The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
Explaining the value to a buyer/seller as a REALTOR®
REALTORS® help buyers and sellers navigate a maze of forms and complex paperwork; negotiate with lenders, inspectors, other agents, escrow companies, title companies, appraisers, and other professionals; and ensure that their clients’ interests are represented in pricing, negotiation and closing. Their expertise helps buyers and sellers navigate the most important purchase of their lives.
REALTORS® do A LOT more than show homes. Take a look at this list to discover just how much value a REALTOR® brings to a real estate transaction!
Pre-Listing Activities
1. Make appointment with seller for listing presentation
2. Send seller a written or e-mail confirmation of listing appointment & call to confirm
3. Review pre-appointment questions
4. Research all comparable currently listed properties
5. Research sales activity from MLS & public records databases for comparable properties
6. Research “Average Days on Market” for property of this type, price range & location
7. Download & review property tax roll information*
8. Prepare “Comparable Market Analysis” (CMA) to establish fair market value
9. Research property’s ownership & deed type*
10. Research property’s public record information for lot size & dimensions*
11. Verify legal names of owner(s) in county’s public property records*
12. Prepare listing presentation package with above materials
13. Perform exterior “Curb Appeal Assessment” of subject property
14. Compile & assemble file on property
15. Review listing appointment checklist to ensure all steps & actions are completed
16. Contact title company and obtain relevant information from a property profile or preliminary report
Listing Appointment Presentation
17. Give seller an overview of current market conditions & projections
18. Review agent’s & company’s credentials & accomplishments in the market
19. Present company’s profile & position or “niche” in the marketplace
20. Present CMA to seller, incl. comparables, sold properties, current listings & expired listings
21. Offer pricing strategy based on professional judgment & current market conditions
22. Discuss goals with seller to market effectively
23. Discuss Compensation being paid to the Listing Broker, including the option to offer a cooperating commission to buyer’s agents and the amount, if any. Talk about the benefits and different strategies related to the offering to pay the buyer’s agent.
24. Explain power & benefits of Multiple Listing Service and office exclusive option and consequences
25. Explain power of web marketing, IDX & REALTOR.com
26. Explain the work you do “behind the scenes” & availability after hours and on weekends
27. Explain role in screening for qualified buyers in compliance with fair housing laws and principles & minimizing the inconvenience to seller from curiosity seekers
28. Present & discuss strategic master marketing plan
29. Explain different agency relationships & determine seller’s preference
30. Review & explain all clauses in Listing Contract & Addenda, including Disclosure Regarding Real Estate Agency Relationships, and Advisories & obtain seller’s signature
31. Prepare net sheet (estimate seller proceeds, CAR form ESP) based on listing price and loan information provided by seller
32. Discuss with seller if there is a current tenant, if so whether the property will be sold vacant or occupied. If the tenancy will be terminated and property is to be sold vacant, advise seller to consult with a qualified landlord tenant attorney to verify the process is done correctly and in a timely manner.
33. Discuss with seller if there are any current adult occupants who are not the named sellers such as adult family members. If so, add C.A.R. form Tenant Occupied Property Addendum (TOPA)
34. Verify the name on RLA matches the name under current title. If seller is signing in a representative capacity, obtain all appropriate legal documentations (trust doc, letter of testamentary, board resolution, or operating agreement). Consult with and provide to title officer the appropriate document has been received to authorize sale by the entity.
35. Prepare detailed list of personal property that seller intends to take or leave, and whether there are items that will remain that are leased or liened
36. Discuss advantages of staging property
Once Property is Under Listing Agreement
37. Confirm lot size via owner’s copy of certified survey, if available
38. Prepare showing instructions for buyers’ agents & showing times with seller
39. Discuss possible buyer financing alternatives & options with seller
40. Identify Home Owner Association manager, if applicable
41. Verify Homeowner Association Fees with manager (Homeowner Association Information Request, CAR Form HOA-IR)
42. Order copy of Homeowner Association documents required for the transaction, if applicable
43. Order NHD and any other reports and documents, as applicable
44. Verify security system, current term of service & whether owned or leased
45. Ascertain need for lead-based paint disclosure
46. Prepare detailed list of property amenities & assess market impact
47. Compile list of completed repairs & maintenance items
48. Have extra key made for lockbox
49. Verify if property has rental units involved. And if so:
50. *Obtain from seller current lease agreement and Income and Expense Statement, if required under TOPA or RIPA
51. *Provide Tenant Estoppel Certificate for tenant to verify rent and security deposit, if required under TOPA or RIPA
52. *Inform tenants of listing & discuss how showings will be handled. Obtain tenant signature on Keysafe/Lockbox addendum and Tenant Permission to Access Property, CAR Form KLA). Discuss serving Notice of Sale and Entry (CAR Form NSE) to make showing the showing process easier.
