"It pays to play fair and proper" - Trading Video on Professional Ethics for the Estate Agency Trade
Script of the video
VO = Voice-over
Scene：1
Location：Shun Yee Hong Office
Time：Day
Character(s) ：Brother Ching、Icy、Ken、Ah Yuk、Chan Shun-yee、Vincent Poon、Ah Wai
- Brother Ching、Icy、Ken、Ah Yuk saying business in the office
Brother Ching：Hey Ken, have you conducted the land search for the property you updated yesterday? I remember it was jointly bought by Mr and Mrs Wong but I see the Estate Agency Agreement was signed only by Mr Wong. Make sure you check it out!
Ken： No, I haven’t done it yet.
Icy： Brother Ching, why do you seem to know everything? You even know the flat is jointly owned by them!
Brother Ching：I’ve been working in this field for more than 10 years. I know my clients well. I can even remember when they bought their flats and when they put them on the market. A few years ago, when Mr and Mrs Wong just got married, they purchased this property through me. But now they are getting divorced, and if the provisional agreement for sale and purchase is signed by Mr Wong alone without getting proper authorization from Mrs Wong, then the property cannot be sold without Mrs Wong’s consent. Estate agents are responsible for verifying the identity of the vendor to make sure the absent party has properly authorized someone to handle the matter on his or her behalf. I missed that part once, but fortunately the boss reminded me. Now it’s my turn to remind you guys about this.
Icy： No wonder Daddy told me to learn from you.
- Chan Shun-yee、Vincent Poon、Ah Wai entering the office
Icy： Hi Daddy! Oh, Vincent!
Brother Ching： Hi, boss!
Chan Shun-yee：Having a nice tea break?
Icy： Brother Ching’s treat, cos his sales have been over target for the past three months.
Chan Shun-yee：Ah Ching always makes his targets, I can rely on you.
Brother Ching：Thanks, boss.
Chan Shun-yee：Everyone, I would like to introduce Vincent and his assistant, Ah Wai. Vincent is good at handling first-sale properties. He is re-joining us to help boost our handling first-sale property business in this district. Vincent and Ah Ching will head their own sale teams. However, Ah Ching is still the Branch Manager. Let’s work hard to reach our targets. If business is good, I’ll set up another branch with Vincent as Branch Manager.
Vincent Poon： Boss, believe me. I will do everything I can to make Shun Yee Hong the best in this field. Nice to meet you all!
Chan Shun-yee：Well, you two worked as master and apprentice before, can work together again, and explore different client sources. This will allow me to concentrate on my Mainland business.
Brother Ching： Come on! I am not the master of anyone. Vincent is very smart I thank I can learn a lot from him now.
Chan Shun-yee：Ah Yuk, please issue login IDs and set up e-mail accounts for Vincent and Ah Wai. Ah Ching, please brief Vincent on how to check the staff records on reading and retrieving property and client data from the computer system. I have to go now. Let’s have dinner together tonight. My treat.
Everyone： Thanks. Boss.
Brother Ching： Hope you don’t mind sitting here for now. We’re a bit short of space, so we can’t arrange proper desks for you yet. You can work here temporarily. Hey, this computer was the one you used before, Vincent. It’s not that fast, but it still works fine…
Vincent Poon： Brother Ching, better let me take over from here. Thank you.
Brother Ching： But, it would be better for me to brief you two…
Icy： Copies of the Estate Agency Agreements and provisional agreements are all in that tray. Just take them whenever you need them.
Vincent Poon： Thanks, Icy. Are you coming back to work for your Dad after graduation?
Icy： I still have one more year before graduating from university. Daddy asked me to learn more by working here for the summer. But he always reminds me not to do estate agency work, just administrative stuff, because I don’t have a license.
Vincent Poon： Icy is a smart girl. The boss always brought her here in the past summers. She was always nice and friendly, unlike someone who thinks he is superior to others.
Icy： Sorry, guys! May I be excused now?
Scene：2
Location：Walkway near waterfront
Time：Day
Character(s) ：Icy、Chan Shun-yee
- Icy、Chan Shun-yee chat while walking
Chan Shun-yee：If you really fancy photography, you should get a proper camera. A mobile is just not professional enough.
