ARE YOU PROTECTING YOUR AGENTS AND SELLERS FROM LAWSUITS?
An agent looks for loyalty, care, and protection when they are searching for a brokerage to work under. For that reason, real estate brokers provide their agents with tools and services that complement the real estate agent and their business. This includes technologically advanced systems to market and systemize clientele paperwork and administrative services, like personnel at the marketing level. Many brokers have compliance tools administered to their agents as mandatory practices and procedures when completing a listing or helping a client buy a home. This is suitable for brokerage and agent protection against home sale lawsuit claims after closing and insurance companies often react appropriately to such initiatives. When the broker is reducing risk, the insurance companies return the favor by cutting down on E&O premiums and large deductibles.
At Sellers Shield, the Licensed Broker Program offers a way to keep brokers, agents, and sellers happily protected and safe. The program serves the company brokerage-wide as a compliance tool and completely separates the agent from the seller’s disclosure process. Having a client fill out the Seller’s Disclosure Notice can be a bit tricky as the agent must explain to their client that they are not allowed to legally help fill out the form. This can frustrate sellers, or even confuse them; Sellers Shield came up with a product that advances the disclosure process and guides the client as they fill out the form on an online, interactive platform with third-party legal guidance.
Sellers Shield Smart Seller Tools and “Legal Wizard” leads the agent’s client through the Seller’s Disclosure Notice and prevents home sale lawsuits by utilizing technology and legal expert guidance. Under this program, your agents are all given access to submit listing information to begin the disclosure process for a particular listing. The clients are emailed a link and password to access an instructional video, legal tips and FAQs, and an interactive “Legal Wizard” that helps prevent mistakes, define verbiage, and more. For example, Sellers Shield technology gives the clients expandable explanation fields; this gives them enough room to fully disclose information without having to worry about the small and limited space on the current, hard-copy Seller’s Disclosure Notices. As the seller explains their answer for a certain question, the field will expand as needed and the Legal Wizard even offers tips and examples for explanations.
Insurance companies like Great American have been endorsing Sellers Shield, waiving brokerage deductibles, and reducing premiums with great reason. The client is being guided through the home sale disclosure process by some of the most reputable legal experts in the industry. One of the most attractive parts for the insurance companies is the broker providing a testimonial to all clients, explicitly stating that the prevention part of the product (the Smart Seller Tools) is not the all-end to lawsuits and clearly states to the client that they should consider Home Sale Legal Protection for after the sale if the agent has not yet purchased it for the client. This can be proven that the brokerage and the agent fulfilled their fiduciary duty by at least offering the product to their client.
Many agents who have access to the Smart Seller Tools through their brokerage have gone a step further by consistently purchasing the Home Sale Legal Protection for each of their sellers as a gift. With that purchase the home seller is promised both parts of the product: up to 80-hours of legal representation (a $20,000 promise), as well as the tools and guidance to fill out the Seller’s Disclosure Notice on an online and interactive platform. Your clients can walk away safe from the biggest sale of their lives, while you walk away from high E&O premiums and big deductibles.
It is no surprise why some of the top brokerages and agents have been partnering with Sellers Shield at reasonable costs; the agent can show their clients that they are deeply invested in the safety and protection of their business as a real estate agent and it makes the entire disclosure process more efficient, tech-savvy, and reliable. This is one brokerage-wide compliance tool that can help save you money while giving your agents an incentive to sell under you as their broker.