272 Sunset - SOLD!!!

Listed here are 156 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® 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 is a REALTOR®. Make sure yours is!

Pre-Listing Activities

1. Make appointment with seller for listing presentation.
2. Send a written or e-mail confirmation of appointment and call to confirm.
3. Review appointment questions.
4. Research all comparable currently listed properties.
5. Research sales activity for past 18 months from MLS and public databases.
6. Research “average days on market” for properties similar in type, price and location.
7. Download and review property tax roll information.
8. Prepare “comparable market analysis” (CMA) to establish market value.
9. Obtain copy of subdivision plan/complex layout, where available.
10. Research property’s ownership and deed type.
11. Research property’s public record information for lot size and dimensions.
12. 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 their impact on market value.
20. Review listing appointment checklist to ensure completion of all tasks.

Listing Appointment Presentation

1. Give seller an overview of current market conditions and projections.
2. Review agent and company credentials and accomplishments.
3. Present company’s profile and position or “niche” in the marketplace.
4. Present CMA results, including comparables, solds, current listings and expireds.
5. Offer professional pricing strategy based and interpretation of current market conditions.
6. Discuss goals to market effectively.
7. Explain market power and benefits of multiple listing service.
8. Explain market power of online marketing, IDX and REALTOR.ca.
9. Explain the work the broker and agent do “behind the scenes” and agent’s availability on weekends.
10. Explain agent’s role in screening qualified buyers to protect against curiosity seekers.
11. Present and discuss strategic master marketing plan.
12. Explain different agency relationships and determine seller’s preference.
13. Review all clauses in listing contract and obtain seller’s signature.

After Listing Agreement is Signed

1. Review current title information.
2. Measure overall and usable square footage.
3. Measure interior room sizes, or have house professionally measured where applicable.
4. Confirm lot size via owner’s copy of certified survey, if available.
5. Note any and all unrecorded property lines, agreements, easements.
6. Obtain house plans, if applicable and available.
7. Review house plans, make copy.
8. Prepare showing instructions for buyers’ agents and agree on showing times with seller.
9. Obtain current mortgage loan(s) information: companies and outstanding balance and any penalties that may be applicable.
10. Check assumability of loan(s) and any special requirements.
11. Discuss possible buyer financing alternatives and options with seller.
12. Review current appraisal if available.
13. Research electricity availability and supplier’s name and phone number.
14. Calculate average utility usage from last 12 months of bills.
15. Research and verify city sewer/septic tank system.
16. Calculate average water system fees or rates from last 12 months of bills.
17. Or confirm well status, depth and output from Well Report.
18. Research/verify natural gas availability, supplier’s name and phone number.
19. Verify security system, term of service and whether owned or leased.
20. Prepare detailed list of property amenities and assess market impact.
21. Prepare detailed list of property’s “Inclusions & Exclusions with Sale.”
22. Complete list of completed repairs and maintenance items.
23. Have extra key made for lockbox.
24. Verify if property has rental units involved. And if so:
25. Make copies of all leases for retention in listing file.
26. Verify all rents and deposits.
27. Inform tenants of listing and discuss how showings will be handled.
28. Arrange for yard sign installation.
29. Complete “new listing checklist.”
30. Review results of Curb Appeal Assessment with seller and suggest improvements for salability.
31. Review results of Staging Consultation and suggest changes to shorten time on market.
32. Load listing time into transaction management software.

Entering Property in MLS Database

1. Prepare MLS Profile Sheet–agent is responsible for “quality control” and accuracy of listing data.
2. Enter property data from Data Sheet into MLS listing database.
3. Proofread MLS database listing for accuracy, including property placement in mapping function.
4. Add property to company’s Active Listings.
5. 82. Provide seller with signed copies of Listing Agreement and MLS Profile Data Form 
6. 83. Have professional photography completed and send the photos to the MLS.

