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
- Make appointment with seller for listing presentation
- Send seller a written or e-mail confirmation of listing appointment an call to confirm
- Research comparable currently listed properties
- Research sales activity in the neighborhood
- Research "average days on market" for property of this type, price range and location
- Review property tax roll information
- Prepare "comparable market analysis" (CMA) to help establish fair market value
- Prepare listing presentation package
- Perform exterior curb appeal assessment of property
- Compile and assemble file on property
- Review listing appointment checklist to ensure all steps and actions have been completed
Listing Appointment Presentation
- Give seller an overview of current market conditions and projections
- Review agent's and company's credentials and accomplishments in the market
- Present company's profile and position or "niche" in the marketplace
- Present CMA results to seller, including comparables, solds, current listings and expireds
- Offer pricing strategy based on professional judgment and interpretation of current market conditions
- Discuss goals with seller to market effectively
- Explain market power and benefits of Multiple Listing Service
- Explain market power of Web marketing, IDX and REALTOR.com
- Explain the work the brokerage and agent do behind the scenes and the agent's availability on weekends
- Explain the agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
- Present and discuss strategic marketing plan
- Explain different agency relationships and determine seller's preference
- Go over residential listing agreement
Once Property is Under Listing Agreement
- Review title information, if appropriate
- Discuss possible buyer financing alternatives and options with seller
- Identify homeowner association manager, if applicable
- Verify homeowner association fees
- Verify security system, current term of service and whether owned or leased
- Ascertain need for lead-based paint disclosure and other disclosures
- Prepare detailed list of property amenities and assess market impact
- Explain benefits of homeowner warranty to seller
- Have extra key made for lockbox, if needed
- 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
- Arrange for installation of yard sign
- Assist seller with completion of seller's disclosure forms
- Complete new listing checklist
- Review results of curb appeal assessment with seller and provide suggestions to improve salability
- Review results of interior decor assessment and suggest changes to shorten time on market
- Load listing into transaction management software program
Entering Property in Multiple Listing Service Database
- Prepare MLS profile sheet
- Enter property data from profile sheet into MLS listing database
- Proofread MLS database listing for accuracy
- Add property to company's active listings list
- Provide seller with MLS profile sheet data form
- Take photos for upload into MLS and use in flyers
Marketing the Listing
- Create print and Internet ads
- Coordinate showings with owners, tenants and other REALTORS®
- Return all calls, including nights and weekends
- Install electronic lock box if authorized by owner.
- Prepare mailing and contact list
- Generate mail-merge letters to contact list
- Order "just listed" labels and reports
- Prepare flyers and feedback faxes
- Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
- Prepare property marketing brochure
- Arrange for printing or copying of supply of marketing brohures or flyers
- Place marketing brochures in all company agent mailboxes
- Upload listing to company and agent Internet site, if applicable
- Mail out "just listed" notice to all neighborhood residents
- Provide marketing data to prospective buyers
- Provide "special feature" cards for marketing, if applicable
- Submit ads to company's participating Internet real estate sites
- Convey price changes promptly to MLS and all Internet groups
- Reprint/supply brochures promptly as needed
- Send feedback e-mails/faxes to buyers' agents after showings
- Discuss feedback with seller to determine if changes will accelerate the sale
- Place regular weekly update calls to seller to discuss marketing and pricing
The Offer and Contract
- Receive and review all offer to purchase contracts submitted by buyers or buyers' agents
- Evaluate offers and prepare a "net sheet" on each for the owner for comparison purposes
- Counsel seller on offers. Explain merits and weakness of each offer.
- Contact buyers' agents to review buyer's qualifications and discuss offer
- Fax/deliver seller's disclosure to buyer's agent or buyer upon request
- Obtain pre-qualification letter from buyer
- Negotiate offers on seller's behalf, setting time limit for loan contingency
- Prepare and convey any counter offers, acceptance or amendments to buyer's agent
- Provide copies of contract and all addenda to escrow
- When offer to purchase is accepted and signed by seller, deliver to buyer's agent
- Record and deposit buyer's earnest money into escrow
- Deliver copies of fully signed purchase contract to seller
- Deliver copies of purchase contract to selling agent
- Provide copies of signed purchase contract for office file
- Advise seller in handling additional offers to purchase submitted between contract and closing
- Change status in MLS to "sale pending"
- Update transaction management program to show "sale pending"
- Provide income and credit information to seller if property will be seller-financed
- Assist buyer with obtaining financing, if applicable, and follow-up as necessary
- Coordinate with lender on loan lock-in
- Order septic system inspection, if applicable
- Receive and review septic system report, if applicable
- Verify mold inspection ordered, if applicable
- Verify mold inspection ordered, if required
Tracking the loan process
- Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale
- Contact lender periodically to ensure processing is on track
- Relay final approval of buyer's loan application to seller
Home Inspection
- Coordinate buyer's professional home inspection with seller
- Review home inspector's report
- Enter completion into transaction management tracking software program
- Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
The Appraisal
- Schedule appraisal
- Provide comparable sales used in market pricing to appraiser
- Follow-up on appraisal
- Enter compilation into transaction management program
Closing Preparations and Duties
- Coordinate closing process with buyer's agent and lender
- Update closing forms and files
- Ensure all parties have forms and information needed to close the sale
- Confirm closing date and time and notify all parties
- Work with buyer's agent in scheduling and conducting buyer's final walk through prior to closing
- Request copy of closing documents from closing agent
- Assist seller in providing homeowner's warranty, if applicable
- Review closing documents carefully
- Coordinate this closing with seller's next purchase and resolve any timing problems
- Refer sellers to three of the best agents at their destination, if applicable
- Change MLS status to "sold." Enter sale date, price, selling broker and agent's ID numbers, etc.
- Close out listing in transaction management program
Follow Up After Closing
- Answer questions about filing claims with homeowner warranty company, if applicable
- Attempt to clarify and resolve disputes about repairs if buyer is not satisfied
- 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
