Spring brings beautiful flowers, warmer breezes, and volatile weather. For unprepared real estate agents, spring can bring the perfect storm of bad events. The more you know, the better you can prepare for what may lay ahead for your real estate business this spring.
Spring Showers Bring Bigger Spring Leaks
If these leaks are properly noted in disclosure documents, it’s may not be a big deal if homeowners painted over or actively sought to hide major leaks when selling the home. If, however, it was discovered after the sale of the home that the homeowner actively sought to cover up the existence of the leak, you could experience more than a little pain over this omission.
Failing to disclose property defects is a bigger deal than most realtors want to admit. Even if you’re not a part of the attempt to cover up the defects, your good name and your financial security could be at risk if buyers discover defects that were covered up after the sale of the home.
Springs Slips and Falls
Open houses and property showings are the perfect avenue to let potential buyers see the home in order to determine their interest in buying it. However, this can lead to slippery landscapes and walkways. Slips and falls on your watch may leave you bearing some degree of responsibility.
Open House Damage to the Home
Spring is a time when the winds blow almost as much as it rains outside. Wind damage to homes resulting from open house activities and/or signage or water damage to carpeting and floors from people tracking water or mud into and out of the home can be a nightmare problem for realtors.
Many properties go on sale during the spring. For some it’s the perfect time to go out house hunting and prepare to move. Clients who believe you failed to show them homes they wanted to see due to race, religion, gender, etc. often sue for wrongful discrimination – even if that had nothing at all to do with your decision.
Fair Housing Laws are not only about protecting home buyers, but also people attempting to sell their homes as well. If they feel you aren’t showing their spring listing enough effort, people selling homes may decide to sue for discrimination as well.
Short Honeymoon Period
Homes that looked so beautiful in spring may not seem nearly as fit and glamorous once the harsh rays of sun start shining down in summer. Sometimes buyers regret their decision and decide to sell only to discover that the value of the property has changed since the purchase. This can lead to claims that you were negligent in researching property values during the purchase process.
Each of these scenarios is terrifying to the average realtor. However, if you invest in adequate business insurance coverage including professional liability insurance or errors and omissions insurance coverage, you will be able to weather whatever storms spring sends your way.