Reasons to Use a Real Estate Agent

What Does a Real Estate Agent do Exactly?

PRE-LISTING SERVICES:

  • 1. Make appointment with seller for listing presentation
  • 2. Research and verify legal description
  • 3. Send seller a written or e-mail confirmation of listing appointment and call to confirm
  • 4. Review pre-appointment questions
  • 5. Research Comps
  • 6. Research local sales activity
  • 7. Research Average Days on Market for property of this type, price range, and location
  • 8. Download and review property tax roll/assessor information
  • 9. Prepare preliminary Comparable Market Analysis (CMA) to establish fair market value
  • 10. Obtain copy of subdivision plat/ complex lay-out
  • 11. Research property’s ownership and deed type
  • 12. Research property’s public record information for lot size and dimensions
  • 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 Curb Appeal Assessment of subject property
  • 18. Compile a formal file on property
  • 19. Confirm current public schools and explain impact of schools on market value
  • 20. Review Obsolete Property Rehabilitation Act (OPRA) Report from Township for all permitted records
  • 21. Add client to database

LISTING APPOINTMENT PRESENTATION:

  • 22. Give seller an overview of current market conditions and projections
  • 24. Tour property
  • 25. Review and explain listing contract
  • 26. Present company’s profile and position in the marketplace
  • 27. Present preliminary CMA to seller, including comparable properties, sold properties, current listings, and expired listings
  • 28. Offer pricing strategy
  • 29. Discuss goals with seller to market effectively
  • 30. Explain market power and benefits of Local MLS Broker Marketplaces
  • 31. Explain market power of web marketing, IDX and Zillow/REALTOR.com
  • 32. Explain the work you do behind the scenes and your availability on weekends
  • 33. Explain role in screening for qualified buyers and protect seller from curiosity seekers
  • 34. Present and discuss strategic master marketing plan
  • 35. Explain transaction/agency brokerage relationship

SETTING UP LISTING:

  • 36. Review current title information
  • 37. Gather square footage/measure overall and heated square footage as required.
  • 38. Measure interior room sizes
  • 39. Evaluate property for any potential problems or concerns
  • 40. Confirm lot size via owner’s copy of certified survey, if available
  • 41. Note all unrecorded property liens, agreements, easements
  • 42. Obtain house plans, if applicable and available
  • 43. Review house plans and make copy
  • 44. Prepare showing instructions for buyers’ agents and showing times with seller
  • 45. Discuss possible buyer financing alternatives and options with seller
  • 46. Review current appraisal if available
  • 47. Identify Homeowner Association manager if applicable
  • 48. Verify Homeowner Association Fees with manager—mandatory or optional, plus fees
  • 49. Order copy of Homeowner Association bylaws, if applicable
  • 50. Research electricity availability, supplier’s name, and phone number
  • 51. Have utility companies provide average utility usage from last 12 months of bills
  • 52. Compile list of completed repairs and maintenance items
  • 52. Research and verify city sewer/septic tank system
  • 53. Calculate average water fees or rates from last 12 months of bills
  • 54. Confirm well status, depth and output from Well Report
  • 55. Natural Gas: Research/verify availability, supplier’s name, and phone number
  • 56. Verify security system, current terms of service and whether owned or leased
  • 57. Verify if seller has transferable Termite Bond
  • 58. Ascertain need for lead-based paint disclosure
  • 59. Prepare detailed list of property amenities and assess market impact
  • 60. Prepare detailed list of property’s inclusions and conveyances with sale
  • 61. Send vacancy checklist to seller if property is vacant
  • 62. Register the property with the township if it is vacant or a rental home
  • 63. Explain benefits of Homeowner Warranty to seller
  • 64. Assist sellers with completion and submission of Homeowner Warranty Application
  • 65. Place Homeowner Warranty in property file for conveyance at time of sale
  • 66. Have extra key made for lockbox and one for your file
  • 67. Verify if property has rental units involved.
  • 68. If the property does have rental units, make copies of all leases for retention in listing file
  • 69. Verify all rents and deposits
  • 70. Arrange for installation of yard sign
  • 71. Enter property data from Profile Sheet into Local MLS Broker Marketplaces Database
  • 72. Review curb appeal assessment and provide suggestions to improve saleability
  • 73. Install electronic lock box if authorized. Program agreed-to showing times
  • 74. Prepare mailing and contact list
  • 75. Review interior décor assessment and suggest changes to shorten time on market
  • 76. Load listing into transaction management software program
  • 77. Prepare Local MLS Broker Marketplaces Profile Sheet
  • 78. Proofread Local MLS listing for accuracy— including proper placement in map
  • 79. Add property to company’s active marketing sites
  • 80. Provide seller copies of the listing agreement and Local MLS Broker Marketplaces Profile Sheet within 48 hours or within the time period of Local MLS Broker Marketplace guidelines
  • 81. Take additional photos for upload into Local MLS Broker Marketplaces and use in fliers
  • 82. Create print and internet ads with seller’s input
  • 83. Coordinate showings with owners, tenants, and other agents.
  • 84. Generate mail-merge letters to contact list
  • 85. Order Just Listed labels and reports
  • 86. Prepare fliers and feedback reports
  • 87. Review comparable Local MLS Broker Marketplaces regularly to ensure property remains competitive
  • 88. Prepare property marketing brochure for seller’s review
  • 89. Arrange for printing or copying of marketing brochures or fliers
  • 90. Place marketing brochures in all company agent mailboxes
  • 91. Inform tenants of listing and discuss how showings will be handled.
  • 92. Determine status of any solar or alternative energy / leased equipment
  • 93. Set up Client Timeline
  • 94. Upload listing to company and agent Internet site, if applicable
  • 95. Mail out Just Listed notice to all neighborhood residents
  • 96. Advise network referral program of listing
  • 97. Provide marketing data to buyers through international relocation network buyers
  • 98. Provide marketing data to buyers coming from referral network
  • 99. Provide Special Feature cards for marketing, if applicable
  • 100. Submit ads to company’s participating internet real estate sites
  • 101. Price changes conveyed promptly to all internet groups
  • 102. Reprint/supply brochures promptly as needed
  • 103. Feedback e-mails sent to buyers’ agents after showings
  • 104. Review weekly market study
  • 105. Discuss with sellers any feedback from showings to determine if adjustments are needed
  • 106. Set up marketing reports on showing-time application and company website
  • 107. Place regular weekly update calls to seller to discuss marketing and pricing
  • 108. Promptly enter price changes in the Local MLS Broker Marketplaces database

OFFERS:

  • 109. Receive and review all Offer to Purchase contracts submitted by buyers’ agents.
  • 110. Evaluate offer(s) and prepare a net sheet for the owner for comparison purposes
  • 111. Explain merits and weakness of each offer to sellers
  • 112. Contact buyers’ agents to review buyer’s qualifications and discuss offer
  • 113. Deliver Seller’s Disclosure to buyer upon request and prior to offer if possible. Upload to the Local MLS Broker Marketplaces additional documents at time of listing
  • 114. Confirm buyer is pre-qualified by calling loan officer
  • 115. Obtain buyers’ pre-qualification letter from loan officer if not submitted with offer
  • 116. Negotiate all offers per seller’s direction on seller’s behalf, set time limit for loan approval and closing
  • 117. Prepare and convey counteroffers, acceptance or amendments to buyer’s agent
  • 118. Create excel spreadsheets for easy review on multiple bids
  • 119. Email or send copies of contract and all addendum’s to the closing attorney or title company
  • 120. When Offer to Purchase contract is accepted, deliver to buyer’s agent

CONTRACTS:

