The Critical Role of a REALTOR® in a Real Estate Transaction

By
Real Estate Broker/Owner BRE# 01353757
http://actvra.in/42pq

The Critical Role of a REALTOR® in a Real Estate Transaction b&s

Many homeowners and homebuyers are not aware of the true value a REALTOR® provides during the course of a real estate transaction. Some of it is due to their own bad choice that they had when hiring their REALTOR® that resulted on not receiving many of these essential services.

  

Many of the most important services and steps taken to fulfill a transaction are performed behind the scenes by either the REALTOR® or the brokerage staff without any client knowledge.

  

This list is by no means an attempt to set forth a complete list of services as these may vary within each brokerage and each market. Many REALTORS® routinely provide a wide variety of additional services that are as varied as the nature of each transaction.

  

By the same token, some transactions may not require some of these steps to be equally successful. However, most would agree that given the unexpected complications that can arise, it's far better to know about a step and make an intelligent, informed decision to skip it, than to not know the possibility even existed.

 

There are about 240 steps a REALTOR® might take during a typical transaction and in different phases such as - Pre-Listing Activities, Listing Appointment Presentation, Once Property is Under Listing Agreement,  Entering Property in Multiple Listing Service Database, Marketing The Listing,  The Offer and Contract,  Tracking the Loan Process, Home Inspection,  The Appraisal, Closing Preparations and Duties, and Follow Up After Closing:

1 Make appointment with seller for listing presentation

2 Send seller a written or e-mail confirmation of listing appointment and call to confirm

3 Review pre-appointment questions

4 Research all comparable currently listed properties

5 Research sales activity for past 18 months from MLS and public records databases

6 Research "Average Days on Market" for this property of this type, price range and location

7 Download and review property tax roll information

8 Prepare "Comparable Market Analysis" (CMA) to establish fair market value

9 Obtain copy of subdivision plat/complex lay-out

10 Research property's ownership & deed type

11 Research property's public record information for lot size & dimensions

12 Research and verify legal description

13 Research property's land use coding and deed restrictions

14 Research property's current use and zoning

15 Verify legal names of owner(s) in county's public property records

16 Prepare listing presentation package with above materials

17 Perform exterior "Curb Appeal Assessment" of subject property

18 Compile and assemble formal file on property

19 Confirm current public schools and explain impact of schools on market value

20 Review listing appointment checklist to ensure all steps and actions have been completed

21 Give seller an overview of current market conditions and projections

22 Review agent's and company's credentials and accomplishments in the market

23 Present company's profile and position or "niche" in the marketplace

24Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds

25 Offer pricing strategy based on professional judgment and interpretation of current market conditions

26 Discuss Goals With Seller To Market Effectively

27 Explain market power and benefits of Multiple Listing Service

28 Explain market power of web marketing, IDX and REALTOR.com

29 Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends

30 Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers

31 Present and discuss strategic master marketing plan

32 Explain different agency relationships and determine seller's preference

33 Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature

34 Review current title information

35 Measure overall and heated square footage

36 Measure interior room sizes

37 Confirm lot size via owner's copy of certified survey, if available

38 Note any and all unrecorded property lines, agreements, easements

39 Obtain house plans, if applicable and available

40 Review house plans and make copy

41 Order plat map for retention in property's listing file

42 Prepare showing instructions for buyers' agents and agree on showing time window with seller

43 Obtain current mortgage loan(s) information: companies and & loan account numbers

44 Verify current loan information with lender(s)

45 Check assumability of loan(s) and any special requirements

46 Discuss possible buyer financing alternatives and options with seller

47 Review current appraisal if available

48 Identify Home Owner Association manager if applicable

49 Verify Home Owner Association Fees with manager - mandatory or optional and current annual fee

50 Order copy of Homeowner Association bylaws, if applicable

51 Research electricity availability and supplier's name and phone number

52 Calculate average utility usage from last 12 months of bills

53 Research and verify city sewer/septic tank system

54 Water System: Calculate average water fees or rates from last 12 months of bills )

55 Well Water: Confirm well status, depth and output from Well Report

56 Natural Gas: Research/verify availability and supplier's name and phone number

57 Verify security system, current term of service and whether owned or leased

58 Verify if seller has transferable Termite Bond

59 Ascertain need for lead-based paint disclosure

60 Prepare detailed list of property amenities and assess market impact

61 Prepare detailed list of property's "Inclusions & Conveyances with Sale"

62 Compile list of completed repairs and maintenance items

63 Send "Vacancy Checklist" to seller if property is vacant

64 Explain benefits of Home Owner Warranty to seller

65 Assist sellers with completion and submission of Home Owner Warranty Application

66 When received, place Home Owner Warranty in property file for conveyance at time of sale

67 Have extra key made for lockbox

68 Verify if property has rental units involved. And if so:

69 Make copies of all leases for retention in listing file

70 Verify all rents & deposits

71 Inform tenants of listing and discuss how showings will be handled

72 Arrange for installation of yard sign

73 Assist seller with completion of Seller's Disclosure form

74 "New Listing Checklist" Completed

75 Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability

76 Review results of Interior Décor Assessment and suggest changes to shorten time on market

77 Load listing into transaction management software program

78 Check ownership and title of the seller,

79 Search MLS for homes on the market,

80 Select homes suitable for the buyer,

81 Contact the listing agent,

82 Arrange for buyer to see the properties,

83 Arrange with sellers to show their property,

84 Drive buyers to see the properties,

85 Show comps to buyers for the home they decide to make an offer on,

86 consult buyers on making a counter offer if necessary,

87 Consult the buyers on the required contingencies on the offer,

88 Review disclosures with the buyers and make sure they will understand them,

89 Prepare info for listing the seller's property in the MLS,

90 Consult the sellers on the required contingencies on their Listing,

91 Prepare MLS Profile Sheet -- Agents is responsible for "quality control" and accuracy of listing data

92 Enter property data from Profile Sheet into MLS Listing Database

93 Proofread MLS database listing for accuracy - including proper placement in mapping function

94 Add property to company's Active Listings list

95 Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48 hours

96Take additional photos for upload into MLS and use in flyers. Discuss efficacy of panoramic Photography

97 Prepare info for Websites,

98 Enter info in MLS,

99 Update Websites,

100 Arrange for picture taking,

101 Take pictures,

102 Put Digital photos in MLS,

103 Create print and Internet ads with seller's input

104 Coordinate showings with owners, tenants, and other Realtors®. Return all calls - weekends included

105 Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows

106 Prepare mailing and contact list

107 Generate mail-merge letters to contact list

108 Order "Just Listed" labels & reports

109 Prepare flyers & feedback faxes

110 Review comparable MLS listings regularly to ensure property remains competitive in  price, terms, conditions and  availability

111 Prepare property marketing brochure for seller's review

112 Arrange for printing or copying of supply of marketing brochures or fliers

113 Place marketing brochures in all company agent mail boxes

114 Upload listing to company and agent Internet site, if applicable

115 Mail Out "Just Listed" notice to all neighborhood residents

116 Advise Network Referral Program of listing

117 Provide marketing data to buyers coming through international relocation networks

118 Provide marketing data to buyers coming from referral network

119 Provide "Special Feature" cards for marketing, if applicable

120 Submit ads to company's participating Internet real estate sites

121 Price changes conveyed promptly to all Internet groups

122 Reprint/supply brochures promptly as needed

123 Loan information reviewed and updated in MLS as required

124 Feedback e-mails/faxes sent to buyers' agents after showings

125 Review weekly Market Study

126 Discuss feedback from showing agents with seller to determine if changes will accelerate the sale

127 Place regular weekly update calls to seller to discuss marketing & pricing

128 Promptly enter price changes in MLS listing database

129 Arrange for home staging,

130 Arrange and home preparation for sale,

131 Prepare fliers for the property,

132 Provide booties, provide business cards,

133 Prepare sellers for home sale,

134 Consult sellers about door locks,

135 Consult sellers about pricing strategies,

136 Provide a list of upgrades to the house,

137 Arrange for handyman,

138 Arrange for house cleaner,

139 Answer selling agents' questions,

140 Arrange for inspector,

141 Attend the inspection,

142 Attend the appraisal,

143 Provide comps to the appraiser,

144 Review inspection report,

145 Review and consult with buyer on quality of repairs done,

146 Consult buyer for Request for repair,

147 Consult sellers about the offers,

148 Consult sellers on making a counter offer if necessary,

149 Consult sellers about accepting backup offers,

150 Provide timely status report for the sellers,

151 Adjust pricing and terms of listing based on market condition,

152 Provide buyer / agents input to the seller,

153 Prepare for broker preview,

154 Hold a broker preview,

155 Prepare for open houses, hold open houses,

156 Put open house signs in the neighborhood,

157 Answer calls by the buyers,

158 Review disclosures with the sellers and make sure everything is disclosed,

159 Review title Preliminary,

160 Consult buyer for easements/ ingress/ Egress,

161 Contact Title for schedule B items,

162 Contact lender for loan funding,

163 Contact escrow to check on progress,

164 Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.

