If you're asking yourself, "Do I really need a REALTOR to sell my home", this article will help you make that decision. The Realtor Association of the Pioneer Valley released "The Real Estate Transaction in 180 Steps: What Your REALTOR Does for You". As stated in the article, the list is just a baseline, as services may vary with each agent, each brokerage and each market.
"Listed here are 180 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®."
Pre-Listing Activities
1
Make appointment with seller for listing presentation
2
Send seller a written or e-mail 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 this 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 & 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's public property 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 & Expireds
25
Offer pricing strategy based 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
28
Explain market power of web marketing
29
Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends
30
Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
31
Present and discuss strategic master marketing plan
32
Explain different agency relationships and determine seller's preference
33
Review and explain all clauses in Listing Contract & Addendum and obtain seller's 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 owner's copy of certified survey, if available
38
Note any and all unrecorded property lines, agreements, easements
39
Obtain house plans, if applicable and 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 & loan account numbers
44
Verify current loan information with lender(s)
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 Homeowner Association bylaws, if applicable
51
Research electricity availability and supplier's name and phone number
52
Calculate average utility usage from last 12 months of bills
53
Research and verify city sewer/septic tank system
54
Water System: Calculate average water fees or rates from last 12 months of bills )
55
Well Water: Confirm well status, depth and output from Well Report
56
Natural Gas: Research/verify availability and supplier's 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 is 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
Assist seller with completion of Seller's Disclosure form
74
"New Listing Checklist" Completed
75
Review results of Curb Appeal Assessment with seller and provide suggestions to improve
salability
76
Review results of Interior 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 Listing Database
80
Proofread MLS database listing for accuracy - including proper placement in mapping function
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. Discuss efficacy of panoramic photography
Marketing The Listing
84
Create print and Internet ads with seller's input
85
Coordinate showings with owners, tenants, and other Realtors®. Return all calls - weekends included
86
Install electronic lock box if authorized by owner. Program with agreed-upon showing time
windows
87
Prepare mailing and contact list
88
Generate mail-merge letters to contact list
89
Order “Just Listed” labels & reports
90
Prepare flyers & 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 seller's review
93
Arrange for printing or copying of supply of marketing brochures or fliers
94
Place marketing brochures in all company agent mail boxes
95
Upload listing to company and agent Internet site, if applicable
96
Mail Out "Just Listed" notice to all neighborhood residents
97
Advise Network Referral Program of listing
98
Provide marketing data to buyers coming through international relocation networks
99
Provide marketing data to buyers coming from referral network
100
Provide "Special Feature" cards for marketing, if applicable
101
Submit ads to company's 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 e-mails/faxes sent to buyers' agents after showings
106
Review weekly Market Study
107
Discuss feedback from showing agents with seller to determine if changes will accelerate the
sale
108
Place regular weekly update calls to seller to discuss marketing & pricing
109
Promptly enter price changes in MLS listing database
The Offer and Contract
109
Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.
110
Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
111
Counsel seller on offers. Explain merits and weakness of each component of each offer
112
Contact buyers' agents to review buyer's qualifications and discuss offer
113
Deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if
possible
114
Confirm buyer is pre-qualified by calling Loan Officer
115
Obtain pre-qualification letter on buyer from Loan Officer
116
Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date
117
Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
118
Send copies of contract and all addendums to closing attorney or title company
119
When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
120
Record and promptly deposit buyer's earnest money in escrow account.
121
Disseminate "Under-Contract Showing Restrictions" as seller requests
122
Deliver copies of fully signed Offer to Purchase contract to seller
123
Deliver copies of Offer to Purchase contract to Selling Agent
133
Provide copies of Offer to Purchase contract to lender
124
Provide copies of signed Offer to Purchase contract for office file
125
Advise seller in handling additional offers to purchase submitted between contract and closing
126
Change status in MLS to "Sale Pending"
127
Update transaction management program show "Sale Pending"
128
Review buyer's credit report results -- Advise seller of worst and best case scenarios
129
Provide credit report information to seller if property will be seller-financed
130
Assist buyer with obtaining financing, if applicable and follow-up as necessary
131
Coordinate with lender on Discount Points being locked in with dates
132
Deliver unrecorded property information to buyer
133
Order septic system inspection, if applicable
134
Receive and review septic system report and assess any possible impact on sale
135
Deliver copy of septic system inspection report lender & buyer
136
Deliver Well Flow Test Report copies to lender & buyer and property listing file
137
Verify termite inspection ordered
138
Verify mold inspection ordered, if required
Tracking the Loan Process
139
Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
140
Follow Loan Processing Through To The Underwriter
141
Track progress of sale
142
Contact lender weekly to ensure processing is on track
143
Relay final approval of buyer's loan application to seller
Home Inspection
144
Coordinate buyer's professional home inspection with seller
145
Review home inspector's report
146
Enter completion into transaction management tracking software program
147
Explain seller's responsibilities with respect to loan limits and interpret any clauses in the
contract
148
Ensure seller's compliance with Home Inspection Clause requirements
149
Recommend or assist seller with identifying and negotiating with trustworthy contractors
to perform any required repairs
150
Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed
The Appraisal
151
Schedule Appraisal
154
Provide comparable sales used in market pricing to Appraiser
152
Follow-Up On Appraisal
151
Enter completion into transaction management program
153
Assist seller in questioning appraisal report if it seems too low
Closing Preparations and Duties
154
Contract Is Signed By All Parties
155
Coordinate closing process with buyer's agent and lender
156
Update closing forms & files
157
Ensure all parties have all forms and information needed to close the sale
158
Select location where closing will be held
159
Confirm closing date and time and notify all parties
160
Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining
Death Certificates
161
Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to
closing
172
Research all tax, HOA, utility and other applicable prorations
162
Request final closing figures from closing agent (attorney or title company)
163
Receive & carefully review closing figures to ensure accuracy of preparation
164
Forward verified closing figures to buyer's agent
165
Request copy of closing documents from closing agent
166
Confirm buyer and buyer's agent have received title insurance commitment
167
Provide "Home Owners Warranty" for availability at closing
168
Reviews all closing documents carefully for errors
169
Forward closing documents to absentee seller as requested
170
Review documents with closing agent (attorney)
171
Provide earnest money deposit check from escrow account to closing agent
173
Coordinate this closing with seller's next purchase and resolve any timing problems
174
Have a "no surprises" closing so that seller receives a net proceeds check at closing
175
Refer sellers to one of the best agents at their destination, if applicable
176
Change MLS status to Sold. Enter sale date, price, selling broker and agent's
ID numbers, etc.
177
Close out listing
Follow Up After Closing
178
Answer questions about filing claims with Home Owner Warranty company if requested
179
Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
180
Respond to any follow-on calls and provide any additional information required from
office files.
Thinking about selling your home? You'll want a professional on your side. Contact the professionals at Coldwell Banker Upton-Massamont Realtors at 413-461-3518 to connect with an agent.
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