In a move to maximize its benefits to its REALTOR® members and encourage the adoption of transaction management subscribers to the RELAY™ product, the National Association of REALTORS has negotiated a reduction of up to $2500 in the deductible amount on Errors and Omissions insurance provided by Geo. F. Brown & Sons.
We have always gotten feedback from Brokers that transaction management systems are nice to have, but their current system for processing transactions is not broken. As a result, the cost/benefit ratio is tough to tackle.
Although the promises of transaction management are excellent, retraining agents is costly and disruptive, and the technology is emerging from a usability perspective.
This move to focus the transaction management decision on risk rather than cost savings will serve to add additional fodder for brokers to consider.
Upon last review, the cost of the RELAY system relative to functionality has been the lowest in the industry. This support by NAR coupled with support from the insurance industry will position RELAY in a very strong position to gain market share over their competitors.