The Critical Role of the REALTOR® 190 Duties
Here is a list of nearly 200 typical actions, research steps, procedures, processes and review stages undertaken in a successful residential real estate transaction that are normally provided by a FULL SERVICE REALTOR® and Brokerage in return for their sales commission. Depending on the nature of the transaction some may take minutes, some hours, and some even days to complete; while some may not be needed at all, depending on the transaction. As with most things in the real estate industry, “it depends.” More importantly, they reflect the level of skill, knowledge, and attention to detail required in today’s real estate transactions, which underscores the importance of having help and guidance from someone who fully understands the process, your professional REALTOR®. And, never forget that REALTORS® are pledged to uphold the stringent, enforceable tenets of the REALTOR® Code of Ethics in their professional dealings with the public and their peers. Not every real estate licensee holds a REALTOR® membership. Make sure yours does. Especially in today’s ever-changing real estate environment, its never been more important to use the services of a real estate professional – a Realtor®.
- Make an appointment with the potential seller for a 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 the past 12 months from MLS and public record databases
- Research “Average Days on Market” for this property type, price range and location
- Download and review property tax roll information. Good idea to measure the home prior to completing any CMA!
- Prepare “Comparable Market Analysis” (CMA) to establish fair market value
- Obtain copy of subdivision plat / complex lay-out
- Research Property ownership and Title
- Research Property’s public record information for lot size & dimensions
- Research and verify legal description
- Research property’s land use code and deed restrictions
- Research property’s current use and zoning
- Verify legal names of owners on property title
- Prepare a Listing Presentation package with the above materials
- Perform an exterior “Curb Appeal Assessment” of subject property
- Compile and assemble formal file on property
- Confirm current public schools and explore impact of schools on market value
- Review listing appointment checklist to ensure all steps and actions have been completed
- Give seller an overview of current market conditions and projection
- Review agents and company’s credentials and accomplishments in the market
- Present company profile and position or niche in the marketplace
- Present CMA results to seller, including Comparables, Solds, Current Listings & Expired
- Offer pricing strategy based on professional judgment & interpretation of current market conditions
- Offer professional insight on deficiencies preventing higher selling values
- Suggest “Value Added” tips to enhance the homes salability to potential buyers
- Discuss “Marketing” with seller to get Maximum Exposure and Property value
- Explain market power and benefits of the Multiple Listing Service
- Explain the power of print and web marketing used by REALTORS®
- Explain the work the brokerage and agents do “behind the scenes” & agents availability on weekends
- Explain taking calls to screen for qualified buyers to protect the seller from curiosity seekers
- Present strategic master marketing plan for property
- Explain different agency relationships and determine seller’s preference
- Review presentation with sellers to ensure complete understanding and answer any questions pertaining to the process.
- 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
- Obtain house plans, if applicable and available
- Review house plans and make copies
- Order Survey or Real Estate Property Report
- Prepare showing instructions for buyers agent’s
- Set up with sellers acceptable Open House and Showing Time hours
- Obtain current mortgage loan information; company and loan account numbers
- Verify current loan information with lenders
- Check assumability of loans and any special requirements
- Discuss possible buyer financing alternatives and options with sellers
- Review current appraisal if available
- Identify Home Owners Association manager if applicable
- Verify Home Owner Association fees with manager- mandatory or optional & current annual fees
- Order a copy of the Condominium Association document & bylaws, if applicable
- Discuss with homeowner average utility usage for the last 12 months and calculate monthly average
- Research and verify city sewer / septic tank / septic field system
- Discuss with homeowner water usage for the last 12 months an calculate the monthly average
- Well Water: Confirm well status, depth and output from well report
- View or order a water analysis report of well water, if applicable
- Discuss with homeowner the natural gas usage over the last 12 months and calculate a monthly average
- Discuss with homeowner the garbage / recycle programs and document info for buyers presentations
- Prepare a detailed list of property amenities and assess market impact
- Prepare a detailed list of locations and distances to area schools, grocery stores, department stores and shopping malls
- Prepare a detailed list of locations and distances to recreation centres and public library’s
- Compile a list of upgrades and completed repairs and maintenance items
- Send “Vacancy Checklist” to seller if property is vacant
- Explain the benefits of Home Owners warranty to Potential Buyers
- Have an extra key made for the lockbox
- Verify if property has rental units: if so
- Verify and make copies of all lease agreements fro retention in listing file
- Verify all rents agreements and deposit amounts
- Inform tenants of listing and discuss how showings will be handled
- Arrange and coordinate official listing date to coincide with any upgrades or repairs
- Arrange for the placement of a Yard Sign
- Assist sellers with the completion of the “Seller Disclosure Form”
- Ensure “New Listings Checklist” is completed
- Review Curb Appeal Assessment with sellers
- Review Interior Décor Assessment with sellers
- Load listing into transaction management software program
- Arrange “New Listing” information session with Realtors in your office at the weekly meeting
- Take high resolution photographs of all aspects of the property for use in “Marketing Plan” in
print advertising, for personal and company websites and MLS.
- Prepare MLS Profile Sheet – Agent’s is responsible for “Quality Control” and accuracy of listing data
- Enter property data from Profile Sheet into the MLS database
- Proofread MLS database listing for accuracy
- Include proper placement in mapping function
- Add property to the company’s “Active Listing” list
- Add Property information and photos into company’s websites
- Add Property information and photos to personal real estate websites
- Add property information and photos to all real estate website provided by the publications you market and advertise with
- Provide sellers with a signed copy of the Listing Agreement and MLS Profile Data Sheet Form within 48-hours
- Discuss with homeowners the possibility of virtual tours or streaming audio/video presentations
- Create Print and Internet ads with the sellers input
- Coordinate showings with owners, tenants, and other REALTORS
- Return any calls promptly every day including evenings and weekends
- Install electronic lock box if authorized by sellers
- Program electronic lock boxes 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 & feedback faxes
- Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
- Prepare property Marketing Brochure for sellers to review
- Arrange for the printing or copying supplies of marketing brochures and flyers
- Arrange and coordinate the placement of feature ads in real estate publications
- Arrange for a newspaper classified ad advertising Open House times and dates
- Place marketing brochures in all of the company’s realtors mail boxes
- Mail out “Just Listed” notices 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
- Any information or price changes conveyed promptly to any and all services, Internet sites,publications and MLS
- Reprint and Supply additional buyer brochures as needed
- Loan information reviewed and updated in MLS as required
- Feedback emails / faxes sent to buyers agents after showings
- Review weekly Market Study
- Discuss feedback from showing agents with sellers to determine if changes are required
- Promptly enter these changes in MLS listing database
- Receive and review all Offers to Purchase contracts submitted by buyers or buyers agents
- Evaluate offer(s) and prepare a “net sheet” on each for the sellers for comparative purposes
- Counsel sellers on offer(s) received. Explain in detail the merits and weaknesses of each component of each offer received
- Contact buyers agent to review buyers qualifications and to discuss offer
- Counsel seller on countering “offers” and work with buyers or buyer’s agent to negotiate a deal
- Fax /Deliver Sellers Disclosure to buyer’s agent or buyer upon request or prior to offer if possible
- Obtain a pre-qualification letter on buyer from mortgage broker or lending institution
- Negotiate all offers on sellers behalf, setting time limits for loan approval and closing date
- Fax copies of contract and all addendums to sellers lawyer and buyer’s agent
- When Offer to Purchase contract is accepted and signed by seller, deliver to buyer’s agent
- Record and promptly deposit buyers deposit into trust account
- Deliver copies of fully signed Offer to Purchase contract to seller
- Deliver copies of fully signed Offer to Purchase contract to buyer’s agent
- Provide copies of Offer to Purchase to the lenders
- Deliver copies of fully signed Offer to Purchase contract for office to file
- Advise seller in handling additional offers to purchase submitted between contract and closing
- Change status in MLS to “Conditionally Sold”
- Update lawn sign to include a C/S “Conditionally Sold” sticker
- Update transaction management program to show “Conditionally Sold”
- Assist buyer in obtaining financing, if applicable and follow-up as necessary
- Coordinate with lender on Discount Points being locked in with dates
- Order septic tank inspection, if applicable
- Receive and review septic tank report and assess any possible impact on sale
- Deliver Well Flow Test Report copies to lender & buyer and property listing file.
