The Residential Listing Presentation is a SUCCESS, but not so fast. Now the real work or even more potentially uncompensated work for the agent begins. As each listing is different and unique along with each MLS and marketing efforts by each professional real estate agent, some of the following action steps may have already been undertaken.
The professional real estate agent returns back to her office and writes up the Listing Agreement (presumes the actual listing agreement was not signed in person) along with any additional addenda such as HOA, Septic, Well, etc. Next the agent sends the employment listing agreement (aka as a Listing Contract) via email for the seller or sellers’ signatures.
Additionally, the agent must update all internal processes from the brokerage’s CRM to the agent’s individual processes. For states where attorneys are involved, the attorney may write up the listing contract and may charge $150 to $300 for that work. However, the agent must provide information to the attorney as the attorney may not have access to the MLS, etc.
TIME: This varies depending upon the complexity of the listing. Minimum time is 2 hours if undertaken by a professional real estate agent.
As a picture is worth a thousand words, photos of the residential property or vacant land must be taken. Depending upon the value of the listing, the agent may hire a room staging professional to showcase the features of the home.
The agent may also hire a professional photographer or may take the photos herself or himself. Regardless, there is considerable time involved especially in tagging the photos.
In some areas, the agent may hire a certified (FAA) and professional drone photographer to take aerial photos. Again, this is another additional marketing expense (not covered in this part) and will add to the time to download, tag and upload the drone photos to the MLS.
TIME: Time continues to vary probably at least 2 hours if not 3 hours or longer. Again, tallied time does not include travel time.
Most agents will write up their own public and private remarks along with additional information required by their MLS. This additional information includes lot size, square footage of the home, number of bedrooms, outside improvements, etc. Agents involved in teams may be able to delegate this to inside team member and there is an internal cost for this depending up the structure of the team.
Many MLS’s offer the opportunity to upload attachments such as Easement Maps, Well Registry Information, Septic, Flood Zone Maps, Permits, etc. If furnishing are included in the sale, these may also be uploaded as attachments. More specific direction are another attachment often found. Again, these attachments are either downloaded from various sites or are created by the Listing Agent.
Frequently, professional real estate agents will send these public remarks to the sellers for their approval and to continue to bring the sellers into the listing process. Upon approval, then the listing agent will go to the next step of sending the documents for electronic signatures. This may create another 30 minutes or so if the sellers desire some changes to the verbiage.
TIME: At least one hour, provided there are no interruptions, and the agent has already undertaken some pre-presentation work. See Part 9 and Part 10 of this series She Works Hard for the Money.
With the signed listing agreement returned, the agent now places the residential or vacant land listing on the MLS. This action may take up to 2 hours if not longer as photos must be loaded and re-tagged. All uploaded information must be in compliance with the MLS, Fair Housing and Anti-Trust laws.
TIME: 2 Hours Minimum.
With the now active listing, the agent may send an email back to the sellers with copies of the public page from the MLS and even the photo gallery. Sometimes these copies must be “snail mailed” as many sellers do not have printers.
TIME: 15 Minutes for Email and 30 Minutes or More to Print and Mail
IMPORTANT CAVEAT: Putting together a Listing Agreement and placing that new residential listing or vacant land listing on the MLS is often like a picture puzzle where the puzzle pieces all must fit together before the "PUBLISHED" button can be pushed on the MLS.
The Time Clock continues to click away. Total time for Part 11 is a conservative 7.75 hours at $100 an hour or $775.00. Add that to the existing 6 hours and the professional real estate agent has invested 13.75 hours or $1,375.00 of her time. This total does not include any costs for hiring a room staging professional, professional photographer or drone photographer. Again, travel time is not included and all hours to date have not been compensated.
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Part 12 will discuss the actions the Listing Agent undertakes while the property is active on the market and before an offer is made.
Feature Photo Courtesy of Pixabay.com
Any reproduction of Leanne M Smith’s blog for use by any AI or GAI, distribution or reproduction including but not limited to electronic newsletters e.g. PDF’s Internet sites or physical products e.g. newspapers, CDs without prior written permission and consent by me, Leanne M. Smith (Leanne Hoagland-Smith) is strictly prohibited.
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