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The Critical Role of the REALTOR®
Listed here are nearly 175 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by full service real estate brokerage firms like Lakewood Ranch Realty in return for their sales commission. Depending on the transaction, some may take minutes, hours, or even days to complete, while some may not be needed. More importantly, they reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process – a REALTOR®.
Is it worth the money the seller pays to have a REALTOR® involved with the transaction? Take a look and then decide!
Pre-Listing Activities
1. Make appointment with seller for listing presentation
2. Send seller a written or e-mail confirmation of listing appointment and call to confirm
3. Review pre-appointment questions
4. Research all comparable currently listed properties
5. Research sales activity for past 12 months from MLS and public records databases
6. Research "Average Days on Market" for this property of this type, price range and location
7. Download and review property tax roll information
8. Prepare "Comparable Market Analysis" (CMA) to establish fair market value
9. Research property's ownership & deed type
10. Research property's public record information for lot size & dimensions
11. Research and verify legal description
12. Research property's land use coding and deed restrictions
13. Research property's current use and zoning
14. Verify legal names of owner(s) in county's public property records
15. Prepare listing presentation package with above materials
16. Perform exterior "Curb Appeal Assessment" of subject property
17. Compile and assemble formal file on property
18. Confirm current public schools and explain impact of schools on market value
19. Review listing appointment checklist to ensure all steps and actions have been completed
Listing Appointment Presentation
20. Give seller an overview of current market conditions and projections
21. Review agent's and company's credentials and accomplishments in the market
22. Present company's profile and position or "niche" in the marketplace
23. Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds
24. Offer pricing strategy based on professional judgment and interpretation of current market conditions
25. Discuss Goals With Seller To Market Effectively
26. Explain market power and benefits of Multiple Listing Service
27. Explain market power of web marketing, IDX and REALTOR.com
28. Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends
29. Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
30. Present and discuss marketing plan
31. Explain different agency relationships and determine seller's preference
32. Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature
Once Property is Under Listing Agreement
33. Review current title information
34. Measure interior room sizes
35. Confirm lot size via owner's copy of certified survey, if available
36. Note any and all unrecorded property lines, agreements, easements
37. Obtain house plans, if applicable and available
38. Review house plans and make copy
39. Prepare showing instructions for buyers' agents and agree on showing time window with seller
40. Set up listing with Centralized Showing Service
41. Obtain current mortgage loan(s) information: companies and & loan account numbers
42. Verify current loan information with lender(s)
43. Check assumability of loan(s) and any special requirements
44. Discuss possible buyer financing alternatives and options with seller
45. Review current appraisal if available
46. Identify Home Owner Association manager if applicable
47. Verify Home Owner Association Fees with manager - mandatory or optional and current annual fee
48. Order copy of Homeowner Association bylaws, if applicable
49. Calculate average utility usage from last 12 months of bills
50. Research and verify city sewer/septic tank system
51. Water System: Calculate average water fees or rates from last 12 months of bills )
52. Well Water: Confirm well status, depth and output from Well Report
53. Natural Gas: Research/verify availability and supplier's name and phone number
54. Verify security system, current term of service and whether owned or leased
55. Verify if seller has transferable Termite Bond
56. Ascertain need for lead-based paint disclosure
57. Prepare detailed list of property amenities and assess market impact
58. Prepare detailed list of property's "Inclusions & Conveyances with Sale"
59. Compile list of completed repairs and maintenance items
60. Explain benefits of Home Owner Warranty to seller
61. Assist sellers with completion and submission of Home Owner Warranty Application
62. When received, place Home Owner Warranty in property file for conveyance at time of sale
63. Have extra key made for lockbox
64. Verify if property has rental units involved. And if so:
65. Make copies of all leases for retention in listing file
66. Verify all rents & deposits
67. Inform tenants of listing and discuss how showings will be handled
68. Arrange for installation of yard sign
69. Assist seller with completion of Seller's Disclosure form
70. Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
71. Review results of Interior Décor Assessment and suggest changes to shorten time on market
72. Load listing into transaction management software program
Entering Property in Multiple Listing Service Database
73. Prepare MLS Profile Sheet for both Sarasota and Manatee Systems (Agent is responsible for "quality control" and accuracy of listing data)