- Coordinate buyers professional home inspection with seller
- Review home inspection report
- Forward finding of Inspection to seller
- Discuss home inspection report with buyer or buyer’s agent
- Deal with problems found as a result of home inspection
- Ensure seller’s compliance with Home Inspection Clause
- Work with sellers and buyer or buyer’s agent to resolve and or repair problems found as a result of home inspection
- Properly document changes to the Offer to Purchase to reflect the resolved changes as a result of the home inspection
- Ensure revised copies with new changes is forwarded to Sellers Lawyer, Buyer’s agent, lending institution and to office to file
- Enter completion into transaction management tracking software program
- Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
- Recommend or assist seller in identifying and negotiating with a trustworthy contractor to perform any work required
- Oversee completion of all required repairs on the sellers behalf, if needed
- Ensure seller’s compliance with Home Inspection Clause negotiated requirements have been completed to the satisfaction of all parties prior to closing
- Follow through with the buyers or buyer’s agent on financing approval
- Fax / deliver any and all relevant documents needed to complete the financing requirements
- Schedule the Appraisal
- Provide comparable sales used in marketing price to Appraiser
- Follow-up on Appraisal
- Enter completion into transaction management program
- Assist seller in questioning any appraisal report if it seems too low
- Contract is signed by all parties
- Coordinate closing process with buyer’s agent and lender
- Update closing forms & files
- Ensure all parties have all the forms and information needed to close the sale
- Select a location where the 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 if required
- Work with buyer’s agent in scheduling and conducting the buyers Final Walk-Thru prior to closing
- Research all tax, HOA, Utility and other applicable pro-rations
- Request final closing figures from closing agent (attorney or title company)
- Receive and carefully review closing figures to ensure accuracy of preparation
- Forward verified closing figures to buyer’s agent
- Request a copy of closing documents for closing agent
- Confirm buyer and buyer’s agent have received title insurance commitment
- Provide “Home Owners Warranty” for availability at closing, if applicable
- Review all closing documents carefully for errors
- Forward closing documents to absentee seller if required
- Review documents with the lawyer
- Coordinate this closing with the seller’s next purchase and resolve any timing issues
- Have a “no surprises” closing so that sellers receive a net proceed cheque at closing
- Refer sellers to one of the best agents at their destination if relocating
- Change MLS status to SOLD
- Change Lawn sign to SOLD
- Enter in sale date, price, selling broker and agent ID numbers, etc. into system
- Close out listing in transaction management program
- Answer questions about filing claims with New Home Warranty company, if required
- Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
- Respond to any follow-up calls and provide any additional information required from office files
As you can see from this article the level of skill, knowledge, attention to details and energy required in a normal residential real estate transaction is staggering, and there are probably an additional 100 –200 additional steps, requirements, and procedures, etc. not covered in this list. The thought that REALTORS® don’t work extremely hard for their commission is ludicrous. REALTORS® ensure the entire real estate process goes smoothly, handling every detail needed to selling your home. So the next time you hear a radio commercial telling you “ You Can Sell it Yourself” or that you pay “a REALTOR® $10,000 for one days work” Nothing could be farther from the truth.”
Please feel free to send us items you think could be added to the list. Each transaction is different and agents are often asked to do some unusual jobs. Please send to sizematters@charter.net .
This article was provided by the Ashville Board of Realtors®
http://www.abr-nc.com/home-mainmenu-1/1-rotator/168-the-critical-role-of-the-realtor