Icy： But it’s so handy. I can shoot whatever I want, anytime, anywhere. By the way, Brother Ching and Vincent don’t seem to be getting along well. They keep quarrelling. Why’s that?
Chan Shun-yee：I know both of them are doing a great job, but Ah Ching is a bit old-fashioned. He wants his subordinates to respect him. But he’s loyal, and very friendly with his clients.
Icy： Yes. Brother Ching is really great. He never forgets anything, and he cares about our clients. That’s why they think he is so trustworthy.
Chan Shun-yee：This is his strength and also his weakness. In the past, Ching thought he could remember all the information about a client and property, so he didn’t do a land search. Later we discovered the Buildings Department had registered an order against the property. Fortunately, after a lot of extra effort, we were able to close the deal and avoid being blamed by the client. As for Vincent, he’s ambitious and egocentric, and sometimes he doesn’t consider other’s feelings. I want him to expand our business in first-sale properties, but I know he needs some time to do it. I only hope their quarrelling won’t hurt the company. I am always out of town, so you really need to keep an eye on them. Whenever there is a conflict, tell me at once. You’re good at pleasing people. Please be a calming influence on them. You know, unity gives power.
Icy： Well! This really is mission impossible.
Chan Shun-yee：Ha ha. I know you can do it. You seem very interested in learning more about the company, so let me tell you more about this field. In the last 10 years or so, the estate agent profession has become more regulated. Most of the estate agents do follow the rules, but some just can’t overcome their greed and do something illegal and unethical. So staff integrity is very important. And an effective management system is essential for a company to manage its staff well. You have to keep these in your mind since you’ll be taking care of my business someday!
Icy：Don ’t worry, Daddy, I am majoring in Management Studies!
Chan Shun-yee：What’s a show off!
Scene：3
Location：Shun Yee Hong Office
Time：Day
Character(s) ：Vincent Poon、Mrs Lo、Brother Ching、Ah Wai
- Mrs Lo entering the office
Vincent Poon： Good afternoon, Madam. I am Vincent Poon, the manager of Shun Yee Hong. Can I help you?
Mrs Lo： Vincent Poon? No, I’m looking for Brother Ching. I want to put my flat up for sale. Hi, Brother Ching.
Brother Ching： Hi, Mrs Lo. What’s up?
Mrs Lo： Brother Ching, I want you to help me sell my flat.
Brother Ching： Which flat?
Mrs Lo： The one L’m leasing out. The tenant is going to move out. The flat has just been renovated. I want to sell it for $3.9 million. Does the price sound right to you?
Brother Ching： The strong first-sale property market lately has had a positive effect on the second-hand property market. So it is doing pretty well. A flat in the same estate, around 600 square feet, nicely furnished with two bedrooms and a garden view, sold for $3.7 million recently. Are you in a hurry to sell it?
Mrs Lo： Yes. I am in a hurry to get the money for other investments.
Brother Ching： Just sign an Estate Agency Agreement first. Same commission rate and we are the exclusive agent like before right?
Mrs Lo： Yes. Just like before.
Brother Ching： I have to go now. Would you please sign the agreement first? I’ll fill in the information later. I’ll call you when someone is interested, alright?
Mrs Lo： Sure, sure.
Brother Ching： Thanks……please sign here. Okay!
Mrs Lo： Thank you.
Brother Ching： Okay, see you.
- Mrs Lo left the office
Vincent Poon： Ah Wai, trust me! Never, ever let your client sign an empty agreement. No matter whether it is an estate agency agreement or provisional agreement for sale and purchase. You must fill in all the necessary information before asking the client to sign it. Some people take advantage of their clients trust and take shortcuts. But things are more likely to go wrong that way. Also, you must follow the regulations of the Estate Agents Authority. You must go through the documents with client before they sign them. This is what a professional estate agent should do.
Ah Wai： I understand. I must not ask my clients to sign any uncompleted document.
Scene：4
Location：Outside a building
Time：Day
Character(s) ：Vincent Poon、Ms Ma、Caretaker
Ms Ma： I would like to sell my flat. Do you think you can help me?
Caretaker： How much do you want for it?
Ms Ma： Well, around $2.1 million. If you find me a buyer. I’ll give you a big lai-see, alright?
Caretaker： Thank you so much. I’ll try to find a buyer for you.
Ms Ma： Okay. It’s a deal!
Vincent Poon： Hi! I’m Vincent Poon, an estate agent. I just overheard you ask the caretaker to sell your flat for you. Don’t you know that it is an offence for people without a valid licence to act as an estate agent to handle property transactions? Every licensed agent, like me, should have an Estate Agent Card. In fact, the sale and purchase of property involves a lot of legal and professional knowledge, so engaging a licensed agent to handle property transactions helps to protect the interests of both buyer and seller. Once more thing, the ICAC may get you for giving a lai-see to the caretaker.
Ms Ma： Don‘t try to scare me! You’re just looking for business!
Vincent Poon： If you don’t believe me, that’s fine. At most, my loss is only a bit of business. I am only trying to do you a favour, you know!
Ms Ma： Hey! Hey, maybe we could have a talk. How about $2.2 million?
Vincent Poon： Didn’t you just say $2.1 million?
Ms Ma： The price is negotiable. Try to get $2.2 million. That would be great.
Vincent Poon： Smart move! May I have your name please?
Ms Ma： I’m Ms Ma.
Vincent Poon： Nice to meet you. I’m Vincent Poon.
Ms Ma： Do you have some nice three-bedroom flats in this district? First-sale property is also fine. I want to do a “flat for flat”.
Vincent Poon： You’ve found the right person. Just got some first-sale properties lately.
Ms Ma： Really? Let’s take a look.
Vincent Poon： Follow me!
Scene：5
Location：Shun Yee Hong Office
Time：Day
Character(s) ：Mrs Lo、Ah Wai、Ken、Brother Ching、Icy
- Mrs Lo entered the office
Ken： Good afternoon, Mrs Lo. Looking for Brother Ching?
Mrs Lo： Is he in?
Ken： He’s out for the moment. Can I help you?
Mrs Lo： Has the client who looked at my flat made an offer?
Ken： Please have a seat first. Let me check.
- Ken checked the computer record
Ken： It’s not here.
Mrs Lo： Brother Ching, what’s the response from the client yesterday?
Brother Ching： I was just about to call you. The client counter-offered $3.6 million. And another one also likes your flat after seeing it, but he needs to talk with his family first. Don’t worry. I’ll keep an eye on it.
Mrs Lo： Great! I’m counting on you then. Do you think it could be sold for over $3.6 million?
Brother Ching： Yeah, sure! If you have any questions, you don’t need to come over. Just give me a call. See you.
Mrs Lo： No problem. Please push a little harder. Thanks.
Brother Ching： Bye!
- Mrs Lo left the office
Icy： Brother Ching, I know your memory is better than the computer’s, but you still have to enter the data. Ken couldn’t find the data just now. Did you enter it?
Brother Ching： Sorry. I have been so busy. I just occasionally forget to do it. But I’ve already signed all the Estate Agency Agreements with the clients and marked down all their counter-offers in my organizer. I’ll enter this data later. Ah Yuk, have you seen my organizer?
Ah Yuk： No, I haven’t a clue. Ah Wai, have you seen it?
- Ah Wai picked up the phone and pretended not to hear it.
Brother Ching：Oh my God! I’ve lost all counter-offer records and my client contacts!
Scene：6
Location：Shun Yee Hong Office
Time：Day
Character(s) ：Vincent Poon、Icy、Brother Ching、Mrs Lo
Vincent Poon： Good morning!
Icy： Morning!
Vincent Poon：”Romantic View”, ”Pop Star Neighbour”, “Cheapest in the District”, these descriptions are pretty creative.
Icy： I’m just having fun. Vincent, can you tell me how to be a successful estate agent?
Vincent Poon： A successful estate agent must be hard-working, and have professional knowledge and a silver tongue. That’s why I read through all the finance and property pages of all the newspaper every day.
