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180 Steps To Sold!

 

VA loanSurveys show that many homeowners and homebuyers are not aware of the true value a REALTOR® provides during the course of a real estate transaction.

The list here is just a baseline since the services 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 these steps to be equally 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 to skip it, than to not know the possibility even existed. 

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 and HomeTrackTM information

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, IDX and REALTOR.com

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 -- Agents 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

Fax/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

Fax 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

Fax/deliver copies of Offer to Purchase contract to Selling Agent

133

Fax 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

Add lender and other vendors  to HomeTrackTM so agents, buyer and seller can 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 in HomeTrackTM

 

 

 

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.