Standards of Practice
All India Real Estate Agents Association (AIREAA) is an independent alliance of real estate professionals who act on behalf of buyers in property transactions. We, the members of this Association, are committed to the following standards as the minimum levels of practice that guide us in serving our clients.
Before accepting an assignment from a client, AIREAA members will:
- Have been operating as a buyer’s agent, generally for the past 12 months.
- Be a licensed real estate agency.
- Have professional indemnity insurance.
- Explain the role of a Buyer's Agent.
- Advise the client if his/her property/price expectations are not realistic or achievable within the time frame or other terms of the agency agreement.
- Determine if any conflict of interest may exist or is likely to arise, then disclose any such conflict to the client and give the client the opportunity to seek representation elsewhere.
- Explain the client's rights and obligations in engaging the Buyer’s Agent.
- Complete a written Agency Agreement with the client, signed by both parties, and provide the client with a copy of the signed Agreement.
In performing the services, AIREAA members will:
- Develop a target property profile by discussing the client's objectives and preferences in detail.
- Search all potential sources of properties that might fit the target property profile.
- Rigorously evaluate properties against the target property profile, making their own investigations of suitable properties and providing their own market appraisal.
- Disclose all relevant information, both positive and negative.
- Advise the client to have appropriate inspections done and have the contract reviewed by a solicitor or conveyancer, allowing the client the opportunity to nominate the suppliers they wish to use. Encourage the client to make direct contact with inspectors and solicitors for debrief and explanation on these matters.
- Develop contract negotiation or bidding strategies with the client, advising the client of options available to them. Negotiate or bid as per the client's instructions and support their position at all times.
Throughout the Agency relationship, AIREAA members will:
- Make themselves available to the client in a timely manner and keep the client informed of the progress with their search and purchase.
- Keep confidential all sensitive information disclosed by the client unless authorized to disclose it.
- Keep and retain records of services performed for the client and provide these to the client on request.