  • 121. Record and promptly deposit buyer’s earnest money in escrow account
  • 122. Disseminate under-contract showing restrictions as seller requests
  • 123. Deliver copies of fully signed Offer to Purchase contract to seller
  • 124. Deliver copies of Offer to Purchase contract to lender
  • 125. Provide copies of signed Offer to Purchase contract for office file
  • 126. Advise seller of additional offers submitted between contract and closing
  • 127. Change status in Local MLS Broker Marketplaces to Sale Pending
  • 128. Update transaction management program to show Sale Pending
  • 129. Provide credit report information to seller if property will be sellerf inanced
  • 130. Assist buyer with obtaining f inancing, if applicable, and follow-up as necessary
  • 131. Coordinate with lender on discount points being locked in with dates

INSPECTIONS:

  • 132. Deliver unrecorded property information to buyer
  • 133. Order septic system inspection, if applicable
  • 134. Receive and review septic system report, and assess any possible impact on sale
  • 135. Deliver copy of septic system inspection report lender and buyer
  • 136. Deliver Well Flow Test Report copies to lender and buyer, and property listing file
  • 137. Verify termite inspection ordered
  • 138. Verify mold inspection ordered, if required
  • 139. Confirm verifications of deposit and buyer’s employment have been returned
  • 140. Follow loan processing through to the underwriter
  • 141. Add lender and other vendors to your management program so agents, buyer, and seller can track progress of sale
  • 142. Contact lender weekly to ensure processing is on track
  • 143. Relay final approval of buyer’s loan application to seller

HOME INSPECTIONS:

  • 144. Coordinate with seller for buyer’s professional home inspection
  • 145. Review home inspector’s report
  • 146. Enter completion into transaction management tracking program
  • 147. Explain seller’s responsibilities, and recommend an attorney interpret any clauses in the contract
  • 148. Ensure seller’s compliance with Home Inspection Clause requirements
  • 149. Assist seller with identifying contractors to perform any required repairs
  • 150. Negotiate payment, and oversee all required repairs on seller’s behalf, if needed

THE APPRAISAL

  • 151. Confirm date and time lender has scheduled appraisal
  • 152. Provide to appraiser any comparable sales used in market pricing if required
  • 153. Follow-up on appraisal

GETTING READY FOR CLOSING:

  • 154. Enter completion into transaction management program
  • 155. Assist seller in questioning appraisal report if it seems too low
  • 156. Get contract signed by all parties
  • 157. Coordinate closing process with buyer’s agent and lender
  • 158. Update closing forms and files
  • 159. Ensure all parties have all forms and information needed to close the sale
  • 160. Select location where closing will be held
  • 161. Confirm closing date and time, and notify all parties
  • 162. Assist in solving any title problems or in obtaining death certificates
  • 163. Work with buyer’s agent in scheduling buyer’s final walk-thru prior to closing
  • 164. Double check all tax, homeowners’ association dues, utility, and applicable prorations
  • 165. Request final closing figures from closing agent (attorney or title company)
  • 166. Receive and carefully review closing figures to ensure accuracy of preparation
  • 167. Confirm buyer and buyer’s agent have received title insurance commitment
  • 168. Provide homeowners warranty for availability at closing
  • 169. Forward closing documents to absentee seller as requested
  • 170. Review documents with closing agent (attorney)
  • 171. Coordinate closing with seller’s next purchase, and resolve any timing problems
  • 172. Have a no-surprises closing so seller receives a net-proceeds check at closing
  • 173. Refer sellers to one of the best agents at their destination, if applicable
  • 174. Change Local MLS Broker Marketplaces status to Sold. Enter sale date, price, selling broker, etc.

AFTER CLOSING:

  • 175. Share the warranty paperwork for claims in the future
  • 176. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
  • 177. Respond to any calls and provide any information required from office files
  • 178. If a rental, verify all deposits and prorated rents are reflected accurately on the closing statement
  • 179. Close out listing in your management program