October 22nd, 2015 By commonwealth-re in Blog
- Ed Sarfo: Your Brokerage is Set Up and Licensed, Now What?
Ed Sarfo is a real estate broker who is very knowledgeable about the ins and outs of buying and selling homes. When it comes to starting a brokerage, there are a number of things that a broker should do at the start of business in order to stay ahead of the competition.
As a real estate professional, you know the prime goal of your everyday duties is to sell properties at or above market value. If you’re running your own brokerage, your agents in the field should know you top priorities. When you’re just starting out as a new brokerage, it can be easy to forget a few of the details that can lead to problems in the future. One great example of seemingly small details that might fall through the cracks is errors and omissions insurance. As the head of a brokerage, you can be legally responsible, vicariously, for the actions of your agents. Obviously, you didn’t set out to hire any unstable or dishonest agents, but if they make mistakes and customers sue your brokerage, you could be liable. If, in this unfortunate and unlikely legal action ever occurs, your business will be covered.
Another detail that often falls through the cracks amidst the chaos of setting up your own business is developing a professional and easy-to-use website. It’s best for brokerages to put listings on their website so that prospective home buyers can easily browse your properties. A recent survey of prospective home buyers found that about 80% of all those looking for new homes start their search online; so make sure your web presence is significant.