Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-23
REAL ESTATE BROKERS.
Their Functions as Outlined by Chi
cago Dealer

The following extract from an address
delivered by Eugene A. Bournique at a
regular meeting of the Chicago board of
real estate dealers will prove of interest
to real estate men. His subject was Dig
nifying the Business of Selling Real Es-
tate:
Real estate cannot be sold like wheat
and corn, stocks and bonds and other COM
modities. because these things have at all
times a market value; but in real estate 1t
requires weeks and months to negotiate a
sale. and a broker should be protected
while he Is giving his time and using his
efforts to sell the property
"a law should be passed prohibiting
brokers from offering property on the mar
ket without being duly authorized by the
owner in writing to do so. This would pre-
vent brokers from conflicting with each
other and permit them. representing either
buyer or seller, to cooperate together, and
would have tendency to promote good
feeling among them, whereas now many
are straining every effort to take business
from each other.
"A board of trade man sells something
that always has a market value. real
estate man must wait to find some one to
say what he will give for what he has to
sell. and, while waiting and working. is
often robbed of what rightfully belongs to
him through some INSCRIPTIONS owner
showing no consideration for him by al
lowing some one else to sell the property
that should have gone through the hands
Of the broker offering 1t for sale.
You often hear Of New York property
being in such demand. and one reason for
this Is that what there is for sale there
made commonplace before there is a chance
to sell 1t. broker there represents what
he has to SELL and any one who Is In the
market knows that IL he wants a particular
piece OF property there is only one place to
get 1t. The business Is transacted in a
business-like way. broker there in real
estate is recognized by the owner Of prop
erty in his hands as his broker. and all
erty are referred to him.
Under these favorable conditions for
selling, with demands for property. brokers
and the public are all bulls In the market
and, Of course, the effect is good. On the
contrary. Chicago has nothing but bears
and. with an unlimited territory to draw
from and with so much to sell. prices. of
course. tend downward instead of upward.
You might search In vain for any first
class city In this country in which a mans
property Is hawked about by fifteen or
twenty brokers. all trying to sell 1t at the
earliest possible moment for the lowest
bullied into accepting. Brokers thus waste
their time and totally fail to give honest
service to the people who employ them.
You say the fault Is not always theirs. but
more often that of the system under which
this Indifferent policy compels them to op-
crate. 1 say the fault is theirs by their not
demanding business principles.
Two conditions In our business are of
fundamental importance. The property
owner on the one hand, must get honest
and sufficient service; the broker, on the
other, must be protected in his commits
sions. Neither end can be attained until
real estate brokers demand exclusive
agency and refuse to handle property on
any other terms.
when a broker is at liberty to offer
property on the market with the confidence
that the owner will respect him. referring
all inquiries to him, 1t gives him more
scope, and he Is certainly anxious to do the
very best he can for his CLIENT