Icy： So do you think Brother Ching is successful?
Vincent Poon： No! Maybe I should say that his perspective is limited and old-fashioned. He judges situations only with his experiences and doesn’t follow procedures. That’s not professional.
- Brother Ching and Mrs Lo entered the office
Brother Ching：Mrs Lo, this is very important.
Icy：But he…
Vincent Poon： Let’s talk it through.
Mrs Lo： A young gentleman came to me with a provisional agreement this morning, saying he was your colleague. He said he had a buyer ready to put down a deposit. But I found the selling price on the agreement was too low and the company name was not Shun Yee Hong. I became suspicious, so I asked him to leave me the agreement to think about it.
Icy： The English name of Shun Yee Hong is not Dream House.
Mrs Lo： And even the address of my flat on the provisional agreement is wrong.
Brother Ching： What a coincidence! I made the same mistake with your flat address when I wrote it in my organizer.
Mrs Lo： This is so confusing!
Vincent Poon： Madam, you have engaged Shun Yee Hong as your exclusive agent, so if you sign this agreement, then you’ll have to pay that agency a commission, and at the same time we have the right to claim a commission.
Mrs Lo： What? This is screwing me up. Brother Ching, you really have to keep an eye on it!
Brother Ching： Don’t worry. I’ll take care of it.
- Mrs Lo left the office
Vincent Poon： Obviously, someone has unlawfully transferred Mrs Lo’s property listing to another agency.
Brother Ching： Hey! Don’t accuse me! Do you have any evidence to prove that I did this?
Vincent Poon： I didn’t say it’s you! But you didn’t enter the information in the computer system. That makes you the most suspicious person for passing the listing to a competitor unlawfully.
Brother Ching： I didn’t enter the data because I’d been busy working on something else. I absolutely haven’t done anything unethical.
Scene：7
Location：restaurant
Time：Day
Character(s) ：Vincent Poon、Ah Wai
- Vincent Poon and Ah Wai was having a meal
Vincent Poon： Recently, my friend told me his company wants to acquire two old apartment blocks on Tai Ping Street. They’ll put them on sale after renovating them.
Ah Wai： That will boost prices of properties in the district. We’re going to make a fortune here! We have to do some planning then.
- Vincent Poon answered the phone
Vincent Poon： Hi, Ms Ma. Oh yes, we’re working on that, don’t worry. Yes, yes, yes. Yes, yes, yes. Alright. Goodbye. Please work harder on selling Ms Ma’s flat. She wants to sell this one and then buy a new one. We could have a double hit.
Ah Wai： Boss, actually I’m getting married, and my mother-in-law syas I have to buy a flat for her daughter. I’ve thought about it. Maybe I could buy Ms Ma’s. On the other hand, I would have a flat for us to live in, on the other, it would increase our team’s turnover. Two birds with one stone.
Vincent Poon： Well, congratulations!
Ah Wai： Thank you,boss.
Vincent Poon： There’s no problem with buying Ms Ma’s flat, but remember to declare your interest.
Ah Wai： Alright. No problem!
Vincent Poon： I have an appointment with Mr Chan. I’ve got to go.
- Vincent Poon left，Ah Wai called his girl friend
Ah Wai： Hi, honey. It’s me. I’ve just asked my boss about buying the flat. He told me I would have to declare my interest. But if we buy it under your name, then, it will have nothing to do with me. Okay, I’ll pick you up in your lobby at five. See you.
Scene：8
Location：Ms Ma’s flat
Time：Day
Character(s) ：Ms Ma、Ah Wai
Ah Wai： Ms Ma, seriously, this building is very old. It took me ages to convince the client to buy it for $2.1 million. I’ve tried very hard to get her deposit.
Ms Ma： $2.1 million? It’s too low!
Ah Wai： If you don’t sell it now, you won’t even get $2 million later.
Ms Ma： Why’s that?
Ah Wai： Your flat is too old. If the building has to be renovated, then every owner will have to share the cost. So no prospective buyer will offer you a better price.
