It has always been my opinion that documentation is the key to keeping an agent out of trouble. I would instruct my agents to constantly document everything that goes on in a transaction. I don't care what system they used whether it be a log book or just writing inside a file.
In the past, I would have agents call me to tell me they might have an issue with a past transaction. My first question to them was "do you have all your notes and documents?" Most of the time they had their documents. Very few times did they have any notes.
For every transaction, you should document every phone call to your client , lender, title company and/or the other agent and follow up with a confirming fax or email. You should then copy each sent and received fax and/or email and put them in your file. You'd be surprised how important a fax confirmation sheet or a copy of an email can be in a dispute. While it may not be solid proof of what transpired, it does corroborate the fact that something was sent and does gives credibility to your case.
I know it sounds like a lot of busy work but having an accurately documented time line and paper trail can be priceless if a problem arises. Don't fall into the hesaid/she said trap. Remember usually the one with the most paper wins.
Take care.
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