Things to Keep in Mind as a Real Estate Agent
With real estate as one of our commercial specialties, Mac Legal believes it is important real estate agents know best practices. Having the proper precautions in place ensures necessary coverage for all those involved. Here are a few tips for agents:
Verify your resources.
Although having a team can help accelerate your business and divide responsibilities, agents need to know enough to catch mistakes. Trust and verification are two different things. Be sure to be able to verify appraisals, titles, taxes, mortgage lending, and insurance policies. Your customer will appreciate the knowledge you bring to the table through this work.
Work with reputable vendors.
Always choose wisely when it comes to your vendors. Do your research and focus on the best quality service. Not only do the vendors represent you to your customer but not doing your research could result in a legal mess. While you should understand the real estate contract yourself, real estate attorneys and CPAs are invaluable. Think of who you’d want your customers to work with.
Take precautions for showings.
When marketing any sort of property there are a number of risks that could go wrong. Personal injury, property damage or theft are just a few possibilities. Anyone could be sued who is involved in the transaction, even the real estate agent. It is important for both the broker and the agent to review contracts and ensure all parties have coverage in place before moving forward.
As a real estate agent, these precautions are a must in protecting your practice. If you have questions or wish to connect, schedule a consultation today.