What a Listing Agent Does
- Make appointment with seller for listing presentation
- Send seller a written or e-mailed confirmation of listing appointment and call to confirm.
- Review pre-appointment questions.
- Research all comparable currently listed properties
- Research sales activity in the area.
- Research days on the market for similar properties, location, and price.
- Review property tax role information.
- Prepare a "Comparative Market Analysis"(CMA) to establish fair market value.
- Research property's ownership and how it is held (deed).
- Check Municipal tax records for lot size.
- Verify the legal description from public records.
- Check planning department of municipal offices for current zoning.
- Check for land use restrictions or special zoning.L
- Verify legal names in the Registry Office.
- Prepare listing presentation with researched materials
- Drive by the property to assess the curb appeal and compare with the neighbourhood.
- Start a formal office file on the property.
- Confirm school district and its effect on the property value.
- Determine whether the property is subject to a shoreline road allowance if applicable.
- Review all pertinent information to ensure that it's complete.
LISTING APPOINTMENT PRESENTATION
- Explain the various agency relationships and get written acknowledgment that this has been reviewed.
- Give the seller an overview of current market conditions and projections.
- Review sales representative and brokerage credentials and accomplishments.
- Review and confirm all legal descriptions and ownership details.
- Measure exterior and establish the square footage above grade.
- Confirm lot size from owner's survey or make a note on the listing if none is available.
- Note any lot line fencing, easements, and variances.
- Discuss with the seller the possibility of a seller takeback (STB) and other options.
- Review any appraisal that may have been made.
- Present CMA to the seller, including comparable sold properties, current listings, and expired listings.
- Offer pricing strategy based on experience and current market conditions.
- Discuss a marketing plan to meet the goals of the seller.
- Explain the advantages and power of a Multiple Listing Service (R).
- Explain the use and power of web marketing.
- Explain the work the both the sales person and brokerage do behind the scenes and their availability on evenings and weekends.
- Explain the sales professional's role in taking calls and screening for qualified buyers and curiosity seekers.
- Present and explain the strategic master marketing plan.
- Review and explain the Listing Agreement and obtain the signature of the seller(s) and give the seller(s) a copy.
ONCE THE PROPERTY IS LISTED
- Measure and record all room dimensions.
- Obtain house plans if available.
- Make a copy of any house plans.
- Copy survey and retain in listing file.
- Advise seller of how showing appointments will be made.
- Prepare instructions for salespeople showing the property and confirm with the seller the best times to show the property to prospective buyers.
- Have mortgage verification forms signed and submitted to mortgagee.
- Verify with lender any penalties, terms, and current rates and if the mortgage can be discharged.
- Check on whether the current mortgage can be assumed and under what terms.
- Confirm any condominium fees or homeowner association fees currently in effect.
- Get a copy of the condominium bylaws if applicable.
- Confirm supplier of hydro or any other provider of utilities.
- Calculate the utility usage for the past 12 months from seller's records.
- Verify the availability of any septic bed layout or permits at time of installation.
- Water - if municipal check on rates for the past 12 months.
- Well Water - confirm well status and have health unit test so remedial steps can be taken if required. Also, advise of any abandoned wells on the property and put on the listing.
- Determine natural gas, heating oil, or propane supplier's name and telephone number.
- Note on listing any rented appliances (hot water tank, furnace, etc.)
- Verify security system and terms.
- Ascertain if and lead-based paint, asbestos insulation, UFFI, or latent defect needs to be disclosed.
- Prepare a list of property features such as pool, sauna, landscape, pools.
- Prepare a list of chattels included or excluded in or from the sale of the property.
- Compile a list of recent improvements, repairs, and maintenance.
- Send a letter to the seller to advise the insurance company if the property is vacant.
- Explain the advantages of a lock box and have extra keys made.
- Verify if the property has rental units and if so:
- -Inquire as to weather they comply with the zoning bylaw, fire, and electrical safety.
- -Make copies of all rental agreements.
- -Determine ownership of appliances or any other chattels.
- -Verify and list all rental amounts and deposits held.
- -Inform tenant(s) of the listing and discuss how showings will be handled.
- Arrange for installation of the For Sale sign.
- Assist the seller in filling in the Seller Property Information Sheet.
- Give the seller a blank copy of the Agreement of Purchase and Sale and discuss it with them.
- Explain the offer presentation process and the possibility of multiple offers.
- Discuss the type of conditions that will likely be included in an offer to purchase.
- Discuss results of any Curb Appeal Assessment, Interior Decor Assessment, and ways to improve appearances for showings.
- Arrange for the office tour and report comments back to the seller.
- Load the listing into personal database for transaction management.
ENTERING THE PROPERTY INTO THE MULTIPLE LISTING SERVICE(R) DATABASE
- Prepare and check MLS(R) data input sheet.
- Upload to Real Estate Board - MLS(R) Data Input.
- Proof read listing as it appears in Realtor.ca
- Take additional photos for uploading to MLS(R) and for use in flyers. Talk to the seller about virtual tour possibilities.
MARKETING THE LISTING
- Create both print and Internet ads with seller's input.
- Co-ordinate showings with the owner, tenants, and other REALTORS(R). Return all calls, weekends and evenings included.
- Install lockbox if authorized by the seller.
- Prepare personal mailing and contact list.
- Generate mail merge letters to contact list.
- Order "Just Listed" cards and handouts.
- Prepare flyers and feedback faxes.
- Constantly review MLS(R) listings to ensure property remains competitive in price.
- Prepare property marketing brochure for seller's approval.
- Arrange for printing and distribution of the approved brochure.
- Distribute property brochure to all company salespeople.
- Mail out "Just Listed" notices to the immediate neighbourhood residents.
- Advise company network referral program of the listing.
- Provide marketing data to buyers coming through international relocation.
- Provide marketing data to buyers coming from referral network.
- Submit ads to company website.
- Price changes promptly conveyed to all databases and Internet groups.
- Reprint supply of brochures as needed.
- Update mortgage information as available to all marketing facilities.
- Follow up on feedback e-mails and faxes sent to representatives who have shown the property.
- Discuss feedback with the seller to determine if changes are required.
- Place regular weekly update calls to the seller to discuss the marketing activity and results.
- Receive and review all offers to purchase submitted by buyers and buyers' representatives.
- Evaluate offers and prepare a "net sheet" on each for owner comparison.
- Counsel owner on each offer, explaining the merits and weakness of each.
- Contact buyers' representative to discuss qualifications and motivations of their client.
- Fax or deliver the SPIS to the buyer's representative or buyer prior to offer if possible.
- Confirm that the buyer is qualified by a mortgage officer.
- Obtain pre-qualification letter from a mortgage officer.
- Negotiate all offers on the seller's behalf, setting condition time limits and closing date.
- Prepare and convey all counter offers, acceptance and/or amendments to the buyer's representative.
- Fax copies and mail originals of all documents to the seller's lawyer.
- When the offer to purchase is settled and finalized by the seller, deliver to the buyer's representative, leaving a true copy with the owner.
- Deliver the deposit to the Trust Account as soon as practicable.
- Provide a copy of the executed agreement to the office for filing in the deal file.
- Advise and counsel the owner on the handling of offers while the original transaction is pending, i.e: days to meet conditions in the first offer and procedures.
- Update personal transaction program indicating Sale Pending.
- Assist buyer in applying for financing, if applicable.
- Arrange for an appraiser to inspect the property and give any information including comparables, survey copy, etc.
- If STB - get credit report of buyer for seller and review it with him/her.
- Order a septic tank inspection, if applicable.
- Deliver the water test from the health unit to the mortgage company.
- Arrange other inspections as required by financial institutions and/or insurance company.
- Contact lender regarding mortgage application progress.
- Prepare/obtain waiver or condition removal documents and deliver to the lawyer for the seller.
- Co-ordinate buyer's professional home inspection.
- Review the inspection report.
- If repairs are required, assist the seller in obtaining a trustworthy contractor to perform required repairs.
- Schedule appraisal appointment.
- Provide the appraiser with comparables used to set list price.
- Assist seller in questioning appraisal report if it seems low.
CLOSING PREPARATIONS AND DUTIES
- Work with buyer's representative to arrange any visits prior to closing as agreed to in the Agreement of Purchase and Sale.
- Arrange for trust deposit monies, if in excess of commission due, to be given to the lawyer for the seller.
- Be available for any concerns/questions from the seller.
- Advise MLS(R) that the property has sold and supply details as to price, date of sale, selling brokerage.
CENTURY 21 United Realty Inc., Brokerage*
374 Mount Nebo, Omemee, ON K0L 2W0