BROKER RISK MANAGEMENT
WEEKLY PRACTICE TIP
VACATION PLANNING TIPS
Q: I am an experienced agent with over 10 years of experience and I’m planning a much needed two-week vacation over the holidays. I have four active listings; six serious buyers looking for property; and three open escrows. I have contacted a somewhat junior agent in our office who has agreed to watch my business. What else should I do before I leave?
A: Your overriding obligation is to assure that your clients have the same high level of service as you would provide. It is not uncommon for a claim to arise because a substitute agent improperly handled an escrow out of ignorance or inattention.
PRACTICE TIPS:
1. Tell all of your clients that you will be gone and introduce them to the agent who will be watching your business. Let them know when you are leaving and when you will return.
2. Go through each seller, listing and buyer with your substitute agent giving details on status, needs, preferred method of communication, contact information and possible issues.
3. Go through each escrow in detail so that the substitute agent has a clear picture of the status and issues of each. Be sure your substitute has contact information on all parties to the escrow, such as escrow, title, lender, inspectors, etc. Then, let each vendor and service provider know they should contact the substitute agent in your absence
4. Advise your manager of your vacation plans and who is covering for you.
5. Leave your vacation contact information so that your substitute and your manager can contact you in an emergency.
6. Leave all files in one place for your substitute agent. Make notes on each file to remind the substitute agent of important information, critical documents and likely issues.
If you follow these steps, you won’t come back to a mess that will shortly make your vacation seem but a distant memory – and a bad idea.
WEEKLY PRACTICE TIP: DO NOT FORWARD TO CLIENTS. This Weekly Practice Tip is for the exclusive use of clients of Broker Risk Management and their agents. It may not be reproduced or distributed without the express written consent of Broker Risk Management. The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices.