04/18/2024
Listed below are 184 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are routinely provided by full service real estate brokerages in return for their sales commission. Depending on the transaction and particular agent, 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 todayโs real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process โ a REALTORยฎ.
๐Pre-Listing Activities
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Make appointment with seller for listing presentation
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Send seller a written or email confirmation of listing appointment and call to confirm
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Review pre-appointment questions
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Research all comparable currently listed properties
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Research sales activity for past 18 months from MLS and public records databases
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Research average Days on Market (DOM) for this property of this type, price range and location
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Download and review property tax roll information
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Prepare Comparable Market Analysis (CMA) to establish fair market value
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Obtain copy of subdivision plat/complex lay-out
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Research propertyโs ownership & deed type
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Research propertyโs public record information for lot size & dimensions
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Research and verify legal description
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Research propertyโs land use coding and deed restrictions
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Research propertyโs current use and zoning
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Verify legal names of owner(s) in countyโs public property records
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Prepare listing presentation package with above materials
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Perform exterior โCurb Appeal Assessmentโ of subject property
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Compile and assemble formal file on property
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Confirm current public schools and explain impact of schools on market value
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Review listing appointment checklist to ensure all steps and actions have been completed
๐ Listing Appointment Presentation
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Give seller an overview of current market conditions and projections
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Review agentโs and companyโs credentials and accomplishments in the market
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Present companyโs profile and position or niche in the marketplace
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Present CMA results to seller, including comparables, solds, current listings & expireds
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Offer pricing strategy based on professional judgment and interpretation of current market conditions
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Discuss goals with seller to market effectively
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Explain market power and benefits of Multiple Listing Service (MLS)
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Explain benefits of web marketing & IDX
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Explain the work the brokerage and agent do behind the scenes and agentโs availability on weekends
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Explain agentโs role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
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Present and discuss strategic master marketing plan
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Explain different agency relationships and determine sellerโs preference
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Review and explain all clauses in listing contract & addendum and obtain sellerโs signature once property is under listing agreement
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Review current title information
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Measure overall and heated square footage
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Measure interior room sizes
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Confirm lot size via ownerโs copy of certified survey, if available
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Note any and all unrecorded property lines, agreements, easements
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Obtain house plans, if applicable and available
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Review house plans and make copy
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Order plat map for retention in propertyโs listing file
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Prepare showing instructions for buyersโ agents and agree on showing time window with seller
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Obtain current mortgage loan(s) information: companies and & loan account numbers
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Verify current loan information with lender(s)
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Check assumability of loan(s) and any special requirements
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Discuss possible buyer financing alternatives and options with seller
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Review current appraisal if available
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Identify Home Owner Association (HOA) manager if applicable
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Verify HOA fees with manager โ mandatory or optional and current annual fee
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Order copy of HOA bylaws, if applicable
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Research electricity availability and supplierโs name and phone number
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Calculate average utility usage from last 12 months of bills
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Research and verify city sewer/septic tank system
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Water system: calculate average water fees or rates from last 12 months of bills
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Well water: confirm well status, depth and output from well report
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Natural gas: research/verify availability and supplierโs name and phone number
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Verify security system, current term of service and whether owned or leased
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Verify if seller has transferable termite bond
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Ascertain need for lead-based paint disclosure
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Prepare detailed list of property amenities and assess market impact
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Prepare detailed list of propertyโs โinclusions & conveyances with saleโ
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Compile list of completed repairs and maintenance items
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Send โvacancy checklistโ to seller if property is vacant
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Explain benefits of homeowner warranty to seller
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Assist sellers with completion and submission of homeowner warranty application
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When received, place homeowner warranty in property file for conveyance at time of sale
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Have extra key made for lockbox
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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
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Arrange for installation of yard sign
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Assist seller with completion of Sellerโs Disclosure form
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โNew listing checklistโ completed
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Review results of curb appeal assessment with seller and provide suggestions to improve salability
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Review results of interior decor assessment and suggest changes to shorten time on market
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Load listing into transaction management software program
๐ Entering Property in Multiple Listing Service Database
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Prepare MLS profile sheet โ agent is responsible for quality control and accuracy of listing data
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Enter property data from profile sheet into MLS database
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Proofread MLS database listing for accuracy, including proper placement in mapping function
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Add property to companyโs active listings list
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Provide seller with signed copies of listing agreement and MLS โ
Profile sheet data form within 48 hours
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Take additional photos for upload into MLS and use in flyers โ
Discuss efficacy of panoramic and/or drone photography
๐ Marketing The Listing
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Create print and Internet ads with sellerโs input
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Coordinate showings with owners, tenants, and other Realtorsยฎ. Return all calls โ weekends included
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Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
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Prepare mailing and contact list
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Generate mail-merge letters to contact list
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Order โJust Listedโ labels & reports
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Prepare flyers
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Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
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Prepare property marketing brochure for sellerโs review
