Hello & Welcome Back to #FabulousFriday! The other day, I started jotting down all the tasks involved in completing a real estate transaction. It's amazing to realize all the work that listing agents get done on behalf of their seller clients. In fact, here are 109 reasons your listing agent is worth every penny:
Initial Assessment and Market Research
1. Make appointment with seller for listing presentation
2. Research all comparable currently listed properties
3. Research sales activity from Local MLS Broker Marketplaces and public records databases
4. Research Average Days on Market for property of this type, price range, and location
5. Download and review property tax roll/assessor information
6. Prepare preliminary Comparable Market Analysis (CMA) to establish fair market value
7. Research property’s ownership and deed type and verify legal names of owner(s) in public tax and/or property records
Prepare listing presentation package with above researched materials
8. Give seller an overview of current market conditions and projections
9. Tour property and perform curb appeal assessment of subject property based on current condition
10. Present preliminary Current Market Analysis to seller, including comparable properties, sold properties, current listings, and expired listings
11. Offer pricing strategy with updates to Current Market Analysis based on tour of home and updates, upgrades professional judgment, and current market conditions
12. Discuss goals with seller to market effectively
13. Explain market power and benefits of Local MLS Broker Marketplaces
14. Explain market power of web marketing, IDX and online marketing tools
15. Explain the work you do behind the scenes and your availability on weekends
16. Explain role in screening for qualified buyers and protect seller from curiosity seekers
17. Present and discuss strategic master marketing plan
18. Explain transaction/agency brokerage relationship
19. Review and explain all clauses in listing contract and addendum, then obtain seller’s signature once property is under listing agreement
20. Prepare showing instructions for buyers’ agents and showing times with seller
21. Discuss possible buyer financing alternatives and options with seller
22. Review current appraisal if available
23. Identify Homeowner Association manager if applicable
24. Verify Homeowner Association Fees with manager—mandatory or optional, plus fees
25. Order copy of Homeowner Association bylaws, if applicable
26. Research and inquire with seller regarding city sewer/septic tank system
27. Verify if seller has transferable Termite and moisture contract
28. Ascertain need for lead-based paint disclosure if applicable
29. Prepare detailed list of property amenities and assess market impact
30. Prepare detailed list of property’s inclusions and conveyances with sale
31. Compile list of completed repairs and maintenance items
32. Explain benefits of Homeowner Warranty to seller
33. Assist sellers with completion and submission of Homeowner Warranty Application
34. Place Homeowner Warranty in property file for conveyance at time of sale
35. Have extra key made for lockbox and one for your file
36. Verify if property has rental units involved.
37. If the property does have rental units, make copies of all leases for retention in listing file
38. Verify all rents and deposits
39. Inform tenants of listing and discuss how showings will be handled
40. Arrange for installation of yard sign
41. Complete new listing checklist
42. Review curb appeal assessment and provide suggestions to improve saleability
Review interior décor assessment and suggest changes to shorten time on market
43. Load listing into transaction management software program
44. Prepare Local MLS Broker Marketplaces Profile Sheet
45. Enter property data from Profile Sheet into Local MLS Broker Marketplaces Database
46. Add property to company’s active listings list
47. Take photos for upload into Local MLS Broker Marketplaces and use in fliers or arrange for professional photos to be taken
48. Create print and internet ads with seller’s input
49. Coordinate showings with owners, tenants, and other agents.
50. Install electronic lock box if authorized. Program agreed-to showing times
51. Prepare mailing and contact list
52. Review comparable Local MLS Broker Marketplaces regularly to ensure property remains competitive
53. Prepare property marketing brochure for seller’s review
54. Arrange for printing or copying of marketing brochures or fliers
55. Upload listing to company and agent Internet site, if applicable
56. Mail out Just Listed notice to all neighborhood residents
57. Advise network referral program of listing
58. Provide marketing data to buyers through international relocation network buyers
59. Provide marketing data to buyers coming from referral network
60. Provide Special Feature cards for marketing, if applicable
61. Submit ads to company’s participating internet real estate sites
62. Price changes conveyed promptly to all internet groups
63. Reprint/supply brochures promptly as needed
64. Feedback e-mails collected from buyers’ agents after showings
65. Review weekly market study with seller and share feedback collected from weekly showings
66. Discuss with sellers any feedback from showings to determine if changes are needed
67. Set up marketing reports on showing-time application and company website
68. Place regular weekly update calls to seller to discuss marketing and pricing
69. Promptly enter price changes in the Local MLS Broker Marketplaces database
Receive and review all Offer to Purchase contracts submitted by buyers’ agents
70. Evaluate offer(s) and prepare a net sheet for the owner for comparison purposes
71. Explain merits and weakness of each offer to sellers
72. Contact buyers’ agents to review buyer’s qualifications and discuss offer
73. Deliver Seller’s Disclosure to buyer upon request and prior to offer if possible. Upload to the Local MLS Broker Marketplaces additional documents at time of listing
74. Confirm buyer is pre-qualified by calling loan officer
75. Obtain buyers’ pre-qualification letter from loan officer if not submitted with offer
76. Negotiate all offers per seller’s direction on seller’s behalf, set time limit for loan approval and closing
77. Prepare and convey counteroffers, acceptance or amendments to buyer’s agent
78. Email or send copies of contract and all addendum’s to the closing attorney or title company
79. When Offer to Purchase contract is accepted, deliver to buyer’s agent
Record and promptly deposit buyer’s earnest money in escrow account
80. Disseminate under-contract showing restrictions as seller requests
81. Deliver copies of fully signed Offer to Purchase contract to seller
82. Deliver copies of Offer to Purchase contract to lender
83. Provide copies of signed Offer to Purchase contract for office file
84. Advise seller of additional offers submitted between contract and closing
85. Change status in Local MLS Broker Marketplaces to Sale Pending
86. Update transaction management program to show Sale Pending
87. Provide credit report information to seller if property will be seller- financed
Inspections:
88. Coordinate Home Inspections with Buyers Agent
89. Order well and septic system inspection(s), if applicable
90. Verify termite inspection and moisture inspection ordered
91. Contact lender weekly to ensure processing is on track
92. Relay final approval of buyer’s loan application to seller
93. Review home inspector’s report
94. Explain seller’s responsibilities, and discuss and advise regarding any clauses in the contract
95. Ensure seller’s compliance with Home Inspection Clause requirements
96. Assist seller with identifying contractors to perform any required repairs
97. Negotiate payment, and oversee all required repairs on seller’s behalf, if needed
Schedule appraisal
98. Provide appraiser with comparable sales used in market pricing and meet appraiser at the property
99. Assist seller in questioning appraisal report if it seems too low
100. Coordinate closing process with buyer’s agent and lender
101. Confirm closing date and time, and notify all parties
102. Work with buyer’s agent in scheduling buyer’s final walk-thru prior to closing
103. Double check all tax, homeowners’ association dues, and applicable prorations
104. Request final closing figures from closing agent (attorney or title company)
105. Receive and carefully review closing figures to ensure accuracy of preparation
106. Coordinate closing with seller’s next purchase, and resolve any timing problems
107. Attend closing with seller
108. Change Local MLS Broker Marketplaces status to Sold. Enter sale date, price, selling broker, etc.
109. Help Seller find and purchase a new home and represent them in their new home purchase.
As you can see, there are many tasks involved in representing a seller in the transfer and marketing of a home. At Shaffer Realty and Real Estate, we are here to help. Reach out to one of our helpful friendly agents today! See you next Friday for more real estate tips and tricks. See you soon! Warmly, Susan