What a REALTOR does for a Seller

Why should a SELLER use the services of a REALTOR®?

There is often a lack of understanding of what REALTORS® do to facilitate a sale because so many of the services we provide to our Clients are performed behind the scenes. Too often Sellers think that with the advent of the internet and declining home prices, that it’s just a matter of putting a sign in the yard and placing an online ad. But without a REALTOR®, most times the transaction is placed in jeopardy.

There are more than 200 actions, research steps, procedures, processes, and review stages that are typically provided by full service real estate brokerages in a successful residential transaction in return for their sales commission. Because the commission is not paid until the time of closing, all of the monetary risk of marketing a property is borne by the REALTOR®.

Depending on the transaction, some of these actions will take minutes, some hours, and some even days to complete, while some may not be necessary. It is imperative to have guidance from someone who understands the process intimately, someone whose knowledge, level of skill, and attention to detail required in most real estate transactions is apparent.

Here is a general overview of what transpires in a typical transaction. It is certainly not a complete list, as each transaction is unique by its very nature.

PRE-LISTING

A lot goes in to getting ready for the initial listing appointment. From verifying City Records and previous sales, doing a thorough Market Analysis, preparing documentation. This process generally takes several hours before we even meet with prospective Clients.

1. Make appointment with Seller for listing presentation
2. Pull property City and tax records
3. Pull old MLS listing, if applicable
4. Order Owner & Encumbrance Report
5. Research property’s current use and zoning
6. Research and verify legal description of property
7. Pull comps on Active, Sold, Pending, Withdrawn, Expired, and Cancelled Listings
8. Research “Average Days on Market” for property of this type and location
9. Prepare Comparative Market Analysis
10. Print Map of property and comps
11. Prepare Agency Disclosure
12. Prepare Listing Contract
13. Prepare Seller’s Property Disclosure
14. Prepare Closing Instructions
15. Prepare Lead-Based Obligations of Seller
16. Prepare Lead-Based Paint Disclosure
17. Prepare Square Footage Disclosure
18. Prepare Seller’s Request for Verification of Loan Information
19. Prepare Showing Instructions
20. Prepare Pre-Listing Packet
21. Order delivery of Pre-Listing Packet
22. Confirm time to meet with Seller 

MEET WITH SELLER

1. Give Seller an overview of current market conditions and projections
2. Discuss Comparative Market Analysis
3. Discuss pricing strategy based on professional judgment and market
4. Discuss goals with Seller to market effectively, including schedule for selling
5. Explain role in taking calls to screen for qualified Buyers
6. Discuss safety of lock box
7. Discuss Agency
8. Discuss Contract and all other disclosures
9. Discuss availability of Home Owner’s Warranty
10. Have Seller sign all paperwork
11. Assist Seller with completion of Seller’s Property Disclosure form
12. Discuss things that need to be done in home
13. Staging Packet to Seller
14. Get loan payoff information
15. Show marketing flyers to Seller
16. Have Seller choose preferred flyer template
17. Get copies of leases, if applicable
18. Ask for floor plan, upgrades, special features, detailed list of amenities

