03/25/2024
Ever wonder what us agents do? Well, here's a glimpse: 184 tasks from research to negotiations that make your dream home a reality!
#185 - Working While You're on Vacation!
👉Pre-Listing Activities
✅ Make appointment with seller for listing presentation
✅ Send seller a written or email confirmation of listing appointment and call to confirm
✅ Review pre-appointment questions
✅ Research all comparable currently listed properties
✅ Research sales activity for past 18 months from MLS and public records databases
✅ Research average Days on Market (DOM) for this property of this type, price range and location
✅ Download and review property tax roll information
✅ Prepare Comparable Market Analysis (CMA) to establish fair market value
✅ Obtain copy of subdivision plat/complex lay-out
✅ Research property’s ownership & deed type
✅ Research property’s public record information for lot size & dimensions
✅ Research and 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 subject property
✅ Compile and assemble formal file on property
✅ Confirm current public schools and explain impact of schools on market value
✅ Review listing appointment checklist to ensure all steps and actions have been completed
👉 Listing Appointment Presentation
✅ Give seller an overview of current market conditions and projections
✅ Review agent’s and company’s credentials and accomplishments in the market
✅ Present company’s profile and position or niche in the marketplace
✅ Present CMA results to seller, including comparables, solds, current listings & expireds
✅ Offer pricing strategy based on professional judgment and interpretation of current market conditions
✅ Discuss goals with seller to market effectively
✅ Explain market power and benefits of Multiple Listing Service (MLS)
✅ Explain benefits of web marketing & IDX
✅ Explain the work the brokerage and agent do behind the scenes and agent’s availability on weekends
✅ Explain agent’s role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
✅ Present and discuss strategic master marketing plan
✅ Explain different agency relationships and determine seller’s preference
✅ Review and explain all clauses in listing contract & addendum and obtain seller’s signature once property is under listing agreement
✅ 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
✅ Note any and all unrecorded property lines, agreements, easements
✅ Obtain house plans, if applicable and available
✅ Review house plans and make copy
✅ Order plat map for retention in property’s listing file
✅ Prepare showing instructions for buyers’ agents and agree on showing time window with seller
✅ Obtain current mortgage loan(s) information: companies and & loan account numbers
✅ Verify current loan information with lender(s)
✅ Check assumability of loan(s) and any special requirements
✅ Discuss possible buyer financing alternatives and options with seller
✅ Review current appraisal if available
✅ Identify Home Owner Association (HOA) manager if applicable
✅ Verify HOA fees with manager – mandatory or optional and current annual fee
✅ Order copy of HOA 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
✅ Water system: calculate average water fees or rates from last 12 months of bills
✅ Well water: confirm well status, depth and output from well report
✅ Natural gas: research/verify availability and supplier’s name and phone number
✅ Verify security system, current term of service and whether owned or leased
✅ Verify if seller has transferable termite bond
✅ Ascertain need for lead-based paint disclosure
✅ Prepare detailed list of property amenities and assess market impact
✅ Prepare detailed list of property’s “inclusions & conveyances with sale”
✅ Compile list of completed repairs and maintenance items
✅ Send “vacancy checklist” to seller if property is vacant
✅ Explain benefits of homeowner warranty to seller
✅ Assist sellers with completion and submission of homeowner warranty application
✅ When received, place homeowner warranty in property file for conveyance at time of sale
✅ Have extra key made for lockbox
✅ Verify if property has rental units involved. And if so:
* Make copies of all leases for retention in listing file
* Verify all rents & deposits
* Inform tenants of listing and discuss how showings will be handled
✅ Arrange for installation of yard sign
✅ Assist seller with completion of Seller’s Disclosure form
✅ “New listing checklist” completed
✅ Review results of curb appeal assessment with seller and provide suggestions to improve salability
✅ Review results of interior decor assessment and suggest changes to shorten time on market
✅ Load listing into transaction management software program
👉 Entering Property in Multiple Listing Service Database
✅ Prepare MLS profile sheet — agent is responsible for quality control and accuracy of listing data
✅ Enter property data from profile sheet into MLS database
✅ Proofread MLS database listing for accuracy, including proper placement in mapping function
