Insurance for Real Estate Agents and Communicating with Clients

Although communicating with clients seems like a no-brainer, it’s amazing how many agents fail to communicate effectively with their clients, not realizing that they can avoid a lot of problems, along with improving client satisfaction. Lack of communication can lead to a lack of trust. This is the point where the need for insurance for real estate agents becomes quite clear.

Openly communicate with your client

Communication is really one of the keys to success. It involves asking questions and listening to what the client wants out of the transaction. If you represent a buyer, find out exactly what type of property the client is seeking. If you are representing a seller, find out if the seller has particular concerns and make note of these issues.

There may be other factors besides agreeing on a price for the property, such as timing issues, delicate disclosure issues or privacy issues, all of which must be dealt with. Agents should provide their clients with copies of all documents and correspondence relating to these matters.

Make yourself available to answer questions and address concerns

Client’s telephone calls should always be returned promptly, especially since, in many lawsuits involving real estate agents, the clients were unhappy with the agent prior to the issue leading up to the suit. If clients are satisfied with the service provided by the agent, this usually means that the communication was effective. When this is the case, clients are more inclined to work out a resolution with the agent instead of filing suit.

Recommending inspections is often the right move

Another way that agents can help themselves is, when representing a buyer in a transaction, the agent should recommend that inspections be performed. Minimum recommended inspections should include general inspection, roof, septic (if applicable) as well as pest control. An agent should also recommend additional inspections if there are indications of defects at a property.

Agents should always put these recommendations in writing and ask the buyer to sign an acknowledgment that the agent made the inspection recommendations. If the buyer chooses not to pursue an inspection that an agent has recommended, note that fact on a supplemental disclosure form and have the buyer sign an acknowledgment. This doesn’t mean that an agent won’t end up facing litigation, but doing the job right, and carrying proper amounts of insurance for real estate agents, is two ways to lessen the odds.

Leave a Reply

Your email address will not be published. Required fields are marked *

8 + 4 =