165 Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes

166 Counsel seller on offers. Explain merits and weakness of each component of each offer

167 Contact buyers' agents to review buyer's qualifications and discuss offer

168 Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if possible

169 Confirm buyer is pre-qualified by calling Loan Officer

170 Obtain pre-qualification letter on buyer from Loan Officer

171 Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date

172 Prepare and convey any counteroffers, acceptance or amendments to buyer's agent

173 Fax copies of contract and all addendums to closing attorney or title company

174 When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent

175 Record and promptly deposit buyer's earnest money in escrow account.

176 Disseminate "Under-Contract Showing Restrictions" as seller requests

177 Deliver copies of fully signed Offer to Purchase contract to seller

178 Fax/deliver copies of Offer to Purchase contract to Selling Agent

179 Fax copies of Offer to Purchase contract to lender

180 Provide copies of signed Offer to Purchase contract for office file

181 Advise seller in handling additional offers to purchase submitted between contract and closing

182 Change status in MLS to "Sale Pending"

183 Update transaction management program to show "Sale Pending"

184 Review buyer's credit report results -- Advise seller of worst and best case scenarios

185 Provide credit report information to seller if property will be seller-financed

186 Assist buyer with obtaining financing, if applicable and follow-up as necessary

187 Coordinate with lender on Discount Points being locked in with dates

188 Deliver unrecorded property information to buyer

189 Order septic system inspection, if applicable

190 Receive and review septic system report and assess any possible impact on sale

191 Deliver copy of septic system inspection report lender & buyer

192 Deliver Well Flow Test Report copies to lender & buyer and property listing file

193 Verify termite inspection ordered

194 Verify mold inspection ordered, if required

195 Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned

196 Follow Loan Processing Through To The Underwriter

197 Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale

198 Contact lender weekly to ensure processing is on track

199 Relay final approval of buyer's loan application to seller

200 Coordinate buyer's professional home inspection with seller

201 Review home inspector's report

202 Enter completion into transaction management tracking software program

203 Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract

204 Ensure seller's compliance with Home Inspection Clause requirements

205 Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs

206 Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed

207 Schedule Appraisal

208 Provide comparable sales used in market pricing to Appraiser

209 Follow-Up On Appraisal

210 Enter completion into transaction management program

211 Assist seller in questioning appraisal report if it seems too low

212 Contract Is Signed By All Parties

213 Coordinate closing process with buyer's agent and lender

214 Update closing forms & files

215 Ensure all parties have all forms and information needed to close the sale

216 Select location where closing will be held

217 Confirm closing date and time and notify all parties

218 Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates

219 Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing

220 Research all tax, HOA, utility and other applicable prorations

221 Request final closing figures from closing agent (attorney or title company)

222 Receive & carefully review closing figures to ensure accuracy of preparation

223 Forward verified closing figures to buyer's agent

224 Request copy of closing documents from closing agent

225 Confirm buyer and buyer's agent have received title insurance commitment

226 Provide "Home Owners Warranty" for availability at closing

227 Review all closing documents carefully for errors

228 Forward closing documents to absentee seller as requested

229 Review documents with closing agent (attorney)

230 Provide earnest money deposit check from escrow account to closing agent

231 Coordinate this closing with seller's next purchase and resolve any timing problems

232 Have a "no surprises" closing so that seller receives a net proceeds check at closing

233 Refer sellers to one of the best agents at their destination, if applicable

234 Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers, etc.

235 Close out listing in transaction management program

236 Be in touch with escrow officer for closing date,

237 Answer questions about filing claims with Home Owner Warranty company if requested

238 Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied

239 Respond to any follow-on calls and provide any additional information required from office files.

 



Posted by

Call Frank,  Buy or Sell with CONFIDENCE & KNOWLEDGE

Pic&Phone

Broker, Agent, or/and MLS provider does not guarantee the accuracy of: 1- the reports, charts, articles, and also the information from links to other websites. 2- Square footage, lot size or other information regarding the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website. Many articles may be time and date sensitive so please always look at the date posted. Consult your tax advisor, financial planner, attorney, or/and appropriate professionals concerning your personal specifics. Interested parties are advised to independently verify the accuracy.                                                            

                                                          Frank Moham  DRE LIC. #01353757

 

 

 

Contact Frank By:

email   facebook   G+   blogger twitter  WhoAmI  Subscribe RSS  Subscribe ar 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Tags:
the critical role of a realtor in a real estate transaction

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
382,067

Frank Farahbakhsh Moham

ABR®, ePRO®, GREEN®, TRC®, VRM®, SFR®, REALTOR®
How much is your home worth? Other Questions?
*
*
*
*
Spam prevention

Additional Information