December is that time of year many people are making lists of all kinds. Lists are made for who gets a gift, food lists, goal setting lists, etc. On that note, I offer a partial list of the top 100 activities Realtors do for their clients. Contact me directly for the complete list of 184 activities complied by the past president of the National Association of Realtors, who testified before the House Financial Services Committee on Housing in response to blunt government complaints about industry pricing.
“By all accounts,” she said, “the general public is not aware of all the services Realtors provide to sellers and buyers during the course of the transaction, probably because most of the important services are performed behind the scenes.”
Prepare all the pre-listing research
1. Make appointment with seller for listing presentation.
2. Research all comparable currently listed properties.
3. Research sales activity for past 18 months from multiple listing service and public databases.
4. Research “average days on market” for properties similar in type, price and location.
5. Download and review property tax roll information.
6. Prepare “comparable market analysis” to establish market value.
7. Research property’s ownership and deed type.
8. Prepare listing presentation package with above materials.
9. Perform exterior “curb appeal assessment” of subject property.
10. Compile and assemble formal file on property.
11. Confirm current public schools and explain their impact on market value.
Give listing appointment presentation
12. Give seller an overview of current market conditions and projections.
13. Review agent and company credentials and accomplishments.
14. Present CMA results, including comparables, solds, current listings and expires.
15. Offer professional pricing strategy based and interpretation of current market conditions.
16. Explain market power and benefits of multiple listing service.
17. Explain market power of web marketing, IDX and Realtor.com.
18. Explain the work the broker and agent do “behind the scenes” and agent’s availability on weekends.
19. Explain agent’s role in screening qualified buyers to protect against curiosity seekers.
20. Review all clauses in listing contract and obtain seller’s signature.
Complete more research to prepare the property listing
21. Review current title information.
22. Prepare showing instructions for buyers’ agents and agree on showing time with seller.
23. Verify current loan information with lender(s).
24. Discuss possible buyer financing alternatives and options with seller.
25. Review current appraisal if available.
26. Verify Homeowner Association fees with manager–mandatory or optional and current annual fee.
27. Research and verify city sewer/septic tank system.
28. Or confirm well status, depth and output from Well Report.
29. Verify security/solar system, term of service and whether owned or leased.
30. Ascertain need for lead-based paint disclosure.
31. Prepare detailed list of property amenities and assess market impact.
32. Prepare detailed list of property’s “Inclusions & Conveyances with Sale.”
33. Explain benefits of Homeowner Warranty to seller.
34. Have extra key made for lockbox.
35. Verify if property has rental units involved.
36. Make copies of all leases for retention in listing file.
37. Inform tenants of listing and discuss how showings will be handled.
38. Arrange for yard sign installation.
39. Review results of Curb Appeal and Interior Décor Assessment with seller and suggest improvements for salability.
Enter the property in MLS database
40. Prepare MLS Profile Sheet – agent is responsible for the accuracy of listing data.
41. Enter property data from Profile Sheet into MLS listing database.
42. Schedule more photos for upload into MLS and use in flyers. Discuss efficacy of panoramic and aerial drone photography.
Market the listing
43. Create print and internet ads with seller’s input.
44. Coordinate showings with owners, tenants and other agents. Return all calls, including weekends.
45. Install electronic lockbox and program it with agreed-upon showing time windows.
46. Prepare mailing and contact list.
47. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
48. Arrange for printing or copying of supply of marketing brochures or flyers.
49. Upload listing to company and agent internet sites, if applicable.
50. Mail “Just Listed” notice to all neighborhood residents.
51. Provide marketing data to buyers coming from referral network.
52. Send feedback emails/faxes to buyers’ agents after showings.
53. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.
54. Place regular weekly update calls to seller to discuss marketing and pricing.
55. Promptly enter price changes in MLS listings database.
Facilitate the offer and the contract negotiations
56. Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.
57. Evaluate offers and prepare “net sheet” on each for owner to compare.
58. Counsel seller on offers. Explain merits and weakness of each component of each offer.
59. Contact buyers’ agents to review buyer’s qualifications and discuss offer.
60. Fax, email and deliver Seller’s Disclosure to buyer’s agent or buyer prior to offer if possible.
61. Confirm buyer is pre-qualified by calling loan officer.
62. Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date.
63. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.
64. Fax/email copies of contract and all addendums to escrow company.
65. Disseminate “Under-Contract Showing Restrictions” as seller requests.
66. Fax/deliver copies of Offer to Purchase contract to selling agent.
67. Provide copies of signed Offer to Purchase contract to escrow company.
68. Advise seller in handling additional offers to purchase submitted between contract and closing.
69. Change MLS status to “Sale Pending.”
70. Assist buyer with obtaining financing and follow up as necessary.
71. Order septic inspection, and well certification if applicable.
72. Receive and review septic system report and access any impact on sale.
73. Verify termite inspection ordered, if required.
74. Verify mold inspection ordered, if required.
Track the loan process
75. Follow loan processing through to the underwriter.
76. Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale.
77. Contact lender weekly to ensure processing is on track.
Supervise the home inspection
78. Coordinate buyer’s professional home inspection with seller.
79. Review home inspector’s report.
80. Explain seller’s responsibilities of loan limits and interpret any clauses in the contract.
81. Assist seller with identifying and negotiating with trustworthy contractors for required repairs.
82. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.
Get the home appraised
83. Schedule appraisal.
84. Provide comparable sales used in market pricing to appraiser.
85. Follow up on appraisal.
86. Assist seller in questioning appraisal report if it seems too low.
Closing requires preparations and duties too
87. Coordinate closing process with buyer’s agent and lender.
88. Ensure all parties have all forms and information needed to close the sale.
89. Confirm closing date and time and notify all parties.
90. Work with buyer’s agent in scheduling and conducting buyer’s final walkthrough before closing.
91. Receive and carefully review closing figures to ensure accuracy.
92. Confirm the buyer and buyer’s agent received title insurance policy commitment.
93. Review all closing documents carefully for errors.
94. Coordinate closing with seller’s next purchase, resolving timing issues.
95. Have a “no surprises” closing so that seller receives a net proceeds check at closing.
96. Refer sellers to one of the best agents at their destination, if applicable.
97. Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
Finally, follow up after closing
98. Answer questions about filing claims with Homeowner Warranty Company.
99. Attempt to clarify and resolve any repair conflicts if buyer is dissatisfied.
100. Respond to any follow-up calls and provide any additional information required from office files.
Call us at (951) 296-8887 and get the information you need enabling you to make an informed, educated decision.