• Key Questions:

• Do you have Errors and Omissions Insurance?
• Do you explain your E&O insurance to buyers and sellers?
• Do you know the extent of your coverage? What it covers and what it does not cover?

Not only is E&O Insurance the most commonly provided benefit provided by brokers, but it is also a benefit, rarely talked about, for buyers and sellers.

What Firm Provides to Agents & Staff

The most commonly provided benefit to firm staff of all levels was errors and omissions/liability insurance, while the most common tools provided or encouraged by firms were e-]signature, comparative market analysis, electronic contracts/forms, and multiple listing.

• The most common benefit that firms offered to independent contractors, licensees, and agents was errors and omissions/liability insurance at 42 percent.

• While this was also the most common benefit for salaried licensees and agents, only 25 percent received this benefit.

• Among administrative staff, 31 percent received errors and omissions/liability insurance, 30 percent received vacation/sick days, and 11 percent received health insurance.

• Thirty-seven percent of senior management received errors and omissions/liability insurance, 19 percent received vacation/sick days, and 13 percent received health insurance.

• The most common tools provided or encouraged by firms are e-signature, comparative market analysis, electronic contracts/forms, and multiple listing.

• Twenty-five percent of all firms offered a virtual office for agents and staff, and seven percent offered a virtual assistant.

• Ten percent of all firms had experience with wire fraud at closing. For firms with four or more offices, 37 percent had experience with wire fraud at closing.

• Twenty-eight percent of firms provided encrypted emails to prevent fraud

Source: 2021 Profile of Real Estate Firms National Association of REALTORS® Research Group – Executive Summary