Is the agent covered by errors and omissions insurance?
Ask for a copy of the policy. If they do not carry coverage, do not list your property with that agent. Errors and omissions can offer protection should the agent make a mistake in his representation of you in a leasing transaction. Don’t underestimate what the potential liability can be. For example, many landlords are shocked to learn that tenants can recover two times the security deposit amount, plus the deposit, plus attorney’s fees for simple errors like failing to properly create a receipt or lease. Following these simple steps will go a long way toward protecting yourself and your property. If you have questions or concerns ask for additional information from your Rent Smart agent. Rent Smart is a licensed Illinois real estate broker corporation with five locations located throughout Chicago and 150 properly trained and licensed agents. All Rent Smart agents are covered by liability and errors & omission insurance policies.
