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Basic Project Management for the FSBO - #6 in a Series for the FSBO

By
Real Estate Agent with The Papas Group (DRE #01766524)

Project management principles can be applied to the home sale process to provide a structured process for visualizing the complexities of the task to be undertaken. One of the fundamental tools of project management is the Work Breakdown Structure or WBS. The WBS is a visual representation of the major units of work in a project. A real estate transaction has known steps along the way. Here is a WBS for a typical residential real estate transaction ...

 

Pre-Sales activities

Market activities

Offer selection & negotiation

Contract performance

Closing

Cost Plan

List on MLS

Selection criteria: price & terms

Contingency tracking

Escrow closing

Deferred maintenance

Broker Tour

Seller’s NET sheet

Document delivery

Recording of documents

“Curb Appeal” maintenance

Internet marketing

Risk analysis

Additional inspections

Key turnover

Home staging

Virtual tour

Counter offer

Escrow instructions (California)

HUD-1 review

Valuable & Misc. to storage

Collateral & signage

Offer acceptance

Last minute problem resolution

Junk fee receipts

Temporary housing

Neighborhood marketing

Offer rejection

Contingency release

Insurance & warranty document review

Open escrow (California)

Open house

Risk mitigation plan

--

Lessons learned

Inspections and reports

Weekly market updates

--

--

--

Disclosures (California)

Feedback from showings

--

--

--

Correct price

Price adjustments

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--

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Across the first row of the WBS, we have 5 major activities of the transaction process. Down each column are some of the major units of work that is part of that activity.

These choices of columns and work units will differ according to the seller, property, market conditions, customs and traditions on how real estate is practiced in various areas of the country, so I have tried to be as generic as possible while still preserving the basic structure of a residential real estate transaction.

Paul Caloca
Realtor, EcoBroker

 

 

Comments (3)

Marty Van Diest
Valley Market Real Estate - Wasilla, AK
Your Alaskan Realtor
That's as good a chart as any I've seen to document the process of a real estate transaction.  Mind if I book mark it?
Jan 16, 2007 07:22 PM
Cynthia Sloop
Community Association Manager - Indianapolis, IN
That isa great chart Paul!  I too would like to bookmark it and use it.  I don't believe I've seen many posts by you so if I missed that you are new, WELCOME.  My family lives around the Cupertino Area.  Very beautiful, expensive place to be.
Jan 16, 2007 11:50 PM
Paul Caloca
The Papas Group (DRE #01766524) - Scotts Valley, CA

You are both welcome to bookmark the chart. Anyone else who finds the chart useful is also welcome to use it and bookmark too! 

Thanks for your positive feedback!

-- Paul Caloca

Jan 17, 2007 05:02 AM