OREA Real Estate College - Why Hire a Realtor (R)

OREA REAL ESTATE COLLEGE

RECAP: WHY HIRE A REALTOR®

3 Comments 09 JANUARY 2013

 
 
 

The reasons for hiring a REALTOR® to purchase or sell a property are manifold.

In September 2011, this blog presented 35 typical actions and research steps (an abridged list) for a successful residential real estate transaction. These actions are intended to highlight two points: buying and selling a property is complex and time-consuming.

Let’s revisit those 35 steps, good fodder to convince potential clients about the importance of hiring a professional REALTOR®.

Pre-Listing Activities

1.  Research all comparable currently listed properties; sales activity in the area from MLS® database; and days-on-the-market for similar properties, location, and price

2.  Review property tax roll information

3.  Prepare comparative market analysis (CMA) to establish fair market value

4.  Research property’s ownership and how it is held (deed)

5.  Check municipal tax records for lot size

6.  Verify the legal description from public records

7.  Check planning department of municipal offices for current zoning

8.  Check for land use restrictions or special zoning

9.  Verify legal names in the Registry Office (or deed)

10. Determine whether property is subject to a shoreline road allowance (if applicable)

Listing Appointment Presentation

11. Review and confirm all legal descriptions and ownership details

12. Measure exterior and establish the square footage above grade

13. Note any lot line fencing, easements, and variances

Once the Property is Listed

14. Measure and record all room dimensions

15. Have mortgage verification forms signed and submitted to mortgagee

16. Verify with lender any penalties, terms, and current rates and if the mortgage can be discharged

17. Check whether the existing mortgage can be assumed and under what terms

18. Confirm supplier of hydro or any other provider of this utility

19. Calculate the utility usage for the past 12 months

20. Verify the availability of any septic bed layout or permits at time of installation

21. Water – if municipal check on rates for the past 12 months

22. Determine natural gas, heating oil or propane supplier’s name and telephone number

23. Prepare a list of property features such as pool, sauna, whirlpool, landscape pools, and special plants

24. Prepare a list of chattels included or excluded from the sale of the property

25. Compile a list of recent improvements, repairs or maintenance

26. Arrange for installation of ‘For Sale’ sign

Marketing The Listing

27. Create both print and Internet advertising

28. Prepare flyers and feedback faxes

29. Obtain pre-qualification letter from mortgage officer

30. Negotiate all offers, setting condition time limits and closing date

31. Prepare and convey all counter offers, acceptance and/or amendments to buyer’s representative

32. Arrange for appraiser to inspect the property and give any information, including comparables, survey copy, etc.

33. Order septic tank inspection, if applicable

34. Deliver water test results from health unit to mortgage company

35. Arrange other inspections as required by financial institution and/or insurance company (i.e., mould, termite, WETT, inspection, etc.)

 

To access the unabridged list, go to http://www.orea.com/Buyers-and-Sellers/Why-use-a-REALTOR.

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