Critical Role of a Realtor®
I love the following list that my Century 21 colleage David Yetmen just posted in Facebook. I added one more at the bottom, and I'm sure there are other things I have done and will do for my clients to help them get their house sold, but this is a good start!
Listed here are over 100 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by full-service real estate brokerages in return for their sales commission. Depending on the transaction, some may take minutes, hours or even days to complete, while some may not be needed.
More importantly, they reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process…a REALTOR®. And never forget that Realtors pledge to uphold the stringent, enforceable tenets of the REALTOR® Code of Ethics in his or her professional dealings with you and the public.
- Make appointment with you, the prospective Seller for a consultation.
- Ask you a series of questions to help prepare for the consultation.
At the Appointment:
- Explain the meeting's purpose and process which helps the Realtor understand your needs, explain to you the real estate selling process and to perform a visual inspection of the subject property, inside, outside and nearby properties.
- From a pre-written questionnaire, ask you a number of questions that will help ensure all upgrades, improvements and or defects are noted properly, and accurately make an assessment of the property.
- Arrange a second appointment to discuss researched findings.
- Measure property (internal measurements).
- aTake initial photos for research purposes.
- Perform exterior "Curb Appeal Assessment" of subject property.
Back at the Office:
- Verify legal names of owner(s) in public property records.
- Research property’s public record information for lot size and dimensions.
- Research and verify legal description.
- Research all comparable properties currently listed for sale.
- Research sales activity for past 18 months from MLS database and public record databases.
- Research “Average Days on Market” for properties of similar type, price range and locations.
- Research all expired listings and price-reduced properties in your neighbourhood and contact
- Research property’s current use and zoning.
- Prepare “Comparable Market Analysis” (CMA) to establish fair market value.
- Prepare pricing presentation analysis package with above materials.
- Compile and assemble formal file on property with privacy information.
- Confirm current schools and explain impact of schools on market value.
- Review pricing perpetration checklist to ensure all steps and actions have been completed.
- Call to confirm date and time of appointment and confirm that all legal owners will be present.
- Share with you an overview of current market conditions and projections.
- Review Real Estate Company's credentials and accomplishments in the market.
- Present the Comparative Market Analysis (CMA) results to you, and explain the processof arriving at value.
- Discuss pricing strategy based on your circumstances, interpretation of current market conditions and Realtor's professional judgment.
- Discuss strategy and goals with you to market your property effectively.
- Explain market power and benefits of Multiple Listing Service.
- Explain market power of Web Based Marketing.
- Explain the work the brokerage does “behind the scenes" and the Realtor's availability on weekends and after business hours.
- Explain Realtor's role in taking calls to screen for qualified buyers and protect you, the Seller, from curiosity seekers.
- Present and discuss strategic master marketing plan.
- Explain different 'Representation' relationships when working with a Realtor and determine your preference.
- Review and explain all clauses in the Listing Contract, the Addendum and obtain your signature.
- Explain 'FINTRAC Policy' with you and obtain proof of government approved identification of all Seller(s) and record the information.
- Assist you with completion of Seller's Property Information Statement.
- Provide you with signed copies of Listing Agreement and all other signed documents.
Once Property is under signed contract with the Realtor:
- Discuss with you what needs to be done to prepare the property for showings.
- Discuss the entire appointment showing process and what you need to do for showings.
- Explain showing instructions for buyers' agents and discuss showing time window for property availability.
- Explain the benefit and safety of using an electronic lockbox for property access.
- Obtain a key from you and ensure that it works properly.
- Obtain copy of survey, if available.
- Note any and all unrecorded property lines, agreements, easements.
- Obtain current mortgage loan(s) information: companies and loan account numbers.
- Verify current loan information with Lender(s).
- Check if loan(s) can be assumed and check if there are any special requirements.
- Discuss possible buyer financing alternatives and other options with you.
- Obtain property taxes, utility costs for the property, plus all operating expenses. Obtain copies of all rental or lease contracts.
- Calculate average utility usage from last 12 months of bills.
- If there is a security system in the home, verify current term of service and whether owned or leased or transferable. Have Seller (you) program a separate code for Realtors plus a password for Realtors in case of false alarms.
- Prepare detailed list of property's "Inclusions & Conveyances with Sale"
- Compile list of any completed repairs with receipts and any maintenance items.
- Prepare detailed list of property amenities.
- Verify if property has rental units involved. And if so:
- Make copies of all leases for retention in listing file.
- Verify all rents and deposits.
- Inform tenants of listing and discuss how showings will be handled.
- Take photos for upload to Realtor.ca, Century 21's - Showcase 21 webpage, feature sheets, flyers and other web marketing.
Within 48 hours of listing your property:
- Arrange for installation of a Century 21 yard sign complete with contact information.
- Install electronic lock box (if authorized by owner) and program with agreed-upon showing time.
- Load listing into transaction management software program.
- Enter detailed property information onto ' Realtor Base' intranet -Multiple Listing Service database.
- Forward information from database to publicly viewed Realtor.ca (MLS) on website.
- Proofread MLS listing for accuracy - including proper placement in mapping function.
- Add property information to company's active listings database.
- Provide all Seller contact information for property showings to office administration. Review and confirm accuracy of any specific showing instructions.
- Prepare ONLINE 'Feature Sheet' for potential buyers to have after property viewing.
- Upload listing information to Realtor's personal web site, Company website, Century 21 Corporate web site and Realtor intranet site.
Marketing Your Property:
- Create print and Internet marketing materials.
- Buy your property address on the web for easy to find web searches
- Cross check new listing with buyer database (this database is forever changing).
- Generate mail-merge letters to contact list.
- Prepare “Just Listed” flyer and deliver to a minimum of 100 neighbouring homes.
- Prepare automated email feedback questionnaire for showings.
- Email all company Realtors about new office listing.
The Offer and Contract:
- Receive and review all Agreement to Purchase and Sale contracts submitted by buyers or buyers' Realtor. Note, only offers in writing will be considered.
- If there is a cooperating Realtor involved: call Realtor to review buyer's qualifications and discuss offering.
- Evaluate offer and consult you on possible options. Explain merits and weaknesses of each component of the offer. Negotiate on your behalf; gauge the buyers’ financial limits; determining areas where there may be some give and take; keeping the negotiations moving and on track.
- Prepare and convey any counter offers, acceptance or amendments to buyer's Realtor.
- When Agreement of Purchase and Sale contract is accepted and signed by you, give you your signed copy and a copy to the buyer's Realtor.
- Record receipt of deposit cheque received by buyer and deposit into Company’s Trust Account.
- Disseminate "Under-Contract Showing Restrictions" as you may request.
- Change status in MLS system to "Sale Pending (conditionally sold).”
- Update transaction management program to show "Conditionally Sold.”
- Provide copies of signed Agreement of Purchase and Sale contract to office administrator.
- Scan and email copies of contract and all addendums to your Lawyer.
- Track the Loan Process and any other conditions that may have been part of the contract.
- Coordinate buyer's professional home inspection with you.
- Advise you on what to do in preparation for home inspection.
- Following the inspection, inform you of any concerns or objections the buyer may have and advise you accordingly.
- In a timely fashion, ensure all documentation pertaining to the buyer's condition are received.
- Acknowledge, in writing, the date and time such documentation was received.
- Inform you that all conditions are fulfilled and your property is SOLD and provide you with copies of such documentation.
- Change all listing information to SOLD.
- Change for sale yard sign to SOLD.
- Forward copies of all documentation to your lawyer including Realtor's invoice for completing the transaction process.
- Shake hands with yet another satisfied customer!
- Give the happy customer a stack of business cards so they can spread the word about the awesome service they just received.
A professional Realtor® is worth his or her weight in GOLD.
Posted by Julie D. Martin
on March 5, 2012