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Young Professionals
REALTOR® Emeritus |  | Risk management Keeping Risks Under Control | | ||
|  Three Lines of Defense Against Risk Keeping Risks Under Control Controlling Transaction Risks Agency Disclosure Avoiding Antitrust Risks Minimizing Liability from Contracts Fair Housing Risks Controlling Personnel Risks Communications Policies to Minimize Risks Insuring Against Risks More Resources: Controlling Business Risks Code of Ethics: Controlling Business Risks | 10 Service Standards to Consider Establishing service standards, or operating benchmarks, for your company is an effective way to control risks because they let clients know up front what to expect from the brokerage relationship. An acceptable service standard complies with regulations, statutes, codes of ethics, and local practices. It enhances a company’s reputation and the professionalism of its sales associates. Although the exact benchmarks for your company may vary from those of other brokerages, reflecting your own business approach and the particular needs of your client base, establishing standards and training your associates to carry them out will both reduce your risk and enhance your business. 1. How rapidly should salespeople return phone calls and respond to e-mail requests? 2. How frequently should salespeople contact clients and customers with progress reports? 3. What specific services will associates provide to the seller during the selling phase—develop a marketing plan, conduct open houses, list the property on the MLS, create a virtual tour of the property to post on the company Web site? 4. What specific questions should salespeople ask in qualifying buyers and sellers? 5. What specific services will salespeople provide to buyers when they are customers? 6. What specific services will salespeople provide to buyers when they represent them as a buyer’s agent? 7. How rapidly should purchase offers be presented? 8. What specific services will the associate provide to the seller during the closing phase—schedule inspections; follow-up on loans, title insurance, and other documents required for closing; attend the closing? 9. How will you ensure that salespeople make proper agency, property andhazardous materials disclosures and obtain necessary acknowledgements? 10. What specific services will salespeople or your company provide after closing? TIP: Service standards should focus on factors you can control; not those you can’t, such as how fast a home can be sold. Service Standard Tips From Top Brokers > | |