Open Houses Open your Doors for Risk
The National Association of Realtors profile of home buyers and sellers indicates that 45% of all home buyers used open houses a source in their home search process. This statistic suggests that even in the internet era there is value in realtors hosting open houses for potential home buyers. While open houses can be advantageous to prospective buyers it can also pose threats to real estate agents. While most of the individuals attending the open house are legitimate buyers there are some that are more interested in what they can steal from the home than the home itself.
The National Association of Realtors has indentified several precautionary measures that can be taken to assist in preventing theft and other risks from occurring during an open house. These measures include:
- Have all visitors sign in upon arrival;
- Walk behind the prospect;
- Avoid attics and basements;
- Be aware and work in teams;
- Advise clients about valuables.
Even with precautionary measures taken there is no definitive way to prevent theft from occurring. However, one thing a Real Estate agent can do is be proactive in further protecting themselves and their business. In an unfortunate event that theft does occur during an open house, real estate agents need an insurance policy that provides coverage to help keep them from incurring a hefty claim- one that can be very damaging for their business. For more information on open house and property damage exposures and coverage, click here. www.schinnerer.com/RealEstate.
Written by Garland Clay, Real Estate