Posted on: June 3, 2015 by

One of the most common misconceptions about the real estate industry, according to Veterans United Real Estate, is that working in it is easy. Whether it’s an unstable market, being faced with unmarketable properties, or managing a large client database, this commission-based position can actually be far from easy. Throw in managing Real Estate Business Liability Risks and being a real estate agent in today’s society can be a bit of an emotional roller coaster.

That’s not to say the profession does not come without its rewards. Understanding the common challenges that professionals in your industry face could help you be more prepared to handle them, making your job a little bit easier. Real estate resource inman.com offers the following 4 factors as reasons for instability in the real estate industry.

Lead Loss

You’ve likely had that moment at least once; you work for weeks matching someone with a home and they stop communicating with you, decide to go with another agent, or decide to stay where they’re at. This can and does happen to even the hardest working real estate agent; and the majority of the time it is not personal. It certainly can still sting though!

Meeting Client Goals Rather Than Financial Goals

So you are used to selling high-value homes, but your current client is only interested in fixer-uppers so that they can keep their budget as low as possible. This is understandable in today’s economy, but it does mean that the time and energy you are spending helping them will not result in the best commission when all is said and done.

No Free Time

Real estate agents are weekend warriors! It is truly an industry that doesn’t sleep. Although this is the career you’ve chosen, it can understandably be hard at times to make the sacrifices necessary to your social and family life. There’s also the issue of vacation time or sick time; the moments where you’d like to utilize those may be the moments that leads are the hottest and your commissions may be the highest.

Dealing With Rude Clients

With such a large investment and so much money on the table, emotions could run high. Often clients may feel that they aren’t getting the whole story or something is not be explained enough to them, and it may lead them to be unintentionally rude. Much like losing a lead, this is something that should never be taken personally.

At NewMark Insurance Services, we understand not only the unique sacrifices real estate agents make to conduct their jobs, but also the business risks they face. To learn more about our Real Estate Professional Liability products and more, please contact us today at 855.777.6549.

Posted in: blog Real Estate

Tagged: Business Insurance e&o errors and omissions liability professional liability real estate