More Risk Management Tips and Reminders for Brokers, Managers, Agents and Offices.
- Brokers – don’t forget to update your office policy on an annual basis.
- Agents – don’t forget to sign the updated office policy on an annual basis
- Brokers & Agents – if you move, don’t forget to notify DBPR within 10 days
- Brokers – You MUST reconcile your escrow account EVERY month – if there’s a problem, rectify it and make the notation on the account record
- Brokers – If someone other than yourself reconsiles your escrow account: review it, sign it and date it – EVERY month
- Brokers – Have your agents sign a new Independent Contractor Agreement every year
- Agents – Be sure to sign a new Independent Contractor Agreement every year
- Brokers/Managers – Be sure to have a meeting with your agents at least twice a month
- Brokers/Managers – make sure every listing, sales contract, every file comes across your desk – you are responsible for your agents
Brokers: You are responsible for any problems, you can’t just walk away! Remember it is the Division of Real Estate that has the investigators and attorneys that prosecute and investigate for FREC. You, as the Broker, are responsible for your agents, if they screw up, you are just as guilty if you are not supervising them.
It is a big responsibility running a real estate office, a great deal of liability comes with it. If you don’t know what to do, your local REALTOR Association can help – Broker classes at every level, from just starting out to exiting the business, are offered throughout the year. I attend seminars as often as I can as the market is ever changing. I can truthfully say I have learned every single time. Laws change every year. Make sure you are aware of them. Ignorance is no excuse.
Remember, let’s be good to each other. Let’s be REALTORS.
Until Next Monday,