Navigating through the real estate industry, whether you are a large firm or a small office, can be daunting and intimidating. However, by acquiring a real estate professional liability policy and abiding by several different procedures to mitigate risk, you can protect the reputation of your company and its financial stability.
Maintain Office Procedures
At your office, you likely have a certain set of procedures you follow when you help clients browse the listings for a new home, help one of your clients sell their home, or finalize a transaction. To establish consistency and minimize the chances that you will need to use your professional liability policy when a mistake is made, consider standardizing these procedures and compiling them in a manual for all of the employees in your office to use.
Offer Home Warranties
When you offer your clients a home warranty when they purchase a home using your services, you are transferring some of the liability to a home warranty company to cover some of the problems that could arise with the property within the first 12 months of ownership.
Use Standardized Forms
If your office doesn’t already use standardized forms, establish this practice at your office as soon as possible. By doing this, you can eliminate risk factors associated with the transaction process and ensure that all of the documents your office uses are complete and align with industry standards.