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Ethics For the Real Estate Investor

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Ethics has to do with what my feelings tell me is right or wrong. ... Caveat Emptor. Pleasure vs. Pain. Conscience Vs. Immediate Self Interest. Kierkegaard ' ... – PowerPoint PPT presentation

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Title: Ethics For the Real Estate Investor


1
Ethics For theReal Estate Investor
2
What Is Ethics?
  • I don't know what it means to be ethical.
  • Ethics has to do with what my feelings tell me is
    right or wrong.
  • Ethics has to do with religious beliefs.
  • Being ethical is doing what the law requires.
  • Ethics consists of standards of behavior our
    society accepts.

Dr. Roger Manley, Professor Of Management And
Organizational Psychology, FIT
3
  • To ridicule philosophy is truly philosophical.
    Pascal (1623-1662)
  • An ethical man is a Christianholding four
    acesMark Twain

4
Who Am I?
  • What qualifies me to Teach you Ethics?
  • Am I perfect?
  • Randy Cohen
  • "The Ethicist" column for The New York Times
    Magazine

5
  • Wise men learn more from foolsthan fools from
    the wise.
  • Cato the Elder (234-149 B.C.E.)

6
The Philosophy of Ethics
  • Right
  • Kindness
  • Fairness
  • Morality
  • Honesty
  • Integrity

7
The Philosophy of Ethics
  • Caveat Emptor
  • Pleasure vs. Pain
  • Conscience Vs. Immediate Self InterestKierkegaard
  • With the Flow versus Against the Flow

8
  • An ethical person ought to do more than he's
    required to do and less than he's allowed to do
  • Unkown
  • Being ethical is never just a matter of being a
    good rule-follower. It's exceedingly more than
    that. Rules and laws by their very nature usually
    prescribe, at best, only minimum standards of
    ethical behaviour.
  • Character is Destiny - The Value of Personal
    Ethics in Everyday LifeProfessor Russell Gough

9
Why Care?
  • It feels better
  • Its good for you and your health
  • You will get referrals for more business
  • You will be trusted
  • You cant separate your business and personal
    life with regards to your attitude towards ethics

10
  • Forcing investors to be ethical doesn't work.
  • they must realize the importance of ethics.
    Ethics leads to the most vital ingredient in any
    relationship - trust. Of all the strategies to
    attract business, nothing is as powerful or as
    profitable as ethics. And nothing is harder,
    especially in the short-term. It takes courage to
    follow high ethical standards. In the long-term,
    however, the rewards to all the parties are
    magnificent.
  • Adapted from www.jenman.com.au
  • Ethics is Real Estate

11
  • When his heart forsakes fairness and his deeds
    turn depraved, A man realizes deep within
    himself, "I am ruined."
  • ThirukkuralValluvar 2nd Century AD

12
Why Does REAPS Care?
  • Creative Real Estate Investing is a Target
  • Its not a Local Problem - North Carolina, Texas,
    Colorado, Illinois, Florida
  • Legislation is almost alwaysa response to
    somethingwhich has ALREADY occurred!!!

13
  • People are more ethical than they think and far
    more unethical than they can imagine.
  • Adapted from a quote by Sigmund Freud

14
The Basics
  • Walk the Talk
  • Say What You Do Do What You Say
  • Treat Others with Respect
  • Yes Do Unto Others
  • Is Staying Legal Enough?

15
The Gold Standard?
  • The Neighborhood Gossip Test
  • or
  • Seattle Times Page 1

16
  • They do more harm by their evil example than by
    their actual sin.
  • Cicero

17
REAPS Code of Ethics
  • See Your Handout

18
  • A man's ethical behavior should be based
    effectually on sympathy, education, and social
    ties no religious basis is necessary. Man would
    indeed be in a poor way if he had to be
    restrained by fear of punishment and hope of
    reward after death.
  • Albert Einstein

19
Acting Ethically
  • is the safest, most liability-free way to run
    your business.
  • Is this good?
  • Does it conflict withHe Who Dares, wins?

20
  • We strive to act ethically because we believe it
    is fundamentally right to do so, but also because
    it would be dreadful to live in a world where
    suspicion reigned, where all transactions were
    conducted from behind bullet-proof glass, and
    where, when our dinner guests departed, we had to
    count our spoons.
  • Randy Cohen

21
Thank-You!!!
  • Do you have any questions?
  • dugald_at_dugaldallen.com
  • Dont forget the October Super Conference!
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