It seems today, rules and ethical business practices are in short supply.
Over 35 years ago part of the realtor licensing requirements saw new agents take a series of courses on the Competition Act, misleading and false advertising provisos, finance and contract law. We recall those sessions as a real eye opener into how important it was to avoid grey areas.
Then, as now, there were some overly ambitious agents willing to push the limits. Heck, the recent pandemic years created a whole sub-culture of agency relationships where buyers overpaid. At the time most everyone was happy and now the tune has changed with great tales of woe with mortgages coming due.
The car industry went through a similar phase – where unscrupulous sellers and delirious buyers often bought lemons. And while the phrase caveat emptor (buyer beware) was relied upon heavily by aggressive salespeople and companies, tricking a consumer on purpose hardly seems fair. It’s cheating by any other name.
This led to further regulation of the industry and under OMVIC (Ontario Motor Vehicle Industry Council) consumers are owed an expectation of a fair shake, whether it be with pricing, mileage claims, advertising or condition of the vehicle.
Disclosure to clients has changed too. Vehicle leases in the past didn’t always reflect the agreed upon principal amount. Now, dealers must let you know the numbers so an informed decision can be made. Transparency is good.
Over the years we have experimented with the online world, whether it be antique tractors on eBay or Kijiji. For the most part sellers seem reasonable and we haven’t been burned in the sense of a total bomb. The Facebook world however is something else.
Marketplace is a phenomenal spot to find different household items and goods. Photos and a short description are easy to use. Literally hundreds of items are within a short drive of home. Where the system falls flat is it has no regard for even the most basic of advertising practices.
Even some businesses online in this format use buzzwords like free or $1 to entice a view. This is wrong, but as a younger colleague suggests that is just a way to start the conversation. Like most venues online, there is little in the way of regulation to punish dishonesty.
That bit of advice followed a lengthy conversation last week with a good old fella that has long since retired from retail sales. We started having a little back and forth chat about world affairs and finance when we both blurted out a person’s word used to be their bond.
Some still follow that model.
This speaks to why many people choose to deal with reputable firms and who value long-term relationships with their customers.
Surely business can’t be all about the bottom line, but more and more it appears reputations are easily forsaken to turn a dollar.
We find that sad.