AFTER LISTING APPOINTMENT

1. Email copies of all documents to Seller
2. Prepare Seller Net Sheet
3. Measure interior rooms
4. Measure exterior of home
5. Take interior pictures after Staging
6. Take exterior pictures in good weather
7. Select best pictures, crop, and download
8. Put in yard sign and directionals
9. Get extra key and install Lockbox
10. Enter listing to MLS and verify all information
11. Download best pictures to MLS
12. Download disclosures to MLS
13. Make copies of disclosures
14. Leave several copies of disclosures at property
15. Check MLS for Matching Buyers
16. Design flyers for Matching Buyers to email to Realtors
17. Input Seller into marketing software
18. Assist Seller in Staging home for maximum price and quickest sale
19. Make Showing Sheet for front desk
20. Design mailers and postcards to Realtors
21. Design and print flyers
22. Design “Just Listed” cards and “Pick Your Neighbors”
23. Mail Realtor, Neighbor, and Matching flyers/cards
24. Design, print, and deliver flyers
25. Compile list of completed repairs and maintenance items Seller has done
26. Verify HOA fees and disclosures, if applicable
27. Mail copy of Contract to Seller – include MLS printout and projected Seller Net Sheet
28. Call in HOW, if applicable
29. Listing to www.Realtor.com
30. Listing to www.CoSpringsRealEstateNews.com
31. Input listing into Centralized Showing
32. Make “Special Features” cards
33. Post listing on Facebook business page
34. Post listing to Twitter on a regular basis
35. Post listing to Google Plus weekly
36. Prepare Virtual Tour
37. Upload Virtual Tour
38. Calculate average utility usage for last twelve months
39. Set any number of showings
40. Return all phone calls – weekdays and weekends
41. Verify with Seller after first few that Showing Instructions are being followed
42. Add daily activities to Seller marketing software
43. Call Seller weekly to keep updated
44. Reprint and supply flyers promptly as needed
45. Input all showings into Seller file
46. Discuss feedback regularly with Seller
47. Discuss Open House
48. Show house any number of times to prospective Buyers
49. If interested, get Buyer pre-qualified
50. Do CMA every four weeks
51. Call Seller with strategy if CMA different
52. Amend/Extend if monetary change
53. Change MLS, if applicable
54. Change main MLS photo of home if price is changed
55. If price changed, send out email BLAST to previous Agents who showed home
56. Reprint flyers
57. Deliver flyers

CONTRACT NEGOTIATIONS

1. Receive and thoroughly review all offers submitted
2. Pre-negotiate with other Agent before writing, if applicable
3. Discuss Buyer’s financial qualifications, terms, and times
4. Discuss exclusions, dates, etc. with other Agent
5. Review Contract Addendum thoroughly
6. Evaluate offer(s) and prepare a “Net Sheet” on each offer for Seller
7. Discuss offer with Seller
8. Negotiate the offer and options
9. Get pre-qualification letter
10. Sign offer or prepare Counterproposal, if necessary
11. Prepare and convey any counteroffers, acceptances, or amendments
12. Acceptance Deadline Time
13. Renegotiate however many times necessary and finalize
14. Convey signed documents to other Agent

AFTER CONTRACT SIGNED BY ALL PARTIES

1. Order Title work
2. Make copy of Earnest money and Contract
3. Deliver check and Contract to Title Company
4. Print out dates from eContracts
5. Send date sheet to Seller
6. Do necessary paperwork for unusual conditions
7. If Seller and Buyer both our clients, do Change of Status Notice
8. Copies of leases and damage deposit receipts, if applicable
9. Order payoff
10. Seller’s Property Disclosure Deadline
11. Inspection Objection Deadline
12. Resolution Deadline
13. Property Insurance Objection Deadline
14. Change status on MLS and print to verify
15. Review all paperwork for signatures
16. Get all necessary signatures
17. If mail-out, get instructions and addresses
18. Notify Title Company of Mail out
19. If POA needed, get original from Title Company
20. Get POA signed and notarized
21. “Under Contract” info letter to Seller
22. Signed copies of Contract to Seller
23. Remind Seller to notify Utility Company to stop service and do a “final read”
24. Discuss with Seller advantages/disadvantages to continued showings
25. Discuss what happens if other offers come in between Contract and Closing
26. Change showing instructions in Centralized Showings
27. Referral agent needed for Sellers new location?
28. Resolve any Title Disputes
29. Resolve any Off Record Matters
30. Deliver unrecorded property information to Buyer
31. Have Seller notify Utilities, phone, cable, etc.
32. Mail “The Moving Guide” with Change-of-address forms to Seller
33. Set up closing time
34. Call Buyer’s Agent and coordinate closing time
35. Verify closing date and time and make all parties aware
36. Mail time-verification of closing and directions to Seller
37. Assist in solving any Title problems (boundary disputes, easements, etc.)
38. Assist in obtaining Death Certificates, if applicable
39. Cleaning needs (e.g. carpet, kitchen, etc.) upon move-out
40. Discuss mover and time-frame for move-out with Seller

