Podcast Episode #4: Proactive Risk Management

Tuesday, May 20, 2014

In This Episode

When it comes to real estate, risk is the name of the game. While it’s impossible to predict the future, there are steps you can take to prevent or defend against lawsuits brought about by errors and omissions made during the delivery of your services. Today, we’ll show you why taking a proactive approach to mitigating your risk matters so much.

In this episode, we cover:

●     What successful a risk management strategy looks like.

●     How recognizing potential losses early on can protect you from undue or frivolous lawsuits.

●     Claims made against you are not cheap! Learn the financial and E&O consequences of not having a risk management plan.

●     Why operating your business in a professional manner can actually lower your E&O premiums.

●     Best practices and tips for controlling your own risk management.

Top takeaways for this episode:

1.    Be proactive, not reactive - while avoiding all claims isn’t possible, you can take measures to reduce the possibility of them occurring.

2.    Practice excellent record keeping - develop a consistent, uniform method for keeping records of all transactions you’re involved in.

3.    Purchase the best E&O policy, not the cheapest - should you face a claim, you’ll need a claims expert in your corner to help defend you.

Resources for this episode:

●     Complete your continuing education requirements with OnCourse Learning. FREA members receive 20% off ALL products!

●     Read our post, Beginner’s Guide to Being Sued, by guest author and attorney Paul Smigliani, Esq.

Now It’s Your Turn

What proactive steps are you taking to limit your risk in the field? Share your thoughts in the comments section of this episode.

Did you enjoy this episode of Cornerstone Report Radio? Then we’d love for you to head over to iTunes and leave a review.

About Cornerstone Report Radio with Brian Trotier

Cornerstone Report Radio was created for real estate professionals like you who want easy access to information when you’re out in the field. If you don’t have time to read a lot of articles and blog posts, these short, 10-minute episodes will give you the information you need to stay up to date on trends and issues that affect your work and your livelihood.

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