Code of Ethics in the Real Estate Sector

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Table of Contents

Introduction
Discussion
Conclusion
Reference

Introduction

A code of ethics refers to practices, customs, and values referred by society to depict one’s behavior. The prosperity in real estate investment, which is the company’s goal, primarily depends on the behavioral practices and values considered by the society members. Thus, the top executive management invests considerable professional skills to create a positive code of ethics during real estate development that attracts numerous targeted potential customers for the business, maximizing the investment’s success rate.

Discussion

Employees working in the real estate company anticipate having a healthy relationship with the tenants by offering top-notch services and guaranteeing a conducive environment that is friendly to the activities executed within the premises. Customers’ ultimate goal is to receive profound professional services irrespective of sex, color, race, religion, national origin, and family status (Celona & Abbas, 2020). Considering that all parties involved in the company’s venture foresee positive experiences and outcomes, ethical standards should be maintained to trigger the achievement of the goals mentioned above.

Despite that, all players in the real estate development company are hopeful for a great experience; the present ethical status of the company is quite disgusting. The company has been practicing various unethical issues such as employee theft, abusive behavior, lying to tenants, corruption, and offering a lower price to customers. The unethical people with uncouth behaviors were the organization’s employees assigned to serve the clients who had rented spaces in the company’s buildings. Consequently, the victims of the unethical practices mentioned above included the firm’s top executives and customers, who found it straining to effectively utilize the project’s potential and uneasy about being within the structure’s premises. Notably, the company’s employees’ uncivilized behavior posed an alarming threat to the financial contribution of the engagement. Due to the unethical events occurring in the business, customer satisfaction deteriorated; in return, customers devalued the structure and services offered by the company and became unwilling to continue renting our property (Celona & Abbas, 2020). The behavior also triggered the company to be outshined by its competitors leading to lower administration of new tenants.

The drawbacks caused a significant impact on the financial contribution of the venture. The company’s cash flow did not meet the forecasted amount due to lower new client intake and an increased number of existing customers leaving the building. Another sector that affected the unethical employee’s behavior was the company’s reputation. Fundamentally, maintaining a good business reputation builds an assertive customer outreach, safeguarding the business operations’ long-term productivity (Celona & Abbas, 2020). The firm’s unethical issues made the existing and potential customers less motivated to become part of the company. The dissatisfied customers spread negative perceptions about the building, making the company uncompetitive amid other competitors; hence, making the organization’s target hard to accomplish. Thus, the company needs a quick evaluation and analysis of the situation to come up with an immediate resolution to transition the repulsive behavioral status of the company to achieve positive results.

To reverse the company’s negative reputation and restore it to glory, the management team must exhaustively address the areas likely to showcase corruption, develop a sound organization’s mission statement, values, beliefs, and background, offer training sessions, and decide on whether to grant exceptions. The agency is a crucial department with the highest tendencies of corruption cases. On the other hand, the company mission should be “We maintain sky-high ethical standards, signifying fairness and honesty in every action and decision” to keep the team motivated and focused. The company must uphold ethical values, beliefs, and backgrounds to create a comfortable environment for every client (Celona & Abbas, 2020). The team’s unaware behavior might have contributed to the business’s chaos. Hence, training sessions should be held to equip employees with the necessary skills to exercise moral values within the company’s property. The company may consider denying exceptions to maintain quality organization standards.

The company should be proactive in matters such as auditing, corruption control, law violations, asset protection, and open suggestions to satisfy all the parties involved in the business. Therefore, the management needs to examine the firm’s performance and positions by conducting audits periodically. The company can consider complying with the US Foreign Corruption Act to regulate corruption cases. Stan warnings and penalties policies should be applied to employees to bring about proactivity in duty execution. The firm may consider employing management programs such as hotlines and mail addresses that are eligible for effective employee management. Moreover, a code of ethics is paramount to the business since it guarantees the security of tangible and intangible assets. Maintenance of ethical code by management, employees, agents, and clients minimizes chaos and order within the property. As a result, the available resources are adequately utilized without any destruction being caused. Ethical code inspires tenants to be satisfied with the rented space; thus, prolonging their stay at the property. In response, the productivity of the project increases, which places the firm in a secure position. As explained above, unethical issues can cause enormous harm to the overall company.

Conclusion

Henceforth, the human resource manager should be assigned a specific role of monitoring the firm’s operation and the service providers to guarantee observation of the ethical code. The human resource desk should receive and respond to suggestions, concerns, or questions regarding ethical matters.

Reference

Celona, J. N., & Abbas, A. E. (2020). Evolutionary ethics: A potentially helpful framework in engineering a better society. In Next Generation Ethics: Engineering a Better Society. Cambridge University Press.

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Code of Ethics in the Real Estate Sector

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