Being a real estate agent entails many risks. The property market can be quite unstable and unpredictable, which puts high pressure on agents to sell or buy as quickly as possible.
Although most transactions go smoothly, while there’re often blunders in some cases due to inadvertent error realtor, or mistake in transaction from the very beginning.
Real estate agents can be held liable for damages resulting from their negligence or intentional misconduct.
They’re usually hold responsible for the consequences of errors to a limited degree, as long as he uses due diligence and acts in good faith to complete his transaction accurately. Let’s highlight today some major causes of threat (as part of their profession) and red flags (due to their own negligence) can put them in trouble
Risks of being a real estate agent
Though realtors are asset in real estate industry, yet they’re surrounded with multiple risks. Following are the twomajor risks from which every realtor seeks a narrow escape.
- They are responsible for every fraud or blunder in making deals of buying/selling homes
Real estate agents are often put in a difficult situation when making deals, and sometimes they can make mistakes that cost them dearly. For example, few years back two Tsawwassen real estate agents were fined $1 million for fraudulently selling homes.
This is just one example of how real estate agents can be held liable for mistakes made during a sale. Alike, this many other such cases can not only shatter the reputation of real estate agents, but can also get them sued.
- Potential for lawsuits
When real estate agents buy or sell homes, they either represent a buyer or the seller. This means that when problems arise on either side of the deal, it is totally up to the real estate agent to “fix” them.
For example, if an agent helps a buyer get a 5 bedroom house for sale at a low price, but the seller has different price demand. Then clash occurs due to miscommunication, and misunderstanding between both parties, so the real estate agent is responsible for this lawsuit.
These were the two significant risks of being a real estate agent, which can likely happen regarding the realtor’s profession. We all know their duties have both pros and cons. But, certain red flags indicate realtors are not sincere with their job and not with their profession. Take a look below;
Red Flags to put Real Estate Agents in Trouble – Causes of Threats
Do you know, the irresponsible attitude and negligence in any house dealing can lead to the likelihood of being sued as a real estate agent?
Let’s suppose, if you engage in fraud, unethical practices, or take unfair advantage of the client’s trust by telling them wrong price of apartment for sale in Tsawwassen, this may result in legal action against both you, and your firm.
Following is the list of factors or red flags that can lead you to be sued;
- A misrepresentation about your background, qualifications, or business practices
- Allowing third parties to use your license to make deals while you are not involved
- Failing to complete a sale or purchase within an agreed time frame
- Committing fraud by withholding information from clients or making a deal based on false information
- Inappropriate sexual advances towards clients or other persons in the industry
- They violate state licensing laws by overcharging fees, working under an expired license, or failing to meet continuing education requirements.
Though you aren’t personally liable for the consequences of errors as long as you use due diligence and act in good faith to complete your deals accurately, yet it’s imperative to make every possible effort not to leave any space for a lawsuit.
Even if you’re buying any least price apartment for sale in Tsawwassen, or working with client to buy any 5 bedroom apartment for sale, that is not worth your profit; still be sincere with your work to make your deal successful. Remember, earning trust matters more than earning a good commission.
What does an Expert say about a realtor’s risk of threat?
According to the most reputable & well demanding agent, Poul Dempster – Tsawwassen real estate agent, it is crucial that clients feel comfortable about their dealings while sharing with you. You must understand what they’re getting into. Treat your clients the way you would like to be treated as a client yourself, to be a reliable real estate agent.
Also, a dedicated real agent should be wise enough to avoid any misconduct that could damage your company’s reputation or industry at large. But, if you messed up the contract or made an unfortunate misrepresentation about the property, this can lead you to face the worst circumstances, as per the strict laws for Tsawwassen real estate agents.
The purpose of writing this awakening post was not to shatter the image of dedicated real estate agents, nor to change the perception of people to not trust any real estate agent: rather to spread awareness regarding;
– Frauds
– Negligence
– Accidental circumstances/mistakes that create big trouble for real estate agents.
Does this post made you think, and you’re willing to learn more about risks, and benefits of being a real estate agents, how they work to help you best? Follow Poul Dempster to get enlightenedwith effective, and informativeposts. Our motto is;
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