They normally have a manager to turn to, and if they work for one of the major companies, they have access to lawyers and experts. As a member of the state, national, and local associations of realtors, they also have access to legal hotlines where they can get the answer from a real estate attorney to any of your questions.
We all can use motivation at some time, and many of us can use it almost every day. There is a reason sports teams have cheerleaders and coaches. They support us during tough times. They assist us when we are a little down and out. They help us get out of bed when we don’t feel like it. They are instrumental in your making a fortune in real estate.
Insulation Against Liability
Do you work in real estate every day? Have you taken classes, hold a license, belong to associations, and make a small fortune working with other people’s money? I’m guessing the answer to these questions is NO.
On the other hand, your real estate agent can answer YES. As a real estate expert, he or she is held most responsible if something goes wrong. While your real estate agent can’t and won’t insulate you completely, you are much more protected with one, and that is good news for you.
Agents are accustomed to the liability that comes with the real estate business, which is why most aren’t allowed by their brokers to close a transaction without what is called Errors and Emission insurance (also called E and O insurance). It is extremely important to ask about this because you want there to be an insurance policy covering all your transactions. Think of it as an insurance policy you don’t even have to pay for.
This is a day and age where lawsuits are all too common. Many lawsuits are frivolous, but still cost time, aggravation, and money. We must do everything we can to minimize the damage caused by them, which is why having the right agent who carries a hefty E and O insurance is imperative.
A Real Estate Resource
Most real estate trainers (teachers) will have you start your real estate business by surrounding yourself with a team of professionals. This is sound advice and is essential to a real estate investor who is just starting out.
Your agent is the perfect source for you to get started. A real estate agent has already established relationships in the business. They know who does a good job and who doesn't do as well. Your agent knows who is pleasant and easy to work with. They know who gets their work done and who does it quickly. All of these characteristics could make the difference between you having a successful project or a failed one.
There are so many things that can go wrong. All it takes is one small problem personality to ruin a project and cause unnecessary headaches. To give you an idea, a real estate agent can help you find the best available:
1.Title representatives
2.Escrow officers
3.Lenders
4.Termite inspectors
5.Inspection company representatives
6.Property insurance
7.Home protection insurance
8.Lawyers (many have their own or have access through a board of Realtors)
9.Contractors
10.Appraisers
11.Other investors
12.Hard money lenders
13.Credit repair
14.Mold inspectors and repair
15.Roofers
16.Painters
17.Carpet and floor installers
18.Electricians
19.Plumbers
20.Landscapers
21.Trash removers
22.Demolition crews
23.Buyers
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