Loss prevention awareness is highly effective in reducing risk. The more you are aware of potential problems, the more you can take measures to avoid making mistakes.
The reality of doing business today is that all professionals are held to the highest standards.
And there is no apparent end to the trend in recent years towards resolving disputes by filing suits,
regardless of the cost. Consequently, courts are clogged with allegations of misrepresentation and
claims for monetary loss, which often take extended periods of time to resolve.
The real estate professional is not exempt from these developments. In fact, lawsuits against real
estate agents and firms have increased substantially in recent years. Today, a REALTOR has a
one-in-five chance of being sued. In some cases, these lawsuits have resulted in substantial defense
costs, awards and settlements. Even if an alleged error or omission is minor and unintentional, it may
result in thousands of dollars in defense costs alone.
Loss prevention awareness is highly effective in reducing risk. The more you are aware of potential
problems, the more you can take measures to avoid making mistakes. The following are a few good
techniques to consider: