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Social Media Ethics for REALTORS

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Upon completion of “Social Media Ethics for Real Estate” class, you will be able to:

Define Social Media
 
Identify two key aspirational concepts found in the Preamble to the REALTORS® Code of Ethics

Describe “general business” ethics, and compare and contrast the REALTORS®’ Code of Ethics with business ethics

Explain the concepts established in Articles 1, 11,12, and 15 of the Code of Ethics

Summarize possible violations of the Code of Ethics specifically related to the Articles 1, 11, and 12 after reviewing case studies

Explain the professional standards process for enforcing the Code of Ethics

Published in: Real Estate
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Social Media Ethics for REALTORS

  1. 1. Social Media Ethics for Real Estate MARKI LEMONS-RYHAL
  2. 2. Learning Objectives Upon completion of “Social Media Ethics for Real Estate” class, you will be able to:  Define Social Media  Identify two key aspirational concepts found in the Preamble to the REALTORS® Code of Ethics  Describe “general business” ethics, and compare and contrast the REALTORS®’ Code of Ethics with business ethics  Explain the concepts established in Articles 1, 11,12, and 15 of the Code of Ethics  Summarize possible violations of the Code of Ethics specifically related to the Articles 1, 11, and 12 after reviewing case studies  Explain the professional standards process for enforcing the Code of Ethics
  3. 3. • IMMEDIACY • FREQUENCY • LONGEVITY • GIVE TO GET • GENUINE INTEREST • ENJOYMENT AND FUN • INSTANT INFORMATION ACCESS • AUTHENTICITY Recognizing New Rules
  4. 4. 1908 1913
  5. 5. Code of Ethics Adopted in 1913 ESTABLISHED PROFESSIONAL STANDARDS FOR CONDUCT FIRST ETHICAL CODE FOR BUSINESS AFTER MEDICINE, ENGINEERING, AND LAW FOCUSED ON: • Service to the public • Commitment to professionalism INCLUDED “DUTIES TO CLIENTS, CUSTOMERS, PUBLIC, AND REALTORS®”
  6. 6. Accepting this standard as their own, REALTORS® pledge to observe its spirit in all of their activities whether conducted personally, through associates or via technological means.
  7. 7. What Is Social Networking?
  8. 8. Issues with Social Networks Postings Website Integration
  9. 9. “As a practical matter, social media is now a regulated industry; and all stakeholders are responsible for compliance with the FTC Guides. As a result, all marketers, agencies, and brands must develop a culture of compliance.” -Tony DiResta, Partner at Winston & Strawn General Counsel of WOMMA
  10. 10. Article 1 When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.
  11. 11. “Protect the consumer, and you protect the opportunity” -Michael Becker, Managing Director for North America Mobile Marketing Association
  12. 12. Article 1 Case Study
  13. 13. Carl Ryhal a Broker with Inman Real Estate Services & Sales posted a photo of an executed sales contract on Facebook. Broker Ryhal did not have the buyers to sign a buyer’s agreement. The buyers have introduced Broker Ryhal as their “agent” to their friends. The property has not closed and it is not public information that there is a pending transaction. 1) Is Broker Ryhal in violation of Article 1? 2) If you answered “Yes” please explain why. 3) Brokers Ryhal primary obligation is to: a) Client b) Customer c) Agent d) Broker 4) What would Broker Ryhal need and from whom to make his actions acceptable?
  14. 14. Article 11 REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client.
  15. 15. BE AND TRUTHFUL IN COMMUNICATIONS Article 12
  16. 16. Present a “true picture” in advertising, marketing, and other representations.
  17. 17. Ensure that your status as real estate professional is readily apparent in advertising, marketing, and other representations.
  18. 18. ONLY 1 Out Of 4
  19. 19. Informal Posts May Be “Advertising” They consider a message that “is designed to attract public attention or patronage to a product of business,” an advertisement. It is narrowed down to directly or indirectly. Regulatory Compliance Issue
  20. 20. Article 12 REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations.
  21. 21. Article 12 Case Study
  22. 22. REALTOR® Allen of Get It Done Real Estate is a forward thinking broker who is abreast of current marketing tools for real estate. REALTOR® Allen is a big fan of Instagram and markets listings daily via Instagram. The properties that REALTOR® Allen markets are not listings of his sponsoring broker but listings of top firms in the areas that he serves. REALTOR® Allen learned today that Big Realty has filed a complaint against him and his sponsoring broker Get It Done Real Estate for violating Article 12. Big Realty has stated that REALTOR® Allen and Get It Done Real Estate have advertised a property without authority and presents a false picture on Instagram and the internet to potential buyers and sellers. During the hearing it is revealed that in REALTOR® Allen’s marketing he has never disclosed the name of the real estate firm he is affiliated with and none of his post link to a display that includes the firm he is affiliated with. 1) Has REALTOR® Allen violated Article 12? a) Yes b) No 2) Which Standard of Practice applies to this situation? a) Standard of Practice 12-4 b) Standard of Practice 12-5 c) Standard of Practice 12-10 d) All of the above 3) Is there anything else that REALTOR® Allen may have violated?
  23. 23. ALWAYS GET PERMISSION FROM THE SOURCE AND GIVE THEM CREDIT.
  24. 24. Article 15 The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses and their business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means.
  25. 25. Social Media Ethics for Real Estate©

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