8.1 Errors and Omissions
8.2 Open Door Policy
8.3 Keys To Offices and Property Access
8.4 Listing Policy
8.5 Square Footage
8.6 Regional Offices
- 8.6.1 Office Geographic Service Areas
- 8.6.2 Working in Markets Outside an Agent’s Office Service Area
- 8.6.3 Approval to Work in Markets Outside an Agent’s Office Service Area
8.1 Errors and Omissions
Key Realty will carry Errors and Omissions insurance on every transaction closed. Our insurance shall be comprehensive and include coverage for fair housing issues, property management and also transactions involving agents that are personally owned. The cost will be paid by the agent through the annual Agent Renewal fee charged by the company (See Section 10.1.5 & 10.5)
8.2 Open Door Policy
It is important that agents have access to the Broker/Manager to get questions answered and to prevent small issues from becoming big issues. So if you think you should speak to your broker/manager but you aren’t sure, pick up the phone!
In addition to being available by telephone, text or email, our managers have dedicated hours to be available to you one-on-one at Coaches Corner. Reference your events calendar on the company website.
8.3 Keys To Offices and Property Access
A great trust is given to a salesperson when an owner gives him a key. Keys are not to be given to purchasers, pending the closing of a sale, without the written permission of the owner. If purchasers wish to inspect or measure the property prior to closing, the selling associate must be present.
8.3.1 Access to Key Office Facilities
Keys and/or access to Key Realty office facilities of any kind shall never
be provided to an unlicensed and/or unaffiliated agent or member of the public
for any reason without the express consent of the appropriate Key Realty manager or broker. Conference room space is made available to Key agents for meetings with their clients and customers on a first-come, first-served basis.
8.3.2 HUD keys
Agents must always be in possession of HUD keys and may never give keys out to buyers, investors, home inspectors, nor leave the house open for the same.
8.3.3 Access for appraisers and inspectors
Keys may be given to appraisers or inspectors as authorized by the seller.
8.4 Listing Policy
All listings secured by salespersons of the Company are the property of the Company. Normally only exclusive-right-to-sell agreements will be accepted. Any exceptions should be cleared with management.
It is the associate's responsibility to enter and to make updates to listings in the MLS. If the charge is of a material nature, the listing associate should have written authorization from the seller and put it in the property file for permanent record.
All listings will be written on the standard listing form provided and the information sheet. All listing document files are to be accompanied by a properly executed listing agreement and all other appropriate paperwork.
Withholding a listing from the office is not permitted, and doing so could result in termination. MLS rules regarding submission deadlines are to be adhered to. Any fines for late submissions are to be paid by the agents.
You should contact the seller of each of your listings at least once a week. This will keep the sellers abreast of all the market activity and any activity on their houses.
A Seller’s Net Statement should be provided to the seller at the time you take the listing and whenever you present an offer. The Seller's Statement should be explained to and initialed by the seller and a copy retained in your listing file. The word estimate should be on the statement and you should verbally tell the seller that the figures are estimates.
8.5 Square Footage
When quoting or publishing square footage always use the following or similar disclaimers: “Approximately,” “according to city tax records,” “the buyer should verify these figures for themselves,” etc. Never represent that you know the exact square footage.
8.6 Regional Offices
8.6.1 Office Geographic Service Areas
The size and characteristics of each Regional Office’s service area will vary greatly as dictated by the specifics of each region's market area. Urban offices will likely be different than more rural areas, etc.
8.6.2 Working in Markets Outside an Agent’s Office Service Area
Many agents find it difficult to master the procedures, forms, and customs for multiple regions. Key Realty highly discourages agents from working in markets outside of the service area for the office the agent is in. Approval of these requests will be on a case-by-case basis. Factors to be considered are:
The individual ability of the agent includes file quality, adherence to company, board, and state practices, and the level of success the agent has achieved in their current market.
Availability of other Key Realty Regional Offices to provide market expertise and supervision.
If no other Key Realty Regional Offices are in the area, then the agent’s current manager’s understanding of the market and the ability of management to provide adequate oversight must be considered.
Should an agent elect to join a board/MLS that is not serviced by their office and should management approve, one of two situations will arise:
- Should the board/MLS fall within the Geographic Service Area of another Key Regional Office, the agent will be required to join that Key Regional Office and pay the Key Annual Brokerage Fee for BOTH offices the agent belongs to. The agent will only be required to pay one Annual Agent Renewal & Administration Fee.
- If the board/MLS is not currently serviced by a Key Regional Office, the agent will be required to join the board/MLS and pay the agent board/MLS fees and the Key Realty brokerage board/MLS fees.
8.6.3 Approval to Work in Markets Outside an Agent’s Office Service Area
If the Regional Partner and the agent agree that this is a good idea, then follow these procedures. Please note that all requests for an agent to work in an additional market/service area must be approved by HR.
The Regional Partner must determine:
- Do they have clear knowledge and understanding of the market?
- Does the agent have access to the forms required for that market?
- Is the market/service area such a great distance that the Regional Partner would not be able to provide adequate oversight?
- Is there a Key Regional Office with a Regional Partner better situated to provide these services?
If the answer to 1 & 2 are yes and 3 & 4 are no, then the Regional Partner should request approval from HR for the agent to work in the extended geographic service area under their current Regional Partner’s supervision.
If there is another Key Regional Office better situated to provide these services, and the agent and Regional Partners feel it is a good idea for the agent to proceed, then follow these procedures once approved by HR:
Complete the Multiple Office Agreement form with the agent and submit it to the manager of the second office for review and approval. Complete this form in the agent’s dotloop file with their new agent documents (naming convention Last Name, First Name - Agent). Once approved by the second Regional Partner, submit the form to Support@KeyRealtyAgent.com for final approval and processing. Once final approval is received, the new Regional Partner must meet with the agent and complete the following:
- Sales Orientation / Business Planning session
- The agent must complete Day 2 of Fresh Start in the second region
- Any additional training the Regional Partner deems appropriate
- Submit for Review the Multi-Office Agreement folder in the agent loop
Once the Multi-Office Agreement folder is submitted for review and approved, Key Support will do the following:
Provide the agent access to the new region’s office in dotloop as an additional profile.
Add the agent to the additional office in DeltaNet/KeyWorld so the agent shows up on both rosters. Please note that the agent will only have 1 website through Deltanet.