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Arrange for printing or copying of supply of marketing brochures or fliers
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Place marketing brochures in all company agent mail boxes
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Upload listing to company and agent Internet site, if applicable
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Mail out โjust listedโ notice to all neighborhood residents
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Advise network referral program of listing
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Provide marketing data to buyers coming through international relocation networks
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Provide marketing data to buyers coming from referral network
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Provide โspecial featureโ cards for marketing, if applicable
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Submit ads to companyโs participating Internet real estate sites
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Price changes conveyed promptly to all Internet groups
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Reprint/supply brochures promptly as needed
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Loan information reviewed and updated in MLS as required
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Feedback requests sent to buyersโ agents after showings
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Review weekly market study
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Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
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Place regular weekly update calls to seller to discuss marketing & pricing
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Promptly enter price changes in MLS listing database
๐ The Offer and Contract
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Receive and review all offers
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Evaluate offer(s) and prepare a โnet sheetโ on each for the owner for comparison purposes
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Counsel seller on offers. Explain merits and weakness of each component of each offer
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Contact buyersโ agents to review buyerโs qualifications and discuss offer
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Submit sellerโs disclosure to buyerโs agent or buyer upon request and prior to offer if possible
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Confirm buyer is pre-approved by calling loan officer
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Obtain pre-approval letter on buyer from loan officer
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Negotiate all offers on sellerโs behalf, setting time limit for loan approval and closing date
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Prepare and convey any counteroffers, acceptance or amendments to buyerโs agent
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Submit copies of contract and all addendums to closing attorney or title company
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When offer is accepted and signed by seller, send to buyerโs agent
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Record and promptly deposit buyerโs earnest money in escrow account
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Disseminate โunder-contract showing restrictionsโ as seller requests
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Submit copies of signed contract to seller
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Submit copies of signed contract to selling agent
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Submit copies of signed contract to lender
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Provide copies of signed contract for office file
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Advise seller in handling additional offers to purchase submitted between contract and closing
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Change status in MLS to โSale Pendingโ
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Update transaction management program show โSale Pendingโ
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Review buyerโs credit report results โ Advise seller of worst and best case scenarios
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Provide credit report information to seller if property will be seller-financed
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Assist buyer with obtaining financing, if applicable and follow-up as necessary
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Coordinate with lender on discount points being locked in with dates
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Deliver unrecorded property information to buyer
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Order septic system inspection, if applicable
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Receive and review septic system report and assess any possible impact on sale
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Deliver copy of septic system inspection report lender & buyer
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Deliver well flow test report copies to lender & buyer and property listing file
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Verify termite inspection ordered
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Verify mold inspection ordered, if required
๐ Tracking the Loan Process
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Confirm verifications of deposit & buyerโs employment have been returned
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Follow loan processing through to the underwriter
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Add lender and other vendors to your management program so agents, buyer and seller can track progress of sale
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Contact lender weekly to ensure processing is on track
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Relay final approval of buyerโs loan application to seller
๐ Home Inspection
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Coordinate buyerโs professional home inspection with seller
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Review home inspectorโs report
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Enter completion into transaction management tracking software program
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Explain sellerโs responsibilities with respect to loan limits and interpret any clauses in the contract
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Ensure sellerโs compliance with home inspection clause requirements
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Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
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Negotiate payment and oversee completion of all required repairs on sellerโs behalf, if needed
๐ The Appraisal
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Schedule appraisal
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Provide comparable sales used in market pricing to appraiser
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Follow-up on appraisal
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Enter completion into transaction management program
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Assist seller in questioning appraisal report if it seems too low
๐Closing Preparations and Duties
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Contract is signed by all parties
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Coordinate closing process with buyerโs agent and lender
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Update closing forms & files
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Ensure all parties have all forms and info needed to close
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Select location where closing will be held
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Confirm closing date and time and notify all parties
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Assist in solving any title problems (boundary disputes, easements, etc.) or in obtaining death certificates
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Work with buyerโs agent in scheduling and conducting buyerโs final walk-thru prior to closing
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Research all tax, HOA, utility and other applicable prorations
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Request final closing figures from closing agent (attorney or title company)
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Receive & carefully review closing figures to ensure accuracy of preparation
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Forward verified closing figures to buyerโs agent
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Request copy of closing documents from closing agent
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Confirm buyer and buyerโs agent have received title insurance commitment
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Provide homeowners warranty for availability at closing
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Review all closing documents carefully for errors
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Forward closing documents to absentee seller as requested
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Review documents with closing agent (attorney)
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Provide earnest money deposit check from escrow account to closing agent
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Coordinate this closing with sellerโs next purchase and resolve any timing problems
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Have a โno surprisesโ closing so that seller receives a net proceeds check at closing
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Refer sellers to one of the best agents at their destination, if applicable
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Change MLS status to Sold. Enter sale date, price, selling broker and agentโs ID numbers, etc.
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Close out listing in management program
๐ Follow Up After Closing
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Answer questions about filing claims with homeowner warranty company if requested
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Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
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Respond to any follow-up calls and provide any additional information required from office files
