Why Use a REALTOR®

Many consumers aren’t aware of the hundreds of tasks full-service REALTORS® perform for home sellers and buyers, or the value they bring to the real estate transaction. Here are just a few:

  • Make appointment with seller for listing presentation
  • Send seller a written or e-mail confirmation of listing appointment an call to confirm
  • Research comparable currently listed properties
  • Research sales activity in the neighborhood
  • Research “average days on market” for property of this type, price range and location
  • Review property tax roll information
  • Prepare “comparable market analysis” (CMA) to help establish fair market value
  • Prepare listing presentation package
  • Perform exterior curb appeal assessment of property
  • Compile and assemble file on property
  • Review listing appointment checklist to ensure all steps and actions have been completed
  • Give seller an overview of current market conditions and projections
  • Review agent’s and company’s credentials and accomplishments in the market
  • Present company’s profile and position or “niche” in the marketplace
  • Present CMA results to seller, including comparables, solds, current listings and expireds
  • Offer pricing strategy based on professional judgment and interpretation of current market conditions
  • Discuss goals with seller to market effectively
  • Explain market power and benefits of Multiple Listing Service
  • Explain market power of Web marketing, IDX and REALTOR.com
  • Explain the work the brokerage and agent do behind the scenes and the agent’s availability on weekends
  • Explain the agent’s role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
  • Present and discuss strategic marketing plan
  • Explain different agency relationships and determine seller’s preference
  • Go over residential listing agreement
  • Review title information, if appropriate
  • Discuss possible buyer financing alternatives and options with seller
  • Identify homeowner association manager, if applicable
  • Verify homeowner association fees
  • Verify security system, current term of service and whether owned or leased
  • Ascertain need for lead-based paint disclosure and other disclosures
  • Prepare detailed list of property amenities and assess market impact
  • Explain benefits of homeowner warranty to seller
  • Have extra key made for lockbox, if needed
  • Verify if property has rental units involved. If so:
    • Make copies of all leases for retention in listing file
    • Inform tenants of listing and discuss how showings will be handled
  • Arrange for installation of yard sign
  • Assist seller with completion of seller’s disclosure forms
  • Complete new listing checklist
  • Review results of curb appeal assessment with seller and provide suggestions to improve salability
  • Review results of interior decor assessment and suggest changes to shorten time on market
  • Load listing into transaction management software program
  • Prepare MLS profile sheet
  • Enter property data from profile sheet into MLS listing database
  • Proofread MLS database listing for accuracy
  • Add property to company’s active listings list
  • Provide seller with MLS profile sheet data form
  • Take photos for upload into MLS and use in flyers
  • Create print and Internet ads
  • Coordinate showings with owners, tenants and other REALTORS®
  • Return all calls, including nights and weekends
  • Install electronic lock box if authorized by owner.
  • Prepare mailing and contact list
  • Generate mail-merge letters to contact list
  • Order “just listed” labels and reports
  • Prepare flyers and feedback faxes
  • Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
  • Prepare property marketing brochure
  • Arrange for printing or copying of supply of marketing brohures or flyers
  • Place marketing brochures in all company agent mailboxes
  • Upload listing to company and agent Internet site, if applicable
  • Mail out “just listed” notice to all neighborhood residents
  • Provide marketing data to prospective buyers
  • Provide “special feature” cards for marketing, if applicable
  • Submit ads to company’s participating Internet real estate sites
  • Convey price changes promptly to MLS and all Internet groups
  • Reprint/supply brochures promptly as needed
  • Send feedback e-mails/faxes to buyers’ agents after showings
  • Discuss feedback with seller to determine if changes will accelerate the sale
  • Place regular weekly update calls to seller to discuss marketing and pricing
  • Receive and review all offer to purchase contracts submitted by buyers or buyers’ agents
  • Evaluate offers and prepare a “net sheet” on each for the owner for comparison purposes
  • Counsel seller on offers. Explain merits and weakness of each offer.
  • Contact buyers’ agents to review buyer’s qualifications and discuss offer
  • Fax/deliver seller’s disclosure to buyer’s agent or buyer upon request
  • Obtain pre-qualification letter from buyer
  • Negotiate offers on seller’s behalf, setting time limit for loan contingency
  • Prepare and convey any counter offers, acceptance or amendments to buyer’s agent
  • Provide copies of contract and all addenda to escrow
  • When offer to purchase is accepted and signed by seller, deliver to buyer’s agent
  • Record and deposit buyer’s earnest money into escrow
  • Deliver copies of fully signed purchase contract to seller
  • Deliver copies of purchase contract to selling agent
  • Provide copies of signed purchase contract for office file
  • Advise seller in handling additional offers to purchase submitted between contract and closing
  • Change status in MLS to “sale pending”
  • Update transaction management program to show “sale pending”
  • Provide income and credit information to seller if property will be seller-financed
  • Assist buyer with obtaining financing, if applicable, and follow-up as necessary
  • Coordinate with lender on loan lock-in
  • Order septic system inspection, if applicable
  • Receive and review septic system report, if applicable
  • Verify mold inspection ordered, if applicable
  • Verify mold inspection ordered, if required
  • Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale
  • Contact lender periodically to ensure processing is on track
  • Relay final approval of buyer’s loan application to seller
  • Coordinate buyer’s professional home inspection with seller
  • Review home inspector’s report
  • Enter completion into transaction management tracking software program
  • Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
  • Schedule appraisal
  • Provide comparable sales used in market pricing to appraiser
  • Follow-up on appraisal
  • Enter compilation into transaction management program
  • Coordinate closing process with buyer’s agent and lender
  • Update closing forms and files
  • Ensure all parties have forms and information needed to close the sale
  • Confirm closing date and time and notify all parties
  • Work with buyer’s agent in scheduling and conducting buyer’s final walk through prior to closing
  • Request copy of closing documents from closing agent
  • Assist seller in providing homeowner’s warranty, if applicable
  • Review closing documents carefully
  • Coordinate this closing with seller’s next purchase and resolve any timing problems
  • Refer sellers to three of the best agents at their destination, if applicable
  • Change MLS status to “sold.”  Enter sale date, price, selling broker and agent’s ID numbers, etc.
  • Close out listing in transaction management program
  • Answer questions about filing claims with homeowner warranty company, if applicable
  • Attempt to clarify and resolve disputes about repairs if buyer is not satisfied
  • Respond to any follow-up calls and provide additional information required from office files, if appropriate.

Source:  Orlando Regional Realtor® Association