It’s an exciting time to be a real estate agent. Smartphone apps and other technological features allow you to broaden your reach to potential clients, and you can have a lot of fun making a video virtual tour of a home. As always, you’re able to tailor the job around your lifestyle, but don’t forget to get real estate agent insurance. Here’s why you need it.
- Mistakes Happen. – Whether you are a seasoned agent or a rookie fresh off the streets, mistakes will happen. This is true even if you work for an agency with layers designed to prevent and catch errors. For example, if you mistakenly give clients the wrong school district, they buy a house in part for that reason, and find out their kids have to go to a different district that is subpar, you open yourself up to a lawsuit.
- Protect Yourself. – Since mistakes will happen, it makes sense to protect yourself by getting real estate agent insurance, also called errors and omissions insurance. It’ll cover you when you need funds for legal defense costs, and if you owe money as the result of a lawsuit due to negligence, oversights or mistakes, the insurance is a great help.
By paying a little in insurance every month, you save yourself potentially at least tens of thousands of dollars in attorney payments, court fees and more. You can’t afford not to have real estate agent insurance.