“Change is inevitable. Change is Constant.”
Benjamin Disraeli
As August 17, 2024 looms, many real estate agents as well as REALTORS® are scrambling to comply with the NAR Settlement Agreement specific to real estate documents, Broker policies and MLS policies as they review their current listings and offers in escrow.
SIGNIFICANT CHANGE IS HAPPENING!
Having a process mentality, I admit it took me a while to establish a consistent process respective to all the changes in real estate:
- Listings
- Sales leads
- Offers
- Offers in escrow
- Closed transactions
- Documentation required by Broker
As agents we know that each real estate transaction is unique. I had to update the procedures in my listing and buying processes numerous times until all experienced changed scenarios were covered. Fortunately, I was able to use my existing real estate listing process and updated that respective to these mandated changes here in AZ and within the brokerage of Dirt Road Real Estate.
Note: The sales process is actually three-fold process: Marketing, Selling and Keeping. Within each process there are procedures (steps) from beginning to end. The process does not change but the steps may or do change within each process.
Since I already had a spreadsheet with all my current active real estate listings, I made a copy, saved it and then added some additional columns to ensure all changes are completed by the deadline of August 17 2024. NOTE: This existing current Listings Spreadsheet is updated when new listings are created. I double check to make sure my spreadsheet contains the same number of listings that the MLS shows. Having this procedural step is one of quality control.
The first step was to create some new templates in my “Transaction Desk” program:
- Listing Contract Addendum (Revised)
- Vacant Land Listing Contract (Revised)
- Real Estate Agency Disclosure and Election (Revised)
Step two was to print out the newly created spreadsheet with active listings and the new columns:
- Addendum Date Sent
- New Listing Contract Date Sent
- Received New Signed Documents from Sellers and/or myself or Designated Broker
- Fully Executed (All parties have signed)
- Uploaded to Laptop
- Uploaded to Brokerage File
NOTE: I highlighted Addendum Date Sent and New Listing Contract Date Sent columns in different colors to reflect when the actual new documents were created. Then I placed the projected date in those respective columns. When the Addenda and Contracts are actually emailed, I will bold the dates. This sub step saves adding additional columns to the worksheet.
Part 2 of this 4 part series will look at steps 3 through 12 in detail.
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Feature Photo Courtesy of Pixabay.com
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