53. Arrange for installation of yard sign
54. Provide seller with Seller’s Disclosure forms and advisories, such as Real Estate Transfer Disclosure Statement, CAR form TDS, Seller Property Questionnaire, CAR Form SPQ, Lead-Based Paint and Lead-Based Paint Hazards Disclosure, acknowledgment and Addendum for Pre-1978 Housing Sales, Leases, or Rentals, CAR Form LPD, Disclosure Information Advisory, CAR Form DIA, Statewide Buyer and Seller Advisory, CAR Form SBSA, and offer to address questions seller may have about completing any such forms
55. Review Curb Appeal Assessment & provide suggestions to improve salability
56. Review Interior Decor Assessment & suggest changes to shorten time on market
57. Load listing into transaction management software program
58. Provide seller a copy of the Listing Agreement at the time of execution
59. Contact staging company, if agreed to by seller
Entering Property into Multiple Listing Serive Datadase
60. Prepare MLS Profile Sheet
61. Enter property data from Profile Sheet into MLS Listing Database
62. Proofread MLS database listing for accuracy - incl proper placement in map
63. Add property to company’s Active Listings list
64. Provide seller the MLS link or profile sheet for the property
65. Take additional photos for upload into MLS & use in flyers
66. Draft listing remarks for public view and private agent remarks
Marking the Listing
67. Create print & Internet ads with seller’s input
68. Coordinate showings with owners, tenants, & other REALTORS®
69. Return all calls
70. Install electronic lock box if authorized. Program agreed-to showing times
71. Prepare mailing & contact list
72. Generate mail-merge letters to contact list
73. Order “Just Listed” labels & reports
74. Prepare flyers & feedback forms
75. Review comparable MLS listings regularly to ensure property remains competitive
76. Prepare property marketing brochure for seller’s review
77. Arrange for printing or copying of supply of marketing brochures or flyers
78. Place marketing brochures in all company agent mailboxes
79. Upload listing to company & agent Internet site, if applicable
80. Mail Out “Just Listed” notice to all neighborhood residents
81. Advise Network Referral Program of listing
82. Provide marketing data to buyers coming thru international relocation networks
83. Provide marketing data to buyers coming from referral network
84. Provide “Special Feature” cards for marketing, if applicable
85. Submit ads to company’s participating Internet real estate sites
86. Price changes conveyed promptly to all Internet groups
87. Reprint/supply brochures promptly as needed
88. Loan information reviewed & updated in MLS as required
89. Feedback e-mails/faxes sent to buyers’ agents after showings
90. Review weekly Market Study
91. Discuss feedback from showings with seller to determine if changes are needed
92. Place regular weekly update calls to seller to discuss marketing & pricing
93. Promptly enter price changes in MLS listing database
94. Receive & review all Residential Purchase Agreements (offers)
submitted by buyers’ agents
95. Evaluate offer(s), prepare Summary of Multiple Offers, CAR Form SUM-MO & prepare a “net sheet” for the owner for comparison purposes
The Offer and Contract
96. Submit all offers received to the seller unless otherwise instructed in writing
97. Counsel seller on offers. Explain objective merits & weaknesses of each offer, including any special terms written in by buyer such as termite report, and any costs assigned to seller
98. Contact buyers’ agents to review buyer’s qualifications & discuss offer
99. Deliver Seller’s Disclosures to buyer upon request & prior to offer if possible
100. Confirm buyer is pre-qualified by calling Loan Officer
101. Obtain pre-qualification letter on buyer from Loan Officer, if not submitted with offer
102. Negotiate all offers on seller’s behalf, including price, costs, and all time frames
103. Prepare & convey counter offers, acceptance or amendments to buyer’s agent
104. Deliver copies of contracts to Escrow and all other necessary parties
105. If Buyer’s signed Offer to Purchase is acceptable to seller, obtain seller signatures and then deliver a copy to buyer’s agent
106. Verify that the buyer has submitted the initial deposit to Escrow Holder
107. Deliver copies of fully signed Offer to Purchase contract to seller
108. Send copies of Offer to Purchase contract to lender
109. Provide copies of signed Offer to Purchase contract for office file
110. If additional offers are submitted between contract & closing, submit to seller and advise
111. Change status in MLS to “Pending” or “Active Under Contract” or similar status
112. Update transaction management program show “Sale Pending”
113. Provide credit report information to seller if property will be seller-financed
114. Buyer’s agent to refer buyer to loan broker or lender if buyer has not already made contacts, and if applicable follow-up as necessary
115. Buyer’s agent to coordinate with lender on Discount Points being locked in with dates
116. Deliver seller disclosures to buyer’s agent
