The Critical Role of the REALTOR

Listed here are nearly 200 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 REALTOR are pledged to uphold the stringent, enforceable tenets of the REALTOR Code of Ethics in their professional dealings with the public. Not every real estate licensee holds a REALTOR membership. Make sure yours does!

PRE LISTING ACTIVITIES
1 Make appointment with seller for listing presentation
2 Send seller a written or email confirmation of listing appointment and call
to confirm
3 Review pre-appointment questions
4 Research all comparable currently listed properties
5 Research sales activity for past 18 months from MLS and public records
databases
6 Research “average days on market” for property of this type, price range,
and location
7 Download and review property tax roll information
8 Prepare “Comparable Market Analysis (CMA) to establish fair market
value
9 Obtain copy of subdivision plat/complex lay out
10 Research property’s ownership & deed type
11 Research property’s public record information for lot size and dimensions
12 Research and verify legal description
13 Research property’s land use coding and deed restrictions
14 Research property’s current use and zoning
15 Verify legal names of owner(s) in county public records
16 Prepare listing presentation package with above materials
17 Perform exterior “Curb Appeal Assessment” of subject property
18 Compile and assemble formal file on property
19 Confirm current public schools and explain impact of schools on market
value
20 Review listing appointment checklist to ensure all steps and actions have
been completed


Listing Appointment Presentation
21 Give seller an overview of current market conditions and projections
22 Review agent’s and company’s credentials and accomplishments in the
market
23 Present company’s profile and position or “niche” in the marketplace
24 Present CMA results to seller, including Comparables, Solds, Current
Listings, and Expireds
25 Offer pricing strategy bases on professional judgment and interpretation of current market conditions
26 Discuss Goals with seller to market effectively
27 Explain market power and benefits of Multiple Listing Service (MLS)
28 Explain market power of web marketing, IDX, and ERA.com
29 Explain the work the brokerage and agent do “behind the scenes” and
agents availability on weekends
30 Explain agents role in taking calls to screen for qualified buyers and
protect the seller from curiosity seekers
31 Present and discuss strategic master marketing plan
32 Explain different agency relationships and determine sellers preference
33 Review and explain all clauses in Listing Contract and Addendum and
obtain sellers signature

Once Property is Under Listing Agreement
34 Review current title information
35 Measure overall and heated square footage
36 Measure interior room sizes
37 Confirm lot size via owners copy of certified survey, if available
38 Note any and all unrecorded property lines, agreements, easements
39 Obtain house plans, if available
40 Review house plans and make copy
41 Order plat map for retention in property’s listing file
42 Prepare showing instructions for buyers agents and agree on showing
time window with seller
43 Obtain current mortgage loan(s) information: companies and account
number(s)
44 Verify current loan information with lenders
45 Check assumability of loan(s) and any special requirements
46 Discuss possible buyer financing alternatives and options with seller
47 Review current appraisal, if available
48 Identify Home Owner Association manager, if applicable
49 Verify Home Owner Association fees with manager-mandatory or optional
and current annual fee
50 Order copy of Home Owner Association By-Laws, if applicable
51 Research electricity availability and suppliers name and phone number
52 Calculate average utility usage from last 12 months of bills
53 Research and verify city sewer/septic tank system and verify number of
bedrooms allowed with installed system
54 Water system: Calculate average water fees or rates from last 12 months
of bills
55 Well Water: Confirm status, depth, and output from Well Report
56 Natural Gas: Research /verify availability and suppliers name and phone
number
57 Verify security system, current term of service, and whether owned or
leased
58 Verify if seller has transferable Termite Bond
59 Ascertain need for lead based paint disclosure
60 Prepare detailed list of property amenities and assess market impact
61 Prepare detailed list of property’s “Inclusions & Conveyances with sale”
62 Compile list of completed repairs and maintenance items
63 Send “Vacancy Checklist” to seller if property vacant
64 Explain benefits of Home Owner Warranty to seller
65 Assist sellers with completion and submission of Home Owner Warranty
Application
66 When received, place Home Owner Warranty in Property file for
conveyance at time of sale
67 Have extra key made for lockbox
68 Verify if property has rental units involved. And if so:
69 Make copies of all leases for retention in listing file
70 Verify all rents & deposits
71 Inform tenants of listing and discuss how showings will be handled
72 Arrange for installation of yard sign
73 Discuss with seller upon completion of Sellers Disclosure Form
74 “New Listings Checklist” completed
75 Review results of Curb Appeal Assessment with Seller and provide
suggestions to improve salability
76 Review results of Décor Assessment and suggest changes to shorten
time on market
77 Load listing into transaction management software program


Entering Property in Multiple Listing Service Database
78 Prepare MLS Profile sheet - agent is responsible for “quality control” and
accuracy of listing data
79 Enter property data from Profile sheet into MLS Database
80 Proof read MLS database listing for accuracy
81 Add property to company’s active Listings List
82 Provide seller with signed copies of Listing Agreement and MLS Profile
Sheet Data Form within 48 hours
83 Take additional Photos for upload into MLS and use in flyers