74. Enter property data from Profile Sheet into MLS Listing Databases
75. Proofread MLS database listing for accuracy - including proper placement in mapping function
76. Add property to company's Active Listings list
77. Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48 hours
78. Take additional photos for upload into MLS and use in flyers
Marketing The Listing
79. Create print and Internet ads with seller's input
80. Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included
81. Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
82. Design and order “Just Listed” post cards for mailing to neighborhood
83. Prepare flyers
84. Set up automatic feedback solicitation via email
85. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
86. Prepare property marketing brochure for seller's review
87. Arrange for printing or copying of supply of marketing brochures or fliers
88. Place marketing flyers in all company agent mail boxes
89. Upload listing to company and agent Internet site
90. Mail Out "Just Listed" notice to all neighborhood residents
91. Submit ads to company's participating Internet real estate sites
92. Price changes conveyed promptly to all Internet groups
93. Reprint/supply brochures promptly as needed
94. Feedback calls made to buyers' agents after showings, if needed
95. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
96. Place regular weekly update calls to seller to discuss marketing & pricing
97. Promptly enter price changes in MLS listing databases, websites, advertising, flyers, etc.
The Offer and Contract
98. Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
99. Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
100. Counsel seller on offers. Explain merits and weakness of each component of each offer
101. Contact buyers' agents to review buyer's qualifications and discuss offer
102. Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if possible
103. Confirm buyer is pre-qualified by calling Loan Officer
104. Obtain pre-qualification letter on buyer from Loan Officer
105. Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date
106. Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
107. Fax copies of contract and all addendums to closing attorney or title company
108. When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
109. Record and promptly deposit buyer's earnest money in escrow account.
110. Disseminate "Under-Contract Showing Restrictions" as seller requests
111. Deliver copies of fully signed Offer to Purchase contract to seller
112. Fax/deliver copies of Offer to Purchase contract to Selling Agent
113. Fax copies of Offer to Purchase contract to lender
114. Provide copies of signed Offer to Purchase contract for office file
115. Advise seller in handling additional offers to purchase submitted between contract and closing
116. Change status in MLS, websites, and CSS to "Sale Pending"
117. Update transaction management program to show "Sale Pending"
118. Provide credit report information to seller if property will be seller-financed
119. Assist buyer with obtaining financing, if applicable and follow-up as necessary
120. Coordinate with lender on Discount Points being locked in with dates
121. Order septic system inspection, if applicable
122. Receive and review septic system report and assess any possible impact on sale
123. Deliver copy of septic system inspection report lender & buyer
124. Deliver Well Flow Test Report copies to lender & buyer and property listing file
125. Verify termite inspection ordered
126. Verify Home Inspection ordered
127. Verify mold inspection ordered, if required
Tracking the Loan Process
128. Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
129. Follow Loan Processing Through To The Underwriter
130. Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale
131. Contact lender weekly to ensure processing is on track
132. Relay final approval of buyer's loan application to seller
Home Inspection
133. Coordinate buyer's professional home inspection with seller
134. Review home inspector's report
135. Enter completion into transaction management tracking software program
136. Explain seller's responsibilities with respect to repair limits and interpret any clauses in the contract
137. Ensure seller's compliance with Home Inspection Clause requirements
138. Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
139. Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed
The Appraisal
140. Schedule Appraisal
141. Provide comparable sales used in market pricing to Appraiser
142. Follow-Up On Appraisal
143. Enter completion into transaction management program
144. Assist seller in questioning appraisal report if it seems too low
Closing Preparations and Duties
145. Contract Is Signed By All Parties
146. Coordinate closing process with buyer's agent and lender
147. Update closing forms & files
148. Ensure all parties have all forms and information needed to close the sale
149. Select location where closing will be held
150. Confirm closing date and time and notify all parties
151. Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates
152. Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing
153. Research all tax, HOA, utility and other applicable prorations
154. Request final closing figures from closing agent (attorney or title company)
155. Receive HUD-1 Closing Statement & carefully review closing figures to ensure accuracy of preparation
156. Forward verified closing figures to buyer's agent
157. Request copy of closing documents from closing agent
158. Confirm buyer and buyer's agent have received title insurance commitment
159. Provide "Home Owners Warranty" for availability at closing
160. Review all closing documents carefully for errors
161. Forward closing documents to absentee seller as requested
162. Review documents with closing agent
163. Provide earnest money deposit check from escrow account to closing agent
164. Coordinate this closing with seller's next purchase and resolve any timing problems
165. Have a "no surprises" closing so that seller receives a net proceeds check at closing
166. Refer sellers to one of the best agents at their destination, if applicable
167. Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers, etc.
168. Close out listing in transaction management program
169. Remove listing from marketing websites and company advertising
Follow Up After Closing
170. Answer questions about filing claims with Home Owner Warranty company if requested
171. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
172. Respond to any follow-up calls and provide any additional information required from office files
It is no exaggeration to say that most transactions involve more than 95% of the steps listed here. Is it worth it to have a REALTOR® work with you? I work hard to make you feel that you've made a good investment.
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