117. Discuss with buyer the Buyer Inspection Advisory (BIA)
118. Fill out Buyer Inspection Election (BIE), Buyer Material Issues (BMI), Buyer Inspection Waiver (BIW), as applicable
119. Order septic system inspection, if applicable
120. Receive & review septic system report & assess any possible impact on sale
121. Deliver copy of septic system inspection report to buyer
122. Deliver Well Flow Test Report copies to buyer
123. Verify termite inspection ordered, if required
124. Verify mold inspection ordered, if required
125. Prepare timeline of events and calendar. Notify buyer or seller client if contractual terms are not or have not been met and discuss consequences and potential actions, such as cancellation, delivery of notice to buyer or seller to perform. Use as applicable, Notice to Buyer to Perform, CAR Form NBP, Notice to Seller to Perform, CAR Form, Demand to Close Escrow, CAR Form DCE, Cancellation of Contract, Release of Deposit and Joint Escrow Instructions, CAR Form CC
126. If not already done, conduct reasonably competent and diligent visual inspection and disclose material facts that may affect value and desirability of property using agent portion of TDS or Agent Visual Inspection Disclosure, CAR Form AVID. Review seller disclosures for inconsistencies
Tracking the Loan Process
127. Follow Loan Processing All the Way through underwriting
128. Add lender & other vendors to your management program so agents, buyer & seller can track progress of sale
129. Contact lender weekly to ensure processing is on track
130. Relay final approval of buyer’s loan application to seller
Home Inspection
131. Coordinate buyer’s professional home inspection with seller’s agent
132. Review home inspector’s report with buyer
133. Enter completion into transaction management tracking software program
134. Explain to buyer the seller’s responsibilities & explain any clauses in the contract
135. Use C.A.R. form Request for Repair (RR) to ask seller to make any repairs, give credit or reduce the purchase price
136. Negotiate RR and explain consequence of removing investigation contingency, and any other contingency, as term of the request process
137. Assist seller with identifying contractors to perform any agreed to repairs
138. Confirm with seller all repairs are final at least five days before Close of Escrow and that seller provided receipts for those repairs
The Appraisal
139. Coordinate Appraisal appointment with seller’s agent
140. Provide comparable sales used in market pricing to Appraiser
141. Follow-up on appraisal
142. Enter completion into transaction management program
143. Assist seller or buyer in questioning appraisal report if it seems too low
Closing Preparations and Duties
144. Coordinate closing process with buyer’s agent & lender
145. Update closing forms & files
146. Ensure all parties have all forms & information needed to close the sale
147. Confirm with seller they will be available in person for the signing of closing docs, including the deed. If they will be not available, make alternative arrangements via Remote Online Notary and verify with title that is acceptable
148. Confirm closing date & time & notify all parties
149. Coordinate with title company in solving any title problems, such as obtaining Death Certificates or representative signer’s documentation
150. Work with buyer’s agent in scheduling buyer’s Final Verification of Property prior to closing
151. Request final closing figures from escrow holder
152. Receive & carefully review closing figures to ensure accuracy of preparation
153. Request copy of closing documents from escrow holder
154. Coordinate with escrow and title to verify that lender requirements have been met and documents, such as title policy have been obtained, to enable closing
155. Reviews all closing documents carefully for errors
156. Verify seller has received all closing documents
157. Coordinate closing with seller’s next purchase & resolve any timing problems, if applicable
158. Have a “no surprises” closing so seller receives a net proceeds check at closing
158. Have a “no surprises” closing so seller receives a net proceeds check at closing
159. Refer sellers to one of the best agents at their destination, if applicable
160. Change MLS status to Sold. Enter sale date, price, selling broker, etc.
161. Close out listing in your management program
162. Verify with seller all personal items and debris will be removed by close of escrow. Confirm all items included in the sale such as appliances will remain at closing
Follow up After Closing
163. Answer questions about filing claims with Home Warranty Company if requested
164. Respond to any calls & provide any information required from office files
165. Provide referrals to service providers that might assist clients with evaluating conditions
166. Offer to transmit communications to the other agent
167. If any dispute cannot be resolved between the parties, remind the parties to mediate before moving to arbitration or litigation, if required in the purchase agreement