Marketing the Listing
84 Create and Print ads with sellers input
85 Coordinate showings with owners, tenants, and other REALTORS.
Return all calls-weekends included
86 Install electronic lockbox if authorized by owner. Program with agreed
upon showing time windows
87 Prepare Mailing list and contact list
88 Generate mail merge letters to contact list
89 Order “just listed” cards
90 Prepare flyers and feedback faxes
91 Review comparable MLS listings regularly to ensure property remains
competitive in price, terms, conditions, and availability
92 Prepare property marketing brochure for sellers review
93 Arrange for printing or copying of supply of marketing brochures or fliers
94 Place marketing brochures in all company agent boxes
95 Upload listing to all personal and business websites
96 Mail Out “Just listed” cards to all neighborhood residences
97 Advise network Referral Program of listing
98 Provide marketing data to buyers coming thru international relocation
networks
99 Provide marketing data to buyers coming thru referral networks
100 Provide “Special Feature” cards for marketing, if applicable
101 Submit ads to companies participating Internet real estate sites
102 Price changes conveyed promptly to all internet groups
103 Reprint/supply brochures promptly as needed
104 Loan information reviewed and updated in MLS as required
105 Feedback emails/faxes sent to buyers agents after showings
106 Review weekly market study
107 Discuss feedback from showings with sellers to determine if
changes will accelerate the sale
108 Place regular weekly update calls to seller to discuss marketing
and pricing
109 Promptly enter price changes in MLS listing database


The Offer and Contract
110 Receive and review all Offers to Purchase submitted by buyers agents
111 Evaluate offer(s) and prepare “net sheet” on each for the owner for
comparison
112 Counsel sellers on offers. Explain merits and weaknesses of each
component of each offer
113 Contact buyers agents to review buyers qualifications and discuss offer
114 Fax/deliver Sellers Disclosure to buyers agent or buyer upon request and
prior to offer if possible
115 Confirm buyer is pre-qualified by calling Loan Officer
116 Obtain Pre-Qualification letter from Loan Officer for that buyer
117 Negotiate all offers on sellers behalf, setting time limit for loan approval
and closing date
118 Prepare and convey and counteroffers, acceptance or amendments to
buyers agent
119 Fax copies of contract and all addendums to closing attorney or title
company
120 When offer to purchase is accepted and signed by seller, deliver to buyers
agent
121 Record and promptly deposit buyers earnest money into escrow account
122 Disseminate “Pending Continue to Show” as seller requests
123 Deliver copies of fully signed offer to purchase to seller
124 Fax/Deliver copies of Offer to Purchase to Selling Agent
125 Fax copies of Offer to Purchase to lender
126 Provide copies of signed Offer to Purchase contract for office file
127 Advise seller in handling additional offers to purchase submitted between
contract and closing
128 Change status in MLS to “Sale Pending”
129 Update transaction management program to show “sale pending”
130 Confer with lender about buyers credit report findings
131 Report back to seller upon findings with lender about credit issues
132 Assist buyer with obtaining financing, if applicable and follow up as
necessary
133 Coordinate with lender on Points and Rates “locked-in” with dates
134 Deliver unrecorded property information to buyer or buyers agent
135 Order septic inspection, if applicable
136 Receive and review septic system report and assess any possible
impact on sale
137 Deliver copy of septic system inspection report to lender and buyer
138 Order well flow test report
139 Receive and review well flow test report and assess any possible
impact on sale
140 Deliver copy of well flow report to lender and buyer
141 Order termite inspection
142 Receive and review termite inspection report and assess any possible
impact on sale
143 Order mold inspection, if applicable


Tracking the Loan Process
144 Confirm verifications of Deposits and Buyers Employment have been
returned
145 Follow Loan Processing Thru to underwriting
146 Add lender and other vendors to transaction management program so
agents, buyer and seller can track progress of sale
147 Contact lender weekly to ensure processing is on track
148 Relay final approval of buyers loan application to seller


Home Inspection
149 Coordinate buyers professional home inspection with seller
150 Review Home Inspectors Report
151 Enter completion into transaction management tracking software program
152 Explain seller’s responsibilities with Home Inspection Clause requirements
153 Recommend or assist seller with identifying and negotiating with
trustworthy contractors to perform any required repairs
154 Negotiate payment and oversee completion of all required repairs on
sellers behalf, if needed



The Appraisal
155 Schedule Appraisal with seller and appraiser
156 Provide comparable sales used in market pricing to appraiser
157 Follow up on appraisal
158 Enter completion date into transaction management program
159 Assist seller in questioning appraisal report if it seems low


Closing Preparations and Duties
160 Contract is signed by all parties
161 Coordinate closing process with buyers agent and lender
162 Update closing forms and files
163 Ensure all parties have all forms and information needed to close the sale
164 Select location where closing will be held
165 Confirm closing date and time and inform all parties
166 Assist in solving any title problems (boundary disputes, easements, etc) or
in obtaining Death Certificates
167 Work with buyers agent in scheduling and conducting buyers Final Walk-
Thru prior to closing
168 Research all tax, HOA, utility and other prorations
169 Request final closing figures from closing agent or title company
170 Receive and carefully review closing figures to ensure accuracy of
preparation
171 Forward verified closing figures to buyers agent
172 Request final HUD-1 in advance to confer with seller prior to closing
173 Provide “Home Owners Warranty” for availability at closing
174 Review all documents carefully for errors
175 Request title company to forward closing documents to absentee seller
as needed
176 Review documents via telephone with absentee seller
177 Provide earnest money deposit check from escrow account to closing
agent
178 Coordinate this closing with sellers next purchase and resolve any timing
problems
179 Have a “no surprises” closing so that the seller receives a net proceeds
check at closing
180 Refer sellers to one of the best agents at their destination, if applicable
181 Change MLS status to SOLD. Enter sales date, price, selling broker, and
agents ID numbers etc.
182 Close out listing in transaction management program


Follow up After Closing
183 Answer questions about filing claims with Home Owner Warranty
Company, if needed
184 Attempt to clarify and resolve any conflicts about repairs if buyer is not
satisfied
185 Respond to any follow up calls and provide any additional information
required from office files
186 Update all websites with SOLD information or remove from active sales
187 Send out “just sold” cards to neighborhood and residences
188 Acquire testimonial from seller