It can be tough dealing with the various ethical issues in real estate, whether in Dubai or any other part of the world. The decision to either do A or B when confronted with a moral dilemma can be frustrating. Also, as a real estate agent, the ethical codes could seem daunting sometimes, but not to worry.
Dubai Real estate agencies are familiar with the ethical code of the emirates. This code is in the By-law No. (85) Of the 2006 laws. The ethical code was issued by the Chairman of the Dubai Land Department to regulate the practice of real estate brokerage in the Emirate.
Below are the ethics that all the real estate agents must follow everyday:
1. Integrity
With many new projects by Emaar springing up in different parts of Dubai, real estate brokers need to be upright at all times, dealing with all clients with the utmost transparency. No matter the difference in the clients' fees, real estate agents owe those clients their trust and honest opinions about properties to buy or rent. All systems should be explained appropriately, so no client is left clueless regarding any deal.
2. Observance of regulations and laws
Real estate agents are bound by law and their moral conscience always to obey the law. There are many off-plan properties in Dubai, springing up like a fountain. These developments can be tempting for realtors to circumvent ethics to seal deals for their clients. It is within the ethical codes as a broker to stand by and apply the rules at all times no matter who is involved. For example, the information should not be withheld or forged because it favors a client's deal or a realtor's fee. The rules must and should be obeyed at all times.
3. Preservation of client's privacy
Information that belongs to client A should never be told to Client B. The level of confidentiality should be utmost. There should not be any case of a Freudian slip with regards to information, especially sensitive ones. Information like a client's telephone no, email address or selling price (if it was agreed to be kept private) should not be told to another party. Every client wants an agent that will keep their information secret.
4. Fair Treatment
As an agent, it is ethical to treat all parties involved in a deal—buyers and sellers—with respect and fairness. There should be no favoring one for the other. If agents prefer one client for another, it would bring conflict and ultimately ruin the deal as well as the client-broker relationship.
5. Observe the interest of contracting Parties
Real estate agents are bound by the code of ethics and are always told to respect and protect the interests of contracting parties. If there is rare information that may hamper a deal, the agent should not divulge such information. All parties are essential; no one party supersedes the other in terms of loyalty and importance. All parties involved in a deal should get quality observation.
No ethical conundrum is too tight for an agent if he follows the ultimate moral rule of real estate, “let the public be served!”
