03/25/2024
Just in case you didn’t know what realtors do-well just have a look.
Listed below are 184 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are routinely provided by full service real estate brokerages in return for their sales commission. Depending on the transaction and particular agent, 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
âś… Make appointment with seller for listing presentation
âś… Send seller a written or email confirmation of listing appointment and call to confirm
âś… Review pre-appointment questions
âś… Research all comparable currently listed properties
âś… Research sales activity for past 18 months from MLS and public records databases
âś… Research average Days on Market (DOM) for this property of this type, price range and location
âś… Download and review property tax roll information
âś… Prepare Comparable Market Analysis (CMA) to establish fair market value
âś… Obtain copy of subdivision plat/complex lay-out
✅ Research property’s ownership & deed type
✅ Research property’s public record information for lot size & dimensions
âś… Research and verify legal description
✅ Research property’s land use coding and deed restrictions
✅ Research property’s current use and zoning
✅ Verify legal names of owner(s) in county’s public property records
âś… Prepare listing presentation package with above materials
✅ Perform exterior “Curb Appeal Assessment” of subject property
âś… Compile and assemble formal file on property
âś… Confirm current public schools and explain impact of schools on market value
âś… Review listing appointment checklist to ensure all steps and actions have been completed
👉 Listing Appointment Presentation
âś… 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
âś… Present CMA results to seller, including comparables, solds, current listings & expireds
âś… Offer pricing strategy based on professional judgment and interpretation of current market conditions
âś… Discuss goals with seller to market effectively
âś… Explain market power and benefits of Multiple Listing Service (MLS)
âś… Explain benefits of web marketing & IDX
✅ Explain the work the brokerage and agent do behind the scenes and agent’s availability on weekends
✅ Explain agent’s role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
âś… Present and discuss strategic master marketing plan
✅ Explain different agency relationships and determine seller’s preference
✅ Review and explain all clauses in listing contract & addendum and obtain seller’s signature once property is under listing agreement
âś… Review current title information
âś… Measure overall and heated square footage
âś… Measure interior room sizes
✅ Confirm lot size via owner’s copy of certified survey, if available
âś… Note any and all unrecorded property lines, agreements, easements
âś… Obtain house plans, if applicable and available
âś… Review house plans and make copy
✅ Order plat map for retention in property’s listing file
✅ Prepare showing instructions for buyers’ agents and agree on showing time window with seller
âś… Obtain current mortgage loan(s) information: companies and & loan account numbers
âś… Verify current loan information with lender(s)
âś… Check assumability of loan(s) and any special requirements
âś… Discuss possible buyer financing alternatives and options with seller
âś… Review current appraisal if available
âś… Identify Home Owner Association (HOA) manager if applicable
✅ Verify HOA fees with manager – mandatory or optional and current annual fee
âś… Order copy of HOA bylaws, if applicable
✅ Research electricity availability and supplier’s name and phone number
âś… Calculate average utility usage from last 12 months of bills
âś… Research and verify city sewer/septic tank system
âś… Water system: calculate average water fees or rates from last 12 months of bills
âś… Well water: confirm well status, depth and output from well report
✅ Natural gas: research/verify availability and supplier’s name and phone number
âś… Verify security system, current term of service and whether owned or leased
âś… Verify if seller has transferable termite bond
âś… Ascertain need for lead-based paint disclosure
âś… Prepare detailed list of property amenities and assess market impact
✅ Prepare detailed list of property’s “inclusions & conveyances with sale”
âś… Compile list of completed repairs and maintenance items
✅ Send “vacancy checklist” to seller if property is vacant
âś… Explain benefits of homeowner warranty to seller
âś… Assist sellers with completion and submission of homeowner warranty application
âś… When received, place homeowner warranty in property file for conveyance at time of sale
âś… Have extra key made for lockbox
âś… 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
âś… Arrange for installation of yard sign
✅ Assist seller with completion of Seller’s Disclosure form
✅ “New listing checklist” completed
âś… Review results of curb appeal assessment with seller and provide suggestions to improve salability
âś… Review results of interior decor assessment and suggest changes to shorten time on market
âś… Load listing into transaction management software program
👉 Entering Property in Multiple Listing Service Database
✅ Prepare MLS profile sheet — agent is responsible for quality control and accuracy of listing data
âś… Enter property data from profile sheet into MLS database
âś… Proofread MLS database listing for accuracy, