What does fiduciary duty require from a real estate professional?

Fiduciary duty is a fundamental principle in the real estate profession that mandates the agent to prioritize their client's interests above all else. This duty encompasses several responsibilities, including loyalty, confidentiality, full disclosure, and accountability. By acting in the best interest of their client, the real estate professional fosters a trustworthy relationship and ensures that the advice and actions taken align with the client’s goals, whether that involves buying, selling, or leasing property. This creates a protective relationship that is essential for successful and ethical real estate transactions.

The essence of fiduciary duty is rooted in the expectation that the agent will advocate for the client’s needs and represent their interests in all dealings. This can involve negotiation strategies, pricing strategies, and more, always putting the client's best interests at the forefront. As such, actions that prioritize personal gain or commission, or that limit representation to one party, fall outside of this duty and compromise the integrity of the transaction and the relationship between the agent and the client.