✅ Add property to company’s active listings list
✅ Provide seller with signed copies of listing agreement and MLS ✅ Profile sheet data form within 48 hours
✅ Take additional photos for upload into MLS and use in flyers ✅ Discuss efficacy of panoramic and/or drone photography
👉 Marketing The Listing
✅ Create print and Internet ads with seller’s input
✅ Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included
✅ Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
✅ Prepare mailing and contact list
✅ Generate mail-merge letters to contact list
✅ Order “Just Listed” labels & reports
✅ Prepare flyers
✅ 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 supply of marketing brochures or fliers
✅ Place marketing brochures in all company agent mail boxes
✅ Upload listing to company and agent Internet site, if applicable
✅ Mail out “just listed” notice 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
✅ Price changes conveyed promptly to all Internet groups
✅ Reprint/supply brochures promptly as needed
✅ Loan information reviewed and updated in MLS as required
✅ Feedback requests sent 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 & pricing
✅ Promptly enter price changes in MLS listing database
👉 The Offer and Contract
✅ Receive and review all offers
✅ Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes
✅ Counsel seller on offers. Explain merits and weakness of each component of each offer
✅ Contact buyers’ agents to review buyer’s qualifications and discuss offer
✅ Submit seller’s disclosure to buyer’s agent or buyer upon request and prior to offer if possible
✅ Confirm buyer is pre-approved by calling loan officer
✅ Obtain pre-approval letter on buyer 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
✅ Submit copies of contract and all addendums to closing attorney or title company
✅ When offer is accepted and signed by seller, send to buyer’s agent
✅ Record and promptly deposit buyer’s earnest money in escrow account
✅ Disseminate “under-contract showing restrictions” as seller requests
✅ Submit copies of signed contract to seller
✅ Submit copies of signed contract to selling agent
✅ Submit copies of signed contract to lender
✅ Provide copies of signed contract for office file
✅ Advise seller in handling additional offers to purchase submitted between contract and closing
✅ Change status in MLS to “Sale Pending”
✅ Update transaction management program 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 will be seller-financed
✅ Assist buyer with obtaining financing, if applicable and follow-up as necessary
✅ Coordinate with lender on discount points being locked in with dates
✅ Deliver unrecorded property information to buyer
✅ Order septic system inspection, if applicable
✅ Receive and review septic system report and assess any possible impact on sale
✅ Deliver copy of septic system inspection report lender & buyer
✅ Deliver well flow test report copies to lender & buyer and property listing file
✅ Verify termite inspection ordered
✅ Verify mold inspection ordered, if required
👉 Tracking the Loan Process
✅ Confirm verifications of deposit & buyer’s employment have been returned
✅ Follow loan processing through to the underwriter
✅ Add lender and other vendors to your 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 with respect to loan limits and interpret any clauses in the contract
✅ Ensure seller’s compliance with home inspection clause requirements
✅ Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any 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
✅ Contract is signed by all parties
✅ Coordinate closing process with buyer’s agent and lender
✅ Update closing forms & files
✅ Ensure all parties have all forms and info needed to close
✅ Select location where 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
✅ Work with buyer’s agent in scheduling and conducting buyer’s final walk-thru prior to closing
✅ Research all tax, HOA, utility and other applicable prorations
✅ Request final closing figures from closing agent (attorney or title company)
✅ Receive & carefully review closing figures to ensure accuracy of preparation
✅ Forward verified closing figures to buyer’s agent
✅ Request copy of closing documents from closing agent
✅ Confirm buyer and buyer’s agent have received title insurance commitment
✅ Provide homeowners 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 check from escrow account to closing agent
✅ Coordinate this closing with seller’s next purchase and resolve any timing problems
✅ Have a “no surprises” closing so that seller receives a net proceeds check at closing
✅ Refer sellers to one of the best agents at their destination, if applicable
✅ Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
✅ Close out listing in management program
👉 Follow Up After Closing
✅ Answer questions about filing claims with homeowner warranty company if requested
✅ 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
