Why Use a REALTOR® for Costa Mesa California Real Estate!

Why Use a REALTOR®

Consumer RE/Links

Reasons to Use a Realtor®

Many consumers aren't aware of the hundreds of tasks full-service REALTORS® perform for home sellers and buyers, or the value they bring to the real estate transaction. Here are just a few:

Pre-Listing Activities

1. Make appointment with seller for listing presentation
2. Send seller a written or e-mail confirmation of listing appointment an call to confirm
3. Research comparable currently listed properties
4. Research sales activity in the neighborhood
5. Research "average days on market" for property of this type, price range and location
6. Review property tax roll information
7. Prepare "comparable market analysis" (CMA) to help establish fair market value
8. Prepare listing presentation package
9. Perform exterior curb appeal assessment of property
10. Compile and assemble file on property
11. Review listing appointment checklist to ensure all steps and actions have been completed

Listing Appointment Presentation

1. Give seller an overview of current market conditions and projections
2. Review agent's and company's credentials and accomplishments in the market
3. Present company's profile and position or "niche" in the marketplace
4. Present CMA results to seller, including comparables, solds, current listings and expireds
5. Offer pricing strategy based on professional judgment and interpretation of current market conditions
6. Discuss goals with seller to market effectively
7. Explain market power and benefits of Multiple Listing Service
8. Explain market power of Web marketing, IDX and REALTOR.com
9. Explain the work the brokerage and agent do behind the scenes and the agent's availability on weekends
10. Explain the agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
11. Present and discuss strategic marketing plan
12. Explain different agency relationships and determine seller's preference
13. Go over residential listing agreement

Once Property is Under Listing Agreement

1. Review title information, if appropriate
2. Discuss possible buyer financing alternatives and options with seller
3. Identify homeowner association manager, if applicable
4. Verify homeowner association fees
5. Verify security system, current term of service and whether owned or leased
6. Ascertain need for lead-based paint disclosure and other disclosures
7. Prepare detailed list of property amenities and assess market impact
8. Explain benefits of homeowner warranty to seller
9. Have extra key made for lockbox, if needed
10. Verify if property has rental units involved. If so:
    • Make copies of all leases for retention in listing file
    • Inform tenants of listing and discuss how showings will be handled
11. Arrange for installation of yard sign
12. Assist seller with completion of seller's disclosure forms
13. Complete new listing checklist
14. Review results of curb appeal assessment with seller and provide suggestions to improve salability
15. Review results of interior decor assessment and suggest changes to shorten time on market
16. Load listing into transaction management software program

Entering Property in Multiple Listing Service Database

1. Prepare MLS profile sheet
2. Enter property data from profile sheet into MLS listing database
3. Proofread MLS database listing for accuracy
4. Add property to company's active listings list
5. Provide seller with MLS profile sheet data form
6. Take photos for upload into MLS and use in flyers

Marketing the Listing

1. Create print and Internet ads
2. Coordinate showings with owners, tenants and other REALTORS®
3. Return all calls, including nights and weekends
4. Install electronic lock box if authorized by owner.
5. Prepare mailing and contact list
6. Generate mail-merge letters to contact list
7. Order "just listed" labels and reports
8. Prepare flyers and feedback faxes
9. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
10. Prepare property marketing brochure
11. Arrange for printing or copying of supply of marketing brohures or flyers
12. Place marketing brochures in all company agent mailboxes
13. Upload listing to company and agent Internet site, if applicable
14. Mail out "just listed" notice to all neighborhood residents
15. Provide marketing data to prospective buyers
16. Provide "special feature" cards for marketing, if applicable
17. Submit ads to company's participating Internet real estate sites
18. Convey price changes promptly to MLS and all Internet groups
19. Reprint/supply brochures promptly as needed
20. Send feedback e-mails/faxes to buyers' agents after showings
21. Discuss feedback with seller to determine if changes will accelerate the sale
22. Place regular weekly update calls to seller to discuss marketing and pricing

The Offer and Contract

1. Receive and review all offer to purchase contracts submitted by buyers or buyers' agents
2. Evaluate offers and prepare a "net sheet" on each for the owner for comparison purposes
3. Counsel seller on offers. Explain merits and weakness of each offer.
4. Contact buyers' agents to review buyer's qualifications and discuss offer
5. Fax/deliver seller's disclosure to buyer's agent or buyer upon request
6. Obtain pre-qualification letter from buyer
7. Negotiate offers on seller's behalf, setting time limit for loan contingency
8. Prepare and convey any counter offers, acceptance or amendments to buyer's agent
9. Provide copies of contract and all addenda to escrow
10. When offer to purchase is accepted and signed by seller, deliver to buyer's agent
11. Record and deposit buyer's earnest money into escrow
12. Deliver copies of fully signed purchase contract to seller
13. Deliver copies of purchase contract to selling agent
14. Provide copies of signed purchase contract for office file
15. Advise seller in handling additional offers to purchase submitted between contract and closing
16. Change status in MLS to "sale pending"
17. Update transaction management program to show "sale pending"
18. Provide income and credit information to seller if property will be seller-financed
19. Assist buyer with obtaining financing, if applicable, and follow-up as necessary
20. Coordinate with lender on loan lock-in
21. Order septic system inspection, if applicable
22. Receive and review septic system report, if applicable
23. Verify mold inspection ordered, if applicable
24. Verify mold inspection ordered, if required

Tracking the loan process

1. Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale
2. Contact lender periodically to ensure processing is on track
3. Relay final approval of buyer's loan application to seller

Home Inspection

1. Coordinate buyer's professional home inspection with seller
2. Review home inspector's report
3. Enter completion into transaction management tracking software program
4. Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs

The Appraisal

1. Schedule appraisal
2. Provide comparable sales used in market pricing to appraiser
3. Follow-up on appraisal
4. Enter compilation into transaction management program

Closing Preparations and Duties

1. Coordinate closing process with buyer's agent and lender
2. Update closing forms and files
3. Ensure all parties have forms and information needed to close the sale
4. Confirm closing date and time and notify all parties
5. Work with buyer's agent in scheduling and conducting buyer's final walk through prior to closing
6. Request copy of closing documents from closing agent
7. Assist seller in providing homeowner's warranty, if applicable
8. Review closing documents carefully
9. Coordinate this closing with seller's next purchase and resolve any timing problems
10. Refer sellers to three of the best agents at their destination, if applicable
11. Change MLS status to "sold." Enter sale date, price, selling broker and agent's ID numbers, etc.
12. Close out listing in transaction management program

Follow Up After Closing

1. Answer questions about filing claims with homeowner warranty company, if applicable
2. Attempt to clarify and resolve disputes about repairs if buyer is not satisfied
3. Respond to any follow-up calls and provide additional information required from office files, if appropriate.

Source: Orlando Regional Realtor® Association

 

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market.  Lic #00573423 

Posted via email from Larry Weichman's Blog (714) 241-4532