Marketing the Listing

1. Create print and Internet ads with seller’s input.
2. Coordinate showings with owners, tenants and other agents. Return all calls–weekends included.
3. Install electronic lockbox. Program with agreed-upon showing time windows.
4. Prepare mailing and contact list.
5. Generate mail-merge letters to contact list.
6. Order “Just Listed” postcards.
7. Prepare flyers and feedback forms.
8. Review comparable MLS listings regularly to ensure property remains competitive in price, terms,
9. conditions and availability.
10. Prepare property marketing brochure for seller’s review.
11. Arrange for printing or copying of supply of marketing brochures or flyers.
12. Place marketing brochures in all company agent mailboxes.
13. Upload listing to company and agent Internet sites, if applicable.
14. Market the property on all social media channels
15. Mail “Just Listed” notice to all neighborhood residents.
16. Provide marketing data to buyers from international relocation networks.
17. Provide marketing data to buyers coming from referral network.
18. Submit ads to company’s participating Internet real estate sites.
19. Convey price changes promptly to all Internet groups.
20. Reprint/supply brochures promptly as needed.
21. Review and update loan information in MLS as required.
22. Send feedback e-mails to buyers’ agents after showings.
23. Review weekly Market Study.
24. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.
25. Place regular weekly update calls to seller to discuss marketing and pricing.
26. Promptly enter price changes in MLS listings database.

The Offer and the Contract

1. Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.
2. Evaluate offer(s) and prepare “net sheet” on each for owner to compare.
3. Counsel seller on offers. Explain merits and weakness of each component of each offer.
4. Contact buyers’ agents to review buyer’s qualifications and discuss offer.
5. Confirm buyer is pre-qualified by calling loan officer when possible.
6. Obtain pre-qualification letter on buyer from loan officer when possible.
7. Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date.
8. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.
9. Send copies of contract and all addendums to lawyer(s).
10. When Offer-to-Purchase contract is accepted and signed by seller, deliver to buyer’s agent.
11. Record and promptly deposit buyer’s money into trust account.
12. Disseminate “Under-Contract Showing Restrictions” as seller requests.
13. Deliver copies of fully signed Offer to Purchase contract to sellers.
14. Deliver copies of Offer to Purchase contract to selling agent.
15. Send copies of Offer to Purchase contract to lender.
16. Provide copies of signed Offer to Purchase contract for office file.
17. Advise seller in handling additional offers to purchase submitted between contract and closing.
18. Change MLS status to “Sale Pending.”
19. Update transaction management program to show “Sale Pending.”
20. Provide credit report information to seller if property is to be seller financed.
21. Assist buyer with obtaining financing and follow up as necessary.
22. Coordinate with lender on dates and deadlines.
23. Deliver requested property information to buyer.
24. Order septic inspection, if applicable.
25. Receive and review septic system report and access any impact on sale.
26. Deliver copy of septic system inspection report to lender and buyer.
27. Deliver well flow test report copies to lender, buyer and listing file.

Tracking the Loan Process

1. Follow loan processing through with mortgage broker and provide additional details when and if necessary.
2. Contact lender weekly to ensure processing is on track.
3. Relay final approval of buyer’s loan application to seller.

Home Inspection

1. Coordinate buyer’s professional home inspection with seller.
2. Attend the building inspection.
3. Review home inspector’s report with the client.
4. Enter completion into transaction management tracking software program.
5. Explain seller’s responsibilities and interpret any clauses in the contract.
6. Ensure seller’s compliance with home inspection clause requirements.
7. Assist seller with identifying and negotiating with trustworthy contractors for required repairs.
8. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.

The Appraisal

1. Schedule appraisal.
2. Provide comparable sales used in market pricing to appraiser if requested.
3. Attend the appraisal appointment.
4. Follow up on appraisal.
5. Enter completion into transaction management program.
6. Assist seller in questioning appraisal report if it seems too low.

Closing Preparations and Duties

1. Make sure all parties have met with their lawyers to sign documentation to close the transaction.
2. Coordinate closing process with buyer’s agent.
3. Update closing forms and files.
4. Ensure all parties have all forms and information needed to close the sale.
5. Assist in resolution of any title problems (boundary disputes, easements, etc.) or in obtaining death certificates.
6. Work with buyer’s agent in scheduling and conducting buyer’s final walkthrough prior to closing.
7. Coordinate closing with seller’s next purchase, resolving timing issues.
8. Have a “no surprises” closing so that seller receives a net proceeds check at closing.
9. Refer sellers to one of the best agents at their destination, if applicable.
10. Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
11. Close out listing in transaction management program.

Follow Up After Closing

1. Check in with buyer after closing to see that all inclusions and mechanicals are as agreed and funciotning properly.
2. Attempt to clarify and resolve any repair conflicts if buyer is dissatisfied.
3. Coordinate with legal counsel if any issues were identified with respect to inclusions that are not functioning properly.
4. Respond to any follow-up calls and provide any additional information required from office files.