In
the late 1950s, Judge Elbert Tuttle delivered a commencement
address at Emory University in which he spelled out his concept
of the professional. To read an excerpt, click
here.
- Only represent
the fiduciary interests of Tenants. NEVER represent the interests
of Landlords, Developers or their underlying Lenders. (A
theoretically “distinct,” “independent,” or “autonomous” “tenant
representation division” of a full-service real estate
company is unacceptable. Zero tolerance.)
- Never
offer any incentives to any party to secure Tenant Representation,
and strictly avoid even the appearance of compromising the
interests of any tenant in connection with seeking new tenant
representation assignments.
- Never
violate the trust relationship of any tenant by attempting
to sell any tenant additional, non-tenant representation
services such as architectural, construction management,
furniture acquisition, etc. (Any assistance provided to a
tenant in these areas should be gratuitous.)
- Never
engage in any conduct under any circumstances which is even
arguably unethical or illegal and, never represent a tenant
which does not adhere to these same absolute and immutable
standards. If you are not sure whether something is unethical
or illegal, it probably is, so do not do it. No wavering.
- Do not
think or act merely in transactional terms, but rather in
a relationship-based manner. Treat every tenant in the same
way as clients of fine, ethical law firms are treated. ALWAYS
protect the tenant’s interests, regardless of whether
or not a leasing assignment is then currently underway. Specifically,
retain and protect each tenant's proprietary information in absolute
confidence. (This means avoiding the temptation of giving
interviews or obtaining other self-serving publicity at the
expense of releasing sensitive tenant data.)
- Always
place the interests of the tenant above your own, e.g., if
there is a difficult subleasing assignment in a location
where someone else is more suited, recommend to the tenant
that a superior alternative is available, and guide the tenant
through the process without additional fees.
- Never
seek or accept the authority to commit the tenant to any
transaction. The proper modus operandi is advice rather than
authority.
- When
in doubt, over-communicate and over-disclose. There is no
substitute for absolute trust, which if lost can NEVER be
recovered.
- Never
solicit or accept any commissions or other fees that are
either above or below the then-existing market rates, and
disclose all commissions to the client. The commission should
be your last thought (if that), not your first.
- Finally,
ALWAYS, ALWAYS, give 100% effort to continually protect and
enhance the client’s interests with integrity, intelligence,
intuition, inventiveness, ingenuity, and intensity. NEVER
GIVE UP.
|