You could buy a home without a realtor, and some people do. That is where the term FSBO (for sale by owner) comes from. However, most homeowners do not have the time necessary to know their market or what to disclose when it comes to buying or selling property.
All realtors who call themselves a realtor must take education courses to maintain their license. In addition, some will attend a series of courses to obtain a designation.
I, with several others, have been in the process of taking the several courses necessary to get a Council of Residential Specialist (CRS) Designation. For details, go to www.CRS.com.
We have learned about absorption rates, how to track market trends within different price points, and the latest trends in marketing listing strategies. One of the many take-a-ways discussed was the relevance of a realtor.
In this current market some think all you need to do is put a sign in your front yard.
I was taken back by the over 180 reasons discussed on why a buyer or seller should use a realtor. Therefore, I’d like to highlight a few.
Make and confirm appointments
Review pre-appointment questions
Research all comparables and sale activities from Multiple Listing Service (MLS) and other public records data bases
Review tax rolls
Prepare a Community Market Analysis (CMA)
Research deed type, land use coding, zoning, and deed restrictions
Prepare listing presentation packet
Give seller an overview of current market conditions and projection
Review company credentials
Present CMA results
Discuss goals and strategies
Once property is under
Review current title information
Verify number and room sizes
Square footage inside and out, lot size
Note any easements
Prepare showing instructions
Obtain current mortgage information
Verify HOA fees
Prepare list of amenities and assess market impact
List completed repairs/upgrades and maintenance items
Explain benefits of a home warranty
Review curb appeal and interior décor
Enter property into the MLS from data collected, add photos, verify accuracy of all info provide
Marketing the listing:
Create print and internet ads with seller input
Install lock box
Setup a showing schedule
Generate mail-merge letters
Advise network referral program
Provide marketing data
Convey promptly any price changes
Review loan information
Update MLS as necessary
Review feedback response to emails and other leads after showings
Place weekly update calls
The offer and contract:
Receive and review all offers and submit to buyers
Prepare a net sheet on each for comparison purposes
Counsel seller on offers
Contact buyers to confirm buyers qualifications and discuss offer
Negotiate all offers on seller’s behalf
Prepare and convey any counter offers
Confirm offer acceptance verifying that it conforms to all parties
Open escrow, update MLS, coordinate with buyers lender, ensuring loan process is on track
Coordinate with buyers professional home inspections with seller
Review inspection reports
Explain seller’s responsibilities with respect to the loan process and home inspections
Negotiate payment and oversee completion of any required repairs if needed
Schedule the appraisal, provide comparables, assist seller in questioning appraisal
Closing preparations and
Confirm all disclosures have been completed and signed by all parties
Assist in solving any title problems (boundary disputes, easements, etc.)
Schedule final walk through
Request final closing figures and review with all parties to ensure accuracy of preparation
Review all other closing documents carefully for errors
Follow up after closing
Clarify and resolve any conflicts about repairs and respond to any additional information provided about home warranty, etc.
If you have questions regarding available inventory to purchase or the current bank servicer’s short sale incentives to sellers, contact Mike Mason, broker/owner of Mason Real Estate DRE: 01483044, Board of Director of your Southwest Riverside County Association of Realtors® (SRCAR), Short Sale & Foreclosure Resource certified by National Association of Realtors® (NAR) at [email protected] or (951) 296-8887.