal support for their position and this shields them further and makes them see it as their business and responsibility. This essay will discuss the importance of realtors’ engagement in more ethical practices and the negative impacts of unethical practices some realtors get involved in. unethical practices cause harm to the business.

Importance of realtors engaging in moral ethical practices

Realtors need to follow the code of ethics since clients need to be treated well. The interests of clients should be protected and respected. The relationship between clients and realtors should be formal where respect should be the key to success. Realtors should follow the moral ethics in order maintain the confidentiality principle of clients. Equal treatment is made possible when realtors follow the moral standards thus they should be maintained and followed. Moral ethics entail that all transactions should be well written which all realtors should maintain for the purposes of future reference. Realtors should follow moral ethics in order to make sure that the clients’ money and fund is in good condition. Realtors should respect the funds of clients and maintain interests of clients. However, unethical actions by realtors are not only affecting the general economy but also the financial status of individuals who are left homeless by failure of providing required funds. Realtors should maintain ethical standards in order to maintain income generation of clients (Patterson 41). Banks and other financial societies should not give credits to incapable clients since the people might not be able to pay back thereby making their lives unbearable. Moral ethics should always be followed by realtors at all times in order to safeguard interests of clients of all social classes.

Bankers make it difficult for homeowners to keep their property as they impose high interest rates. Huge interest rates are also accompanied by much pressure to the home owners to make the payments. They do this in a way that may make one think that it is their intention to kick out homeowners. It is their responsibility to monitor properties and payments associated with them. However, they are not supposed to push homeowners to the wall so that they can kick them out if they fail to pay. Are these actions ethical? Is this the way to success nowadays? Many homeowners are going for intentional foreclosures as a method of avoiding payments even after seizing the property (Patterson 41).  Many bankers resolve to keep these properties after foreclosure so that they can sell them. Realtors have been in play for so long and it is indispensable that they sustain a good position in the society. However, their current actions raise many questions as to whether they are committed to helping folks of the US have access to better housing. Such is due to unethical actions associated with foreclosures. It is obligatory that realtors change this trend.

 One of the most ‘prod’ and common actions by realtors are foreclosures. Foreclosures are unethical and realtors should be considerate because pushing people out of their homes is not an honorable thing. There are better ways to go about this subject. People need a place to stay and under the pressure and push that involves mortgages, they also need to be cut some slack. The realtors association is one that boasts of high ethical standards and it is time that they ask themselves if their actions are ethical or not. While arguing for or against this subject it is essential to take into account the numerous perspectives that different stakeholders can take (Fried 73). However, on matters of ethics it is about determining whether or not foreclosures and actions that precede it are fair and that realtors consider home owners’ state. Furthermore, they give people mortgages at a very high rate. Such indicates that, like the real estate bubble, realtors are making business in the industry successful for developers. Therefore, US citizens are getting houses on debt and when they fail to pay, bankers are on their neck which makes it essential to control debt.

Conclusion

From the above, it is true to say that realtors need to take a more ethical and sustainable approach towards business. Realtors should take a different approach towards foreclosures and real estate property management. Such can be addressed by advising homeowners accordingly with variables such as income and a forecast in their economic position as a technique to determine their ability to pay for the property. Furthermore, interest rates should be considerable and should be consistent with the current national economic state. Bankers should also reduce the pressure that they put on home owners to make the payment. With these changes and a decrease at the rate at which they offer homes one credit, America should not worry about another recession due unsustainability in the real estate industry (Patterson 41).

 

 

 

 

 

 

References

Fried, J. Who Really Drove the Economy into the Ditch? New York, NY: Agora Publishing, 2012. Print

Patterson, L. "Diffusion of Fraud through Subprime Lending: The Perfect Storm, Emerald Group Publishing Limited, 2011. Print