HOME INSPECTION

1. Set up Inspection
2. Coordinate time with Seller, Agents, Buyer, Inspector
3. Review Notice of Unsatisfactory Conditions with Seller
4. Help Seller negotiate Inspection Objections
5. Help Seller with repair estimates or a credit at closing
6. Copy of Inspection Notice to file
7. Verify prior to closing that all repairs have been made
8. Get copies of repair receipts
9. Email copies of receipts to other Agent

THE APPRAISAL

1. Set up appraisal
2. Coordinate time with Seller, Agents, Buyer, Appraiser
3. Do current Market Analysis for appraiser
4. Meet appraiser with CMA
5. If VA, make sure CRV ordered and completed
6. Track Appraisal Deadline
7. Verify appraisal completed and satisfactory
8. If appraisal low, discuss options with Seller
9. Discuss any conditions on appraisal with Seller
10. Schedule final inspection on appraisal conditions, if applicable
11. Verify all conditions met prior to closing

TRACKING THE LOAN PROCESS

1. All paperwork to Lender
2. Make contact with Lender and verify Buyer information
3. Loan Application Deadline
4. Buyer’s Credit Information Deadline
5. Disapproval of Buyer’s Credit Information Deadline
6. Existing Loan Documents Deadline
7. Existing Loan Documents Objection Deadline
8. Loan Transfer Approval Deadline
9. Contact Lender weekly to ensure processing of loan approval is on track
10. Notify Seller of loan approval

IF CONTRACT FALLS

1. Fill out all necessary paperwork
2. Re-input into MLS
3. Sign Termination
4. Sigh Release of Earnest Money form

CLOSING PREPARATION AND DUTIES

1. Schedule walk through with Buyer, Buyer’s Agent, Seller, Mimi
2. Verify with Seller how proceeds of sale being received
3. If mail-out, verify correct mailing address
4. Confirm mail-out with Closer
5. Title Deadline
6. Title Objection Deadline
7. Survey Deadline
8. Survey Objection Deadline
9. Document Request Deadline
10. CIC Documents Objection Deadline
11. Off-Record Matters Deadline
12. Off-Record Matters Objection Deadline
13. Right of First Refusal Deadline
14. Property Insurance Objection Deadline
15. Coordinate Possession Date and Possession Time
16. Prepare disbursement authorizations
17. Notify Title Company of any Amend/Extends or date/money changes
18. Last minute bills and receipts faxed to Closer including HOW, if applicable
19. Make sure Closer has all addenda, correct price, rents, or applicable credits
20. Discuss closing figures with Closer
21. Check final figures for accuracy
22. Call Seller and discuss final figures
23. Remind Seller to bring picture ID, keys, door openers, receipts, etc.
24. If not receiving proceeds at closing, discuss Seller’s need for Cashier’s Check
25. Deal with all last-minute crises
26. Check file for any unsigned documents
27. Coordinate this closing with Seller’s next purchase and resolve timing issues
28. As much as possible, have a “no surprise” closing so Seller receives proceeds at closing

POST SALE

1. Change MLS to “SOLD”
2. Enter sales data for County Records
3. Scan entire file to disc
4. Store hard file at outside location
5. Copy HUD-1 and put in pre-addressed envelope
6. Remove sign, directionals, and brochure box
7. Remove lockbox
8. Mail out disc of all paperwork to Seller
9. Mail out HUD-1 to Seller the following year for taxes

 

I have updated this list several times from when I shared it several years ago on ActiveRain. With the new TRID regulations, I'm sure it's time to heavily update it again. I use this list in a printed form when I meet initially with a Seller to show them some of the services a REALTOR performs, and to help me keep on track as we go through a listing process. It is my practice to contact my clients once a week to enumerate the items we performed for them the previous week, and let them know what they can expect in the upcoming week.

Originally Posted as Why Use a REALTOR to Sell Your Home?

 

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