Explain deferring risk to others and the importance of clear documentation.
It is no secret that the U.S.A. is a litigious nation. Filing a lawsuit is simple and inexpensive. Therefore, lawsuits, or the threat thereof, is commonplace, especially in the real estate industry. Real estate risk management is crucial, especially when you work as a real estate professional.
The purpose of risk management is to minimize the likelihood of someone threatening you, or your brokerage, with a lawsuit. There are three essential components in risk management:
- Recognize when you need to defer risk
- Identify what supporting professional to turn to
- Always be prepared in the unfortunate case of a lawsuit
You do not want to play with fire. You should always have a firm grasp on how to manage the risk in your career.
That is why RealEstateCE.com offers a real estate risk management lesson that will teach you how to avoid tough situations.
It is crucial that you are able to recognize when you are out of your expertise. By no means should you ever offer an individual professional advice on a matter that you are not trained in. Learning up front when you recognize these situations will always be useful.
Our real estate continuing education lesson includes a specific case study that will help you further understand when you may be at risk. After completing this real estate CE lesson, you will no longer need to wonder about the risk involved in a situation. We can help you achieve peace of mind.
Furthermore, RealEstateCE.com's real estate risk management lesson includes an extensive list of professionals who support the real estate industry.
It is certainly important to recognize when you are at risk. However, it is also crucial that you know exactly who to defer risk to. There is an exhaustive number of professional who specialize in the area you are at risk in.
For example, a client may ask you about the soils on a property she is interested in. Unless you have reviewed a soils report on the property, you are in no position to answer their question. You are at risk. Instead, you must defer them to another professional. But, which professional? RealEstateCE.com can help identify which professional.
Finally, you should always actively prepare for the unfortunate event that you are brought to court.
In this unfortunate situation, you want to be ready for anything. Our real estate continuing education lesson on real estate risk management can help you prepare for this situation. Do not get caught off guard without any protections in place. It is in your best interest, and the best interest of your brokerage firm, to prepare for any situation which may arise.
Just as the old saying goes: "It is better to safe than sorry." That is why our real estate continuing education lesson includes a section on how to properly document any situation. The proper documentation can mean the difference between litigation and a simple misunderstanding.
RealEstateCE.com can teach you how to manage the risk in your career. With this lesson under your belt, you will find peace of mind.
Take RealEstateCE.com's lesson, Explain Deferring Risk to Others and the Importance of Clear Documentation, today!