Ethical Dilemmas On Real Estate Code Of Conduct To Real Estate Practitioners In Dar Es Salaam

Being an enormous amount of money injected and a maximum expected return, the real estate business is largely controlled by real estate agents involved in marketing, negotiating and leasing properties. However, professional real estate managers are currently facing potential competing interests due to tighter competition between real estate agents, which prompts them to challenge their core value and obligations as real estate managers questioning between satisfying their customer needs or self- gratification. This paper envisaged to unveil the ethical dilemma underlying the practices of real estate professionals. In order to achieve this widespread objective the paper adopted an extensive review of literature and conducted a survey to some areas in Dar es Salaam Such as Mlalakua. This paper presents a study of ethical dilemmas faced by real estate professionals in observingreal estate code of conduct while meeting clients’ interests. The study discovered, inter alia, that major ethical dilemmas facing realtors in Dar es Salaam include: failure to identify inadequacies in a property, but even when these inadequacies are identified most practitioners decide not to disclose, they resort to accepting overpriced listings as they are paid a percentage of the rent collected, provision of misleading rental information just to secure a tenant, and advising on leasing time and listing price. With ethical culture being a benchmark for the essence of realtors, the study revealed that, if the code of conduct is willingly adhered to by real estate practitioners, the performance of each realtor will be increased and their ground for liability reduced. In order to deal with the dilemma, the paper recommended that all real estate practitioners must adhere to pre- determined code of conduct and ethical requirements which are already in place. The ethical benchmarks laid down by professional bodies such as Tanzania Institution of Valuers and Estate Agents (TIVEA).