Ms Ma： My flat’s been up for sale for so long. Why you didn’t tell me this earlier? Alright, just make it $2.1 million. Now no matter whether I sell it or not, I’m going to suffer a loss. Now I just want the money.
Ah Wai： It’s really hard to find buyers for your flat, so I need your help to close the deal. In fact, the buyer is a first time buyer. She has money for the down payment, but not enough for furnishings. So she wants you to put $2.5 million as the selling price on the provisional agreement for sale and purchase, so that she can apply for a bigger mortgage.
Ms Ma： Are you out of your mind? Then I would have to pay more commission, right? Don’t you know that’s illegal!
Ah Wai： Don‘t worry. Many people have done this before, even some of my previous clients. It’ll be fine. And if you help the purchaser with this, she’ll give you a lai-see in return.
Scene：9
Location：Bar
Time：Night
Character(s) ：Ah Wai、Vincent Poon
Vincent Poon： Gosh! I’ve worked so hard. I can’t believe my sales volume is just the same as Brother Ching’s. By the way, do you really want to buy Ms Ma’s flat? If not, please try harder to sell it for Ms Ma so that we can beat Brother Ching.
Ah Wai： Alright, I’ll follow it up. Boss, a mere one-or two million deal can’t help you beat Brother Ching. Focus on your big clients. Just leave these small ones to me. By the way, I have a friend doing luxury properties who wants our help. If we do it, I am sure you can have a big win over Brother Ching.
Vincent Poon： Big business! Cheers!
Ah Wai： Cheers! Some luxury properties with a super clubhouse have just been put on the market in this district. Half of the flats have a sea view, and the other half have a mountain view. But I heard a luxury columbarium will be built in the temple at the back of the mountain. You know, luxurious or not, a columbarium unlucky. If this news gets out, no one will want to buy those flats facing the mountain, so my friend wants us to sell them before the news comes out. If we can do it, the development will give us 1% in addition to be the formal commission. We don’t need to share it with our company. What a fortune! Just think about it. Boss.
Vincent Poon： No way. That would be cheating our clients. When they found out later. I’d be finished. No. It’s not worth it, son.
Ah Wai： Hey, boss, this isn’t fraud, They don’t ask, I don’t tell. That’s it. If the clients blame us later, then we can blame the developer. This is our only chance to beat Brother Ching within a short period of time.
Vincent Poon： It would be illegal, so we shouldn’t do it. I don’t want to end up in jail. Forget it. Don’t talk about this anymore. Cheers!
Ah Wai： Okay. I have another friend. His company has some clients who wants to launder some money. They can buy eight, maybe ten flats in one deal. Just give a little kickback to my friend, and he will put it through us.
Vincent Poon： I’ve already told you. Iwon’t break the law.
Ah Wai： Boss, please think it over…Hey, have some more wine.
Scene：10
Location：Inside a flat
Time：Day
Character(s) ：Vincent Poon、Ms Ma、Ah Wai
Ms Ma： Those flats we just visited are pretty pricey. $5 million for such a small flat? I’d like to take a look at some more flats before making a decision. By the way, If I buy a new flat, will you give me a cash incentive?
Vincent Poon：Actually different estate agents offer different incentives for different property units. The amount differs from agent to agent. Anyway, no matter what benefit you may get, the most important thing is to ask in detail and have the promised incentive put in writing.
Ms Ma： What’s the vendor’s asking price?
Ah Wai： $4.88 million.
Ms Ma： Is it negotiable? It’s a bit more than I can afford. How about this. I’ll give each of you 0.5% more for your commission under the table for getting me a lower price.
Vincent Poon： Price negotiation is part of our job. We can’t take secret commission from clients.
Ms Ma： But Ah Wai, last time…
Ah Wai： Ms Ma, please take a look at this wonderful view. This flat has a fantastic sea view. If you like it, I know a bank that will give you a 90% mortgage.
Ms Ma： 90%?
Ah Wai： Sure.
Vincent Poon： It may not. Let us check and confirm it with you later.
Ah Wai： The view here is really great!
Scene：11
Location：Roof top
Time：Day
Character(s) ：Icy、Chan Shun-yee
Chan Shun-yee：So, what did you get?
- Icy gave Chan Shun-yee a mobile phone
Icy： One day, I saw Ah Wai coming to work in this car. The driver was his girlfriend, and also the car owner. See, the vehicle license plate shows the word “dreamhse”. I checked it out. The name of the estate agency on Mrs Lo’s provisional agreement is Dream House. That’s the same as the carplate. The registered person of this company and that vehicle are the same. It’s Ah Wah’s girlfriend. Ah Yuk told me the other day that Ah Wai had secretly taken a look at Brother Ching’s organizer. I remember Brother Ching had lost his organizer earlier and Ah Wai showed no concern at all. Later Brother Ching’s organizer was found in the pantry. There must be a spy in our company, ant it must be Ah Wai.
Chan Shun-yee：Gosh! It seems like there’s something wrong with Ah Wai. Vincent cares only about his targets and doesn’t know what’s going on with his subordinate!
Icy： What are you going to do now?
Scene：12
Location：Shun Yee Hong Office
Time：Night
Character(s) ：Brother Ching、Icy、Chan Shun-yee、Vincent Poon
Chan Shun-yee：Everyone must already know Ah Wai was arrested by the ICAC, and I also fried him. Ah Wai is suspected of committing mortgage fraud, receiving bribes from developers. And conspiring with his girlfriend to transfer our listings to another company.
Icy： Ah Wai also used fake course certificates to get reimbursed under the company’s training scheme.
Chan Shun-yee：What Ah Wai did seriously jeopardised the reputation of Shun Yee Hong. I have already provided the ICAC with all the information. I believe the Estate Agents Authority will revoke his licence. I’ve confidence in your ability, and you two still have my trust, but Vincent, please don’t ever connive with your staff again.
Vincent Poon： Boss, I’s really sorry. I told Wai not to do anything illegal, and I really didn’t think that he’d dare break the law. I really trusted the wrong guy.
Chan Shun-yee：You two, Ah Ching! You are good at your work, except for not following the procedures and that gives people chances to take advantage. Our computer system isn’t merely for recording transactions and convenience. I spent money on setting up the system to help team managers like you keep your subordinates from doing secret business like unlawfully transferring clientele or listings to other agencies. Also, your organizer contains confidential information, so you need to keep it safe. We’d be in big trouble if our client’s information got lost.
Brother Ching： Got it. It won’t happen again.
Chan Shun-yee：We need a revolution. Staring from today, each of you has to closely follow this “Code of Conduct” and “Transactions Procedures Checklist”. You two must have a thorough understanding of these documents to property train new staff. Next, as Icy’s major is management, she has given me some good suggestions for setting up a comprehensive management system to help ensure all of us can do business in a fair and ethical environmental. The system includes supervisory accountability and requires all employees to declare conflict of interest.
[EN] "It pays to play fair and proper" - Trading Video on Professional Ethics for the Estate Agency Trade Link: https://www.youtube.com/watch?v=nd7XMpNVBEc Intro: A series of malpractice has happened in a property agency. The daughter of the company owner, Icy, follows various clues to find out loopholes in the company… Transcript: https://hkbedc.icac.hk/en/doc?id=47§ion=videos&content=content [ZH-HANT] 「誠信公平可創富」地產代理業專業誠信培訓教材 Link: https://www.youtube.com/watch?v=1I4JjKe7JXk Intro: 地產代理公司內發生一連串舞弊違規行為，東主的女兒 Icy 從蛛絲馬跡中發現公司的漏洞… Transcript: https://hkbedc.icac.hk/zh-hant/doc?id=47§ion=videos&content=content [ZH-HANS] 「诚信公平可创富」地产代理业专业诚信培训教材 Link: https://www.youtube.com/watch?v=1I4JjKe7JXk Intro: 地产代理公司内发生一连串舞弊违规行为，东主的女儿 Icy 从蛛丝马迹中发现公司的漏洞… Transcript: https://hkbedc.icac.hk/zh-hant/doc?id=47§ion=videos&content=content
