Every job comes with different risks, and the world of real estate isn’t different. The market can be unpredictable, sometimes, there may be different legal issues, and on top of that, you need to think about security.
Working with people is never easy for anyone, but as a real estate agent, you constantly contact clients you have never met before.
All of this can make this profession a dangerous one.
Considering the situations you may encounter when you are working, as well as the fact that you are dealing with expensive properties, there are many risks to which you may be vulnerable. Being in the real estate business is stressful enough, and the fact that it also may be dangerous can make it even more stressful.
So, here we offer some of the most important methods you should use to protect yourself as a real estate agent. Also, to make your job a lot easier, we recommend using rental contract templates.
1. Get Liability Insurance
As a real estate agent, you will act as an intermediary between buyers and sellers. This comes with significant legal responsibilities, which means that there are risks of lawsuits, which can cost a fortune, and you may be held personally liable.
So, to protect themselves from important losses, real estate agents must have errors and omissions insurance policy. Also known as professional liability insurance, this policy will protect you in case a client sues you for negligence, fraud, mistakes, and so on.
Moreover, you may be required to have E&O insurance for getting a license or a certificate. Having this coverage may also help you get clients since it will show them that they will be protected in case something happens. Some clients may even ask if you have it before working with you.
2. Don’t Reveal Too Much About Yourself
Being professional is very important for real estate agents. If a potential client doesn’t feel that your behavior is professional, they may not find you trustworthy.
While you should always be nice to your clients, it’s also important to avoid offering too much personal information about yourself. Also, make sure that your social media accounts, email, and any other channel you are using to communicate with people appear as professional as possible.
3. Learn Who Your Client Is
As we mentioned, most of the time, as a real estate agent, you will work with unknown people. So, when you start working with a new client for your protection, it’s important that you get to know them and learn as much as you can about them.
Ask where they are from, what’s their profession, whether they are looking for a place for themselves or they have a family, whether they have kids, and so on. Having this type of information can help you learn who this person you are dealing with is.
4. Don’t Go Alone
One of the easiest ways to protect yourself is to ask another agent to join you when you are showing houses to prospects. Aside from making your work safer, it’s also a great way to work more efficiently.
One of you can prepare all of the documents you need, while the other one talks to your potential clients. If you are meeting with a new client and it’s impossible to take someone else with you, make sure that someone always knows where you are.
5. Always Keep Your Phone
Nowadays, no one can imagine their life without smartphones. Like for most professionals working in any sector, phones are crucial for functioning, and it’s the same for real estate agents. But aside from receiving phone calls or reading messages, emails, etc., you can also use your phone to ensure your security.
Before going to work, you should always make sure that your battery is full. Once you get there, make a phone call to your office to let them know that you are starting your visit. Shortcuts for emergency calls are also a good idea, in case you ever find yourself in a complicated situation.
In a Nutshell
Everyone should and has the right to feel safe doing their job. Being a real estate agent is a great profession, but it comes with various risks, not only to your business but also to your safety.
This is why you need to be prepared for any type of situation. This will not only help you protect your safety and your business, but it will also help you protect your mental health by putting your mind at ease.