The Relevance of a REALTOR®

Pre-Listing Activities

  • Make appointment with seller for listing presentation
  • Send seller a written or e-mail confirmation of listing appointment and call to confirm
  • Review pre-appointment questions
  • Research all comparable currently listed properties
  • Research sales activity for past 18 months from MLS and public records databases
  • Research "Average Days on Market" for this property of this type, price range and location
  • Download and review property tax roll information
  • Prepare "Comparable Market Analysis" (CMA) to establish fair market value
  • Obtain copy of subdivision plat/complex lay-out
  • Research property's ownership & deed type
  • Research property's public record information for lot size & dimensions
  • Research and verify legal description
  • Research property's land use coding and deed restrictions
  • Research property's current use and zoning
  • Verify legal names of owner(s) in county's public property records
  • Prepare listing presentation package with above materials
  • Perform exterior "Curb Appeal Assessment" of subject property
  • Compile and assemble formal file on property
  • Confirm current public schools and explain impact of schools on market value
  • Review listing appointment checklist to ensure all steps and actions have been completed

Listing Appointment Presentation

  • Give seller an overview of current market conditions and projections
  • Review agent's and company's credentials and accomplishments in the market
  • Present company's profile and position or "niche" in the marketplace
  • Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds
  • Offer pricing strategy based on professional judgment and interpretation of current market conditions
  • Discuss Goals With Seller To Market Effectively
  • Explain market power and benefits of Multiple Listing Service
  • Explain market power of web marketing, IDX and REALTOR.com
  • Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends
  • Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
  • Present and discuss strategic master marketing plan
  • Explain different agency relationships and determine seller's preference
  • Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature

Once Property is Under Listing Agreement

  • Review current title information
  • Measure overall and heated square footage
  • Measure interior room sizes
  • Confirm lot size via owner's copy of certified survey, if available
  • Note any and all unrecorded property lines, agreements, easements
  • Obtain house plans, if applicable and available
  • Review house plans and make copy
  • Order plat map for retention in property's listing file
  • Prepare showing instructions for buyers' agents and agree on showing time window with seller
  • Obtain current mortgage loan(s) information: companies and & loan account numbers
  • Verify current loan information with lender(s)
  • Check assumability of loan(s) and any special requirements
  • Discuss possible buyer financing alternatives and options with seller
  • Review current appraisal if available
  • Identify Home Owner Association manager if applicable
  • Verify Home Owner Association Fees with manager – mandatory or optional and current annual fee
  • Order copy of Homeowner Association bylaws, if applicable
  • Research electricity availability and supplier's name and phone number
  • Calculate average utility usage from last 12 months of bills
  • Research and verify city sewer/septic tank system
  • Water System: Calculate average water fees or rates from last 12 months of bills )
  • Well Water: Confirm well status, depth and output from Well Report
  • Natural Gas: Research/verify availability and supplier's name and phone number
  • Verify security system, current term of service and whether owned or leased
  • Verify if seller has transferable Termite Bond
  • Ascertain need for lead-based paint disclosure
  • Prepare detailed list of property amenities and assess market impact
  • Prepare detailed list of property's "Inclusions & Conveyances with Sale"
  • Compile list of completed repairs and maintenance items
  • Send "Vacancy Checklist" to seller if property is vacant
  • Explain benefits of Home Owner Warranty to seller
  • Assist sellers with completion and submission of Home Owner Warranty Application
  • When received, place Home Owner Warranty in property file for conveyance at time of sale
  • Have extra key made for lockbox
  • Verify if property has rental units involved. And if so:
  • Make copies of all leases for retention in listing file
  • Verify all rents & deposits
  • Inform tenants of listing and discuss how showings will be handled
  • Arrange for installation of yard sign
  • Assist seller with completion of Seller's Disclosure form
  • "New Listing Checklist" Completed
  • Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
  • Review results of Interior Décor Assessment and suggest changes to shorten time on market
  • Load listing into transaction management software program

Entering Property in Multiple Listing Service Database

  • Prepare MLS Profile Sheet — Agents is responsible for "quality control" and accuracy of listing data
  • Enter property data from Profile Sheet into MLS Listing Database
  • Proofread MLS database listing for accuracy – including proper placement in mapping function
  • Add property to company's Active Listings list
  • Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48 hours
  • Take additional photos for upload into MLS and use in flyers. Discuss efficacy of panoramic Photography

Marketing The Listing

  • Create print and Internet ads with seller's input
  • Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included
  • Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
  • Prepare mailing and contact list
  • Generate mail-merge letters to contact list
  • Order “Just Listed” labels & reports
  • Prepare flyers & feedback faxes
  • Review comparable MLS listings regularly to ensure property remains competitive in price, terms,conditions and availability
  • Prepare property marketing brochure for seller's review
  • Arrange for printing or copying of supply of marketing brochures or fliers
  • Place marketing brochures in all company agent mail boxes
  • Upload listing to company and agent Internet site, if applicable
  • Mail Out "Just Listed" notice to all neighborhood residents
  • Advise Network Referral Program of listing
  • Provide marketing data to buyers coming through international relocation networks
  • Provide marketing data to buyers coming from referral network
  • Provide "Special Feature" cards for marketing, if applicable
  • Submit ads to company's participating Internet real estate sites
  • Price changes conveyed promptly to all Internet groups
  • Reprint/supply brochures promptly as needed
  • Loan information reviewed and updated in MLS as required
  • Feedback e-mails/faxes sent to buyers' agents after showings
  • Review weekly Market Study
  • Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
  • Place regular weekly update calls to seller to discuss marketing & pricing
  • Promptly enter price changes in MLS listing database

The Offer and Contract

  • Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
  • Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
  • Counsel seller on offers. Explain merits and weakness of each component of each offer
  • Contact buyers' agents to review buyer's qualifications and discuss offer
  • Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if possible
  • Confirm buyer is pre-qualified by calling Loan Officer
  • Obtain pre-qualification letter on buyer from Loan Officer
  • Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date
  • Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
  • Fax copies of contract and all addendums to closing attorney or title company
  • When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
  • Record and promptly deposit buyer's earnest money in escrow account.
  • Disseminate "Under-Contract Showing Restrictions" as seller requests
  • Deliver copies of fully signed Offer to Purchase contract to seller
  • Fax/deliver copies of Offer to Purchase contract to Selling Agent
  • Fax copies of Offer to Purchase contract to lender
  • Provide copies of signed Offer to Purchase contract for office file
  • Advise seller in handling additional offers to purchase submitted between contract and closing
  • Change status in MLS to "Sale Pending"
  • Update transaction management program to show "Sale Pending"
  • Review buyer's credit report results — Advise seller of worst and best case scenarios
  • Provide credit report information to seller if property will be seller-financed
  • Assist buyer with obtaining financing, if applicable and follow-up as necessary
  • Coordinate with lender on Discount Points being locked in with dates
  • Deliver unrecorded property information to buyer
  • Order septic system inspection, if applicable
  • Receive and review septic system report and assess any possible impact on sale
  • Deliver copy of septic system inspection report lender & buyer
  • Deliver Well Flow Test Report copies to lender & buyer and property listing file
  • Verify termite inspection ordered
  • Verify mold inspection ordered, if required

Tracking the Loan Process

  • Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
  • Follow Loan Processing Through To The Underwriter
  • Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale
  • Contact lender weekly to ensure processing is on track
  • Relay final approval of buyer's loan application to seller

Home Inspection

  • Coordinate buyer's professional home inspection with seller
  • Review home inspector's report
  • Enter completion into transaction management tracking software program
  • Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract
  • Ensure seller's compliance with Home Inspection Clause requirements
  • Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
  • Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed

The Appraisal

  • Schedule Appraisal
  • Provide comparable sales used in market pricing to Appraiser
  • Follow-Up On Appraisal
  • Enter completion into transaction management program
  • Assist seller in questioning appraisal report if it seems too low

Closing Preparations and Duties

  • Contract Is Signed By All Parties
  • Coordinate closing process with buyer's agent and lender
  • Update closing forms & files
  • Ensure all parties have all forms and information needed to close the sale
  • Select location where closing will be held
  • Confirm closing date and time and notify all parties
  • Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates
  • Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing
  • Request final closing figures from closing agent (attorney or title company)
  • Receive & carefully review closing figures to ensure accuracy of preparation
  • Forward verified closing figures to buyer's agent
  • Request copy of closing documents from closing agent
  • Confirm buyer and buyer's agent have received title insurance commitment
  • Provide "Home Owners Warranty" for availability at closing
  • Review all closing documents carefully for errors
  • Forward closing documents to absentee seller as requested
  • Review documents with closing agent (attorney)
  • Provide earnest money deposit check from escrow account to closing agent
  • Research all tax, HOA, utility and other applicable prorations
  • Coordinate this closing with seller's next purchase and resolve any timing problems
  • Have a "no surprises" closing so that seller receives a net proceeds check at closing
  • Refer sellers to one of the best agents at their destination, if applicable
  • Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers, etc.
  • Close out listing in transaction management program

Follow Up After Closing

  • Answer questions about filing claims with Home Owner Warranty company if requested
  • Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
  • Respond to any follow-on calls and provide any additional information required from office files