By: Modern Living Group

180 Things We Do For A Seller

Tags: Real Estate, Fraser Valley Experts, Realtors you can trust!

Prelude:

 

Surveys show that many homeowners and home buyers are not aware of the true value they receive in the services a REALTOR® provides during the course of a real estate transaction. At the same time, regrettably, REALTORS® have generally assumed that the expertise, professional knowledge and just plain hard work that go into bringing about a successful transaction were understood and appreciated. Many of the most important services and steps are performed “behind the scenes” by either the REALTOR® or the brokerage staff and have been traditionally viewed simply as part of their professional responsibilities to their client.

But, without them, the transaction could be placed in jeopardy. This publication seeks to close that gap. Listed on the following pages are nearly 200 typical actions, research steps, processes and review stages necessary for a successful residential real estate transaction and normally provided by a full service real estate brokerage and for which they are entitled to fair compensation.

 

“Will there be ongoing search for a property if I list with you?”

 

The Selling of a home can be stressful and the big fear in any market is whether the homeowner can find the “right” property” before selling. Our approach is to have that consultation ahead of time wherever possible to alleviate the stress of “knowing where you are going”. Hiring The Modern Living Group is a first step to a logical, ethical and professional approach in real estate transactions that many other area Realtors ® do not have.

As a Real Estate Professional and Associate Broker, Wes knows the best services and marketing strategies to help make the transaction the most rewarding possible. A home search will be initiated early and on-going support offered every step of the way.

Completeness of the List The list is by no means an attempt to set forth a complete list of services as these may vary within each brokerage and each market.

Many REALTORS® routinely provide a wide variety of additional services that are as varied as the nature of each transaction. By the same token, some transactions may not require some of the steps to be successful. However, most would agree that given the unexpected complications that can arise, it’s far better to know about a step and make an intelligent, informed decision that it is not needed, than to not know the possibility even existed.

The REALTOR® Commitment Through it all, the REALTOR®’s personal and professional commitment is to ensure that a seller and buyer are brought together in an agreement that provides each of them a “win” that is fair and equitable. Their motivation is easy to understand. For most full-service brokerages, there is no compensation unless and until the sale closes. By contrast, there are firms that offer “limited-services” in exchange for either an upfront flat fee or perhaps offer a menu of pay-as-you-go or “a la’ carte” services.

Some even offer a sliding scale from limited to full service. In these cases, the REALTOR®’s compensation is based on the level of service they provide. In short, it’s the age-old market adage that “you get what you pay for.” A Variety of Choices It can truly be said the variety of brokerage business models in today’s real estate industry affords the homeowner a greater range of options than ever before. But no matter which option homeowners choose, before signing a Listing Agreement or otherwise engaging the services of a REALTOR® and agreeing to compensate them, they should understand exactly what specific services will, or will not, be provided.

Why Use A REALTOR®? Not every licensed or registered broker or salesperson is a REALTOR®. To be a REALTOR®, the agent must be a member of The Canadian Real Estate Association (CREA). And to be a member of CREA, an agent is expected to be committed to the REALTOR® Code; knowledgeable about developments in real estate; actively updating education; and part of a Real Estate Board with access to the MLS® Systems, which facilitate the cooperate sale of properties to benefit consumers. That term and the familiar Block “R” logo are trademarked by the Canadian Real Estate Association and can only be used by those who are REALTOR® members through their local association of REALTORS®. A REALTOR’s® ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. The REALTOR® Code, by setting high standards of professional conduct for REALTORS®, helps to protect Canadians' rights and interests. It also creates a level of trust between REALTORS® and their clients. The REALTOR®’s Critical Role in the Transaction Listed here are the 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 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 holds REALTOR® membership. Make sure yours does!

 

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 properties 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 plot/complex lay-out

10.Research property's ownership & deed type at Land Titles Office

11.Research property's public record information for lot size & dimensions

12.Research and verify legal description and PID

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 title search

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 21.Listing Appointment Presentation

22.Give seller an overview of current market conditions and projections

23.Review agent's and company's credentials and accomplishments in the market

24.Present company's profile and position or "niche" in the marketplace

25.Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds 26.Offer pricing strategy based on professional judgment and interpretation of current market conditions

27.Discuss goals with seller to market effectively

28.Explain market power and benefits of Multiple Listing Service

29.Explain market power of IDX and REALTOR.com

30.Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends

31.Explain agent's role in taking all calls to screen for qualified buyers and protect seller from curiosity seekers

32.Present and discuss the strategic master marketing plan

33.Explain different agency relationships and determine seller's preferences

34.Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature

 

Once Property is Under Listing Agreement:

 

1. Review current title information

2. Measure overall and heated square footage

3. Measure interior room sizes

4. Confirm lot size via owner's copy of survey certificate, if available, or with local municipality   5. Note any and all unrecorded property lines, agreements, easements

6. Obtain house plans, if applicable and available

7. Review house plans and make copy

8. Order plot map for retention in property's listing file

9. Prepare showing instructions for buyers' agents and agree on showing time window with seller

10.Obtain current mortgage loan(s) information: companies and loan account numbers

11.Verify current loan information with lender(s)

12.Check assumability of loan(s) and any special requirements

13.Discuss possible buyer financing alternatives and options with seller

14.Review current appraisal if available

15.Identify Strata Property Manager if applicable

16.Verify strata fees/lease payments with manager - mandatory or optional and current annual fee

17.Order copy of strata plan, bylaws and rules, if applicable

18.Research electricity availability and supplier's name and phone number

19.Calculate average utility usage from last twelve months of bills

20.Research and verify city sewer/septic tank system

21.Water System: Determine provider and calculate average water fees or rates from last twelve months of bills

22.Well Water: Confirm well status, depth and output from Well Report

23.Natural Gas: Research/verify availability and supplier's name and phone number

24.Verify security system, current term of service and whether owned or leased

25.Verify if seller has transferable Termite Bond

26.Ascertain need for lead-based paint or other required disclosure

27.Prepare detailed list of property amenities and assess market impact

28.Prepare detailed list of property's "Inclusions & Conveyances with Sale"

29.Compile list of completed repairs and maintenance items

30.Send "Vacancy Checklist" to seller if property is vacant

31.Explain benefits of Home Owner Warranty to seller

32.Assist sellers with completion and submission of Home Owner Warranty Application 33.When received, place Home Owner Warranty in property file for conveyance at time of sale 34.Have extra key made for lockbox

35.Verify if property has rental units involved. And if so:  Make copies of all leases for retention in listing file, Verify all rents & deposits,  Inform tenants of listing and discuss how showings will be handled

36.Arrange for installation of yard sign

37.Assist seller with completion of Seller's Property Disclosure form

38."New Listing Checklist" Completed

39.Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability

40.Review results of Interior Décor Assessment and suggest changes to shorten time on market 41.Assign Transaction Desk login and password for sellers to check progress

42.Enter Property in Multiple Listing Service Database

 

Prepare MLS Property Profile Sheet -- Agent is responsible for "quality control" and accuracy of listing data

 

1. Enter property data from Profile Sheet into MLS Listing Database

2. Proofread MLS database listing for accuracy - including proper placement in mapping function

3. Add property to company's Active Listings list

4. Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data

5. Entry Form within 48 hours

6. Take additional photos for upload into MLS and use in flyers.

 

Discuss efficacy of panoramic photography Marketing the Listing

 

1. Create print and Internet ads with seller's input

2. Coordinate showings with owners, tenants, and other Realtors®.

3. Return calls, (weekends Included)

4. Install electronic lock box if authorized by owner and program with agreed-upon showing time windows

5. Prepare mailing and contact list

6. Generate mail-merge letters to contact list

7. Order “Just Listed” labels & reports

8. Prepare flyers & feedback faxes

9. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability

10.Prepare property marketing brochure for seller's review

11.Arrange for printing or copying of supply of marketing brochures or fliers

12.Place marketing brochures in all company agent mail boxes

13.Upload listing to company and agent Internet site, if applicable

14.Mail Out "Just Listed" notice to all neighborhood residents

15.Advise Network Referral Program of listing

16.Provide marketing data to buyers coming through international relocation networks 17.Provide marketing data to buyers coming from referral network

18.Provide "Special Feature" cards for marketing, if applicable

19.Submit ads to company's participating Internet real estate sites

20.Price changes conveyed promptly to all Internet groups

21.Reprint/supply brochures promptly as needed

22.Loan information reviewed and updated in MLS as required

23.Feedback e-mails/faxes sent to buyers' agents after showings

24.Review weekly Market Study

25.Discuss feedback from showing agents with seller to determine if changes will accelerate the sale

26.Place regular weekly update calls to seller to discuss marketing & pricing

27.Promptly enter price changes in MLS listing database

 

The Offer and Contract

 

1. Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.

2. Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes

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. Fax or deliver Seller's Disclosure form to buyer's agent or buyer (upon request and prior to offer being made if possible)

6. Confirm buyer is pre-qualified by calling loan officer

7. Obtain pre-qualification letter on buyer from loan officer

8. Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date

9. Prepare and convey any counteroffers, acceptance or amendments to buyer's agent

10.Fax copies of contract and all addendums to closing attorney or title company

11.When an Offer to Purchase Contract is accepted and signed by seller, deliver signed offer to buyer's agent

12.Record and promptly deposit buyer's earnest money in escrow account.

13.Disseminate "Under-Contract Showing Restrictions" as per seller requests

14.Deliver copies of fully signed Offer to Purchase contract to seller

15.Fax/deliver copies of Offer to Purchase contract to selling agent

16.Fax copies of Offer to Purchase contract to lender

17.Provide copies of signed Offer to Purchase contract for office file  

18.Advise seller in handling any additional offers to purchase that may be submitted between contract and closing

19.Change status in MLS to "Sale Pending"

20.Update Transaction Desk to show "Sale Pending"

21.Review buyer's credit report results

22.Advise seller of worst and best case scenarios

23.Provide credit report information to seller if property will be seller-financed

24.Assist buyer with obtaining financing, if applicable and follow-up as necessary

25.Deliver unrecorded property information to buyer

26.Order septic system inspection, if applicable

27.Receive and review septic system report and assess any possible impact on sale

28.Deliver copy of septic system inspection report to lender & buyer

29.Deliver well flow test report copies to lender & buyer and property listing file

30.Verify termite inspection ordered

31.Verify mold inspection ordered, if required

32.Track the loan process

33.Confirm verifications of deposit & buyer's employment have been returned

34.Follow loan processing through to the underwriter

35.Add lender and other service vendors to Transaction Desk so agents, buyer and seller can track progress of sale

36.Contact lender weekly to ensure processing is on track

37.Relay final approval of buyer's loan application to seller

 

Home Inspection

 

1. Coordinate buyer's professional home inspection with seller

2. Review home inspector's report

3. Enter completion into Transaction Desk

4. Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract

5. Ensure seller's compliance with Home Inspection clause requirements

6. Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs

7. Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed 8. Schedule the Appraisal

9. Provide comparable sales used in market pricing to Appraiser if needed

10.Follow-Up On Appraisal & enter completion into Transaction Desk  

11.Assist seller in questioning appraisal report if it seems too low

 

Closing Preparations and Duties

 

1. Contract Is signed by all parties/fully executed

2. Coordinate closing process with buyer's agent and lender

3. Update closing forms & files

4. Ensure all parties have all forms and information needed to close the sale

5. Select location where closing will be held

6. Confirm closing date and time and notify all parties

7. Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates or other forms (eg POA)

8. Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing 9. Research all tax, utility and other applicable prorations

10.Request final closing figures from closing agent (attorney or title company)

11.Receive & carefully review closing figures to ensure accuracy of preparation

12.Forward verified closing figures to buyer's agent

13.Request copy of closing documents from closing agent

14.Confirm buyer and buyer's agent have received title insurance commitment

15.Provide "Home Owners Warranty" for availability at closing

16.Review all closing documents carefully for errors

17.Forward closing documents to absentee seller as requested

18.Review documents with closing agent (attorney)

19.Provide earnest money deposit check from escrow account to closing agent

20.Coordinate this closing with seller's next purchase and resolve any timing problems

21.Have a "no surprises" closing and present seller a net proceeds check at closing

22.Refer sellers to one of the best agents at their destination, if applicable

23.Change MLS listing status to Sold.

24.Enter sale date and price, selling broker and agent's ID numbers, etc.

25.Close out listing in programs required

 

Follow Up After Closing

 

1. Answer questions about filing claims with Home Owner Warranty company if requested

2. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied

3. Respond to any follow-on calls and provide any additional information required from office files



"The Modern Living Group! Working hard for you today to get you the best results for tomorrow!" :)