REALTOR® Value

What Exactly Does a REALTOR® Do For You? 

PRE-LISTING ACTIVITIES

• Make appointments with sellers for listing presentations.
• Confirm appointments via calls, text, and/or emails.
• Review appointment questions.
• Research all currently listed, comparable properties.
• Research “sold” properties for the past 18 months.
• Research “average days on market” for properties similar in type, price, and location.
• Download and review property tax roll information for the seller’s home.
• Prepare “comparable market analysis” (CMA) to establish market value.
• Obtain a copy of subdivision plat/complex layout.
• Research property’s ownership and deed type.
• Research property’s public record information for lot size and dimensions.
• 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 the subject property.
• Compile and assemble formal file on property.
• Confirm current public schools and explain their impact on market value.
• Review listing appointment checklist to ensure completion of all tasks.

LISTING APPOINTMENT PRESENTATION

• Give the seller an overview of current market conditions and projections.
• Review agent and company credentials and accomplishments.
• Present company’s profile, position, or “niche” in the marketplace.
• Present CMA results, including comparables, solds, current listings, and expireds.
• Offer professional pricing strategy based on interpretation of current market conditions.
• Discuss goals to market effectively.
• Explain market power and benefits of multiple listing service.
• Explain market power of Web marketing, IDX, social media, and REALTOR.com.
• Explain the work the broker and agent do “behind the scenes” and agent’s availability on weekends.
• Explain agent’s role in screening qualified buyers to protect against curiosity seekers.
• Present and discuss strategic market marketing plan.
• Explain different agency relationships and determine seller’s preference.
• Review all clauses in listing contract and obtain seller’s signature.

AFTER LISTING AGREEMENT IS SIGNED

• Review current title information.
• Measure overall footage 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, make a copy.
• Order plat map for retention in the property’s listing file.
• Prepare showing instructions for buyers’ agents and agree on showing time(s) with seller.
• Obtain current mortgage loan(s) information: companies and account numbers.
• Verify current loan information with lender(s).
• Check if loans(s) can be assumed 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 Home Owner 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.
• Calculate average water system fees or rates from the last 12 months of bills.
• Or confirm well status, depth and output from Well Report.
• Research/verify natural gas availability, supplier’s name and phone number.
• Verify security system, terms of service and whether owned or leased.
• Verify if seller has a transferable Termite Bond.
• Ascertain need for lead-based paint disclosure.
• Prepare a detailed list of property amenities and assess market impact.
• Prepare a detailed list of the property’s “Inclusions & Conveyances with Sale.”
• Get a list of completed repairs and maintenance items.
• Send “Vacancy Checklist” to seller if the property is vacant.
• Explain benefits of Home Owner Warranty to seller.
• Assist sellers with the completion and submission of Home Owner Warranty application.
• When received, place Home Owner Warranty in the property file for conveyance at the time of sale.
• Have an extra key made for lockbox.
• Verify if the property has rental units involved. And if so:
• Make copies of all leases for retention in the listing file.
• Verify all rents and deposits.
• Inform tenants of listing and discuss how showings will be handled.
• Arrange for yard sign installation.
• Assist the seller with the completion of Seller’s Disclosure form.
• Complete “new listing checklist.”
• Review results of Curb Appeal Assessment with the seller and suggest improvements for salability.
• Review results of Interior Decor Assessment and suggest changes to shorten time on market.
• Load listing time into transaction management software.

ENTERING PROPERTY IN MLS DATABASE:

• Prepare MLS Profile Sheet—agent 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 property placement in mapping function.
• Add property to company’s Active Listings.
• Provide seller with signed copies of Listing Agreement and MLS Profile Data Form within 48 hrs.
• Take more 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 agents. Return all calls—weekends included.
• Install electronic lockbox. Program with agreed-upon showing time windows.
• Prepare mailing and contact list.
• Generate mail-merge letters to contact list.
• Order “Just Listed” labels and reports.
• Prepare flyers and feedback forms.
• 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 marketing brochures or flyers.
• Place marketing brochures in all company agent mailboxes.
• Upload listing to company and agent Internet sites, if applicable.
• Mail “Just Listed” notice to all neighborhood residents.
• Advise Network Referral Program of listing.
• Provide marketing data to buyers from international relocation networks.
• Provide marketing data to buyers coming from referral network.
• Provide “Special Feature” cards, if applicable.
• Submit ads to company’s participating Internet real estate sites.
• Convey price changes promptly to all Internet groups.
• Reprint/supply brochures promptly as needed.
• Review and update loan information in MLS as required.
• Send feedback e-mails/faxes 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 and pricing.
• Promptly enter price changes in MLS listings database.
• The Offer and the Contract
• Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.
• Evaluate offer(s) and prepare “net sheet” on each for owner to compare.
• Counsel seller on offers. Explain merits and weaknesses of each component of each offer.
• Contact buyers’ agents to review buyer’s qualifications and discuss offer
• 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 buyer pre-qualification letter 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.
• Send 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 money into escrow account.
• Disseminate “Under-Contract Showing Restrictions” as seller requests.
• Deliver copies of fully signed Offer to Purchase contract to sellers.
• Deliver copies of Offer to Purchase contract to selling agent.
• Deliver copies of Offer to Purchase contract to lender.
• Provide copies of signed Offer to Purchase contract for office file.
• Advise seller in handling backup offers to purchase submitted between contract and closing.
• Change MLS status 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 is to be seller financed.
• Assist buyer with obtaining financing and follow up as necessary.
• Coordinate with lender on closing dates.
• Deliver unrecorded property information to buyer.
• Order septic inspection, if applicable.
• Receive and review septic system report and assess any impact on sale.
• Deliver copy of septic system inspection report to lender and buyer.
• Deliver well flow test report copies to lender, buyer and listing file.
• Verify termite inspection ordered.
• Verify mold inspection ordered, if required.

TRACKING THE LOAN PROCESS:

• Confirm return of verifications of deposit and buyer’s employment.
• Follow loan process 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 for repair limits and interpret any clauses in the contract.
• Ensure seller’s compliance with home inspection clause requirements.
• Assist seller with identifying and negotiating with trustworthy contractors for 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:

• Make sure contract is signed by all parties.
• Coordinate closing process with buyer’s agent and lender.
• Update closing forms and files.
• Ensure all parties have all forms and information needed to close the sale.
• Select location for closing.
• Confirm closing date and time and notify all parties.
• Help solve any title problems (boundary disputes, easements, etc.) or help obtain death certificates (if needed).
• Work with buyer’s agent in scheduling and conducting buyer’s final walkthrough prior to closing.
• Research all tax, HOA, utility, and other applicable prorations.
• Request final closing figures from closing agent (attorney or title company).
• Receive and carefully review closing figures to ensure accuracy.
• Forward verified closing figures to buyer’s agent.
• Request copy of closing documents from closing agent.
• Confirm the buyer and the buyer’s agent 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 from escrow account to closing agent.
• Coordinate closing with seller’s next purchase, resolving timing issues.
• Have a “no surprises” closing so that the seller receives their net proceeds check at closing.
• Refer sellers to one of the best agents at their new 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 repair conflicts if the buyer is dissatisfied.
• Respond to any follow-up calls and provide any additional information required from office files.