For other members of your family, summer may be a great time to take some vacation days, soak up the sun, spend time with the kids, or get outdoors. But summer in real estate is a busy time. So for you, taking time off can be difficult to plan.. And, it can be very stressful to try and get all of your priority work done before you finally shut down and start your vacation. Here are some practical tips to help you manage the risks while on vacation so you won’t be coming back to a lawsuit.
Going Completely Off-Grid — Issues to Plan For
While some professions can get away with a simple out-of-office message to advise people of their vacation, the real estate industry demands more, especially if you have open listings or pending transactions.
Unplanned Emergencies
Issues may arise while you’re on vacation that are completely unexpected. For example, if there’s a natural disaster such as a wildfire or flood that impacts one of your listings right before closing, or if a buyer suddenly backs out of a transaction. Leaving your business unattended opens the door to considerable liabilities, including unhappy clients who may decide to launch a lawsuit.
Poor Customer Service
Failure to set up reliable alternative contacts for your clients and new inquiries can be a big mistake when it comes to going on vacation. It’s important to have contingency plans in place so a high level of customer service can be maintained while you’re away.
A seller may be depending on the sale to move on with their lives, or buyers may be desperate to close on the new home due to a housing shortage. Leaving your sellers and buyers in capable hands while you’re gone, and ensuring that person is completely briefed on pending situations, is critical.
Beware of the Danger Zone
Those critical hours and days just before you depart are the danger zone for real estate licensees. You might be feeling rushed to tie up loose ends. These frenzied conditions can lead to unplanned errors and mistakes that you wouldn’t ordinarily make. What’s more, you may not even realize the mistakes you’ve made until you get back — and that can mean they’ve grown into much bigger problems!
Strategies to Keep Things Running Smoothly While You Are Away
Is it possible to successfully keep your real estate business running smoothly while you’re away —without staying glued to your cell phone while you’re supposed to be on vacation?
Here are some strategies to help minimize the risks . . .
Let your clients know
Give your clients advance notice when you won’t be available and advise them of who they can contact if they need anything while you’re away. With your open listings, advise your clients of who will be taking calls or emails about their property while you’re gone, and who will be happy to show their property in your absence. When you’re leaving, ensure you set your out-of-office message and include those alternative contacts in your automatic message.
Brief those who may be handling business for you while you’re away
Be sure that someone on your team or in your office is aware of every open listing, and the stage of every transaction you’re involved in. Debrief those who may show each of your listings as to key features of each property. Provide a checklist of any steps that may need to be taken while you’re away, as well as full contact information for those involved.
For buyers you’re working with who are still looking and may not want to delay seeing more properties until you return, make an introduction to someone on your team or office who can help them while you’re gone.
Contingency plans and procedures for emergencies
Have written contingency plans and procedures in place for potential issues or emergencies that could come up with each of your pending transactions. And let your team know when it’s okay (or important) to contact you.
Ensure your files are all up to date
Good record-keeping is important so your colleagues can find the information they need, when they need it. Make sure your client files and transaction logs are easily accessible to those who need them.
Delegate new inquiries to trusted colleagues
If you already have a full plate in your last week before vacation, consider delegating new inquiries to your trusted colleagues instead. This will ensure new clients receive the best possible service.
Have protocols in place for remote email or phone access
If you know that something is likely to come up while you’re away, consider what remote email or phone access you will have to check in from time to time.
Despite how challenging it can be sometimes to get everything in order before you leave, self-care is important to avoid burnout. Enjoy your break and you’ll come back to the office feeling refreshed and recharged.
Protect Yourself (and Your Clients)
CRES is a specialist in real estate errors and omissions (E&O) insurance. The superior coverage in our E&O + ClaimPrevent® plans will give you peace of mind knowing you’re protected. And you’ll have Pre-Claim access to expert real estate attorneys to ask questions and help you to prevent claims before they happen.
With more than 25 years of experience, CRES is part of one of the largest insurance brokers in the world. We have unparalleled access to more superior real estate E&O plans than just about anyone (especially if you’ve been working with a smaller insurance broker).
Contact the CRES team at 800-880-2747 for a confidential discussion today.
