SANTO DOMINGO – José Miguel Del Orbe has been involved in the sector for 15 years. He is one of the founding partners and current leaders of Mr. Home. He has extensive experience working in provinces throughout the country and in Santo Domingo, both as an agent and now as an executive at one of the leading Dominican real estate companies. We share his perspective on ethics in the real estate market El Inmobiliario
1-How important is ethics for an agent?
Real estate agents are called to work according to the ethics that our profession demands. In the Dominican Republic, we do not have a law regulating real estate agents, which makes working under a code of ethics mandatory to remain competitive and perform our work responsibly. In a sector where informality prevails, having a set of standards guides us to stay on the right path.
As real estate agents, we act as intermediaries, representing one party interested in selling and another in buying or renting. We are obligated to protect the interests of both parties, which exposes us to situations where conflicts of interest are part of our daily work. It is in these moments that a code of ethics guides us to manage different scenarios according to ethical standards and achieve the goal of a fair negotiation for both parties.
2-Do you think there are many agents in the sector who adhere to codes of ethics?
In the Dominican real estate sector, we have many highly qualified professionals who perform their work responsibly, and these are the ones who will endure and achieve success in this market. A good reputation, trust, and client loyalty are earned through ethical conduct. While it's true that some agents don't adhere to these principles, it's equally true that those who don't last in a relationship-driven field like the real estate sector.
A real estate agent who does not abide by ethics is doomed to disappear in a short time, as they will limit their opportunities to do business.
3- What do you observe on the ground regarding compliance with ethical standards?
Today we have many people starting out or intending to do so without knowing the Code of Ethics of the (AEI) Association of Real Estate Agents and Companies, and many are not even part of the entity, and that is the reason why many agents do not respect the standards of the profession.
4- In the case of Mr Home, what do you do to preserve ethics among your agents and in the company in general?
At Mr Home Real Estate Advisors, since our inception we have been guided by our code of ethics, which is aligned with that of the AEI (Association of Real Estate Agents) and is what we instill in our teams. We consider ethics one of our most cherished values, and it is what has allowed us to maintain a presence in the market for over 10 years with sustainable growth. Our members understand that adhering to the best practices of the profession is not an option for joining our team.
Our agents understand that our clients and associates are our top priority, and when ethical standards are violated, someone is ultimately affected. Even if a negotiation is successful, it will ultimately impact us all, and the price to pay will be much higher than any potential benefit. Therefore, we are committed to good practices.
5- What do you say to other agents in the sector about this issue?.
Agents are called upon to maintain constant training in the different topics concerning our profession in order to provide a professional service, and ethics is among the most important since it allows us to work under the same standards and this makes our profession more respected in the market.
Real estate agents must adhere to the code of ethics, as their profession transcends mere negotiation. We are called upon to safeguard our industry, since our actions in the market represent who we are as a profession. We are responsible for upholding the highest standards of professional practice and for carrying it out responsibly, protecting the interests of all parties involved.
