Real Estate
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My name is Sam Aiwuyo, I work in real estate industry. This industry is made up of Real Estate Agents who are key players and whose responsibilities are as follow: negotiating sales and
purchases of residential, industrial, commercial or landed properties. They assist clients in
making offers and closing deals, build good rapport with clients and or assist them to manage
their properties. It equally involves organizing seminars, liaising with the government, government agencies and other notable associations.
We, the Real Estate Agents are very aggressive in marketing our business to clients, we do this because of the nature of the business. You may agree with me that real estate is peoples business that is why many agencies are out there especially governmental bodies, issue out policies affecting the industries in order to protect the general public, such as competition, professional ethic violations, technological changes, government policies, labor, legal or litigation issues, environmental issues, agency agreements and independent contract agreement. These are few issues to mention that affect the industry.
Competitions: According to Guralnick (1970), competition is the act of rivalry 2. a contest or
match, 3. rivalry in business as for customers or for markets.
Competition is one of the key problems in real estate industry especially we the agents. We are out there to market our services to the some buyers or sellers. At the end, few agents
getting more sales while others having little or non to show for all their efforts. Some agents are
rich while some are poor this as a result of the role the competitions are playing in the industry.
However, to some agents competition is a blessing while to some is not.
Governments Policies: Government issues out policies from time to time like interest rate, taxes, stamp duties and zoning ordinance. When any of these affect the buyers, they equally affect the sellers and the industry.
Professional ethics violations: Often people compare Galaty, Allaway, Kyle and MacDougal (2005) professional ethics is high moral system of principles, rules and standards based on conduct and values. The ethical system of a profession establishes guide lines that reach to the higher principles of what is right.
Professional conduct involves many compliances, so many that the
law could not be able to put every thing in writing. Nearly every day licensees conduct their
businesses legally but unethically. There are cases of professional ethical violations among
agents for examples, failure to disclose all vitals, information to clients, misuse of confidential information, agents allowing non licensee to perform their duties, giving out their passwords and user names to other agents or non licensees, giving a referral fees to non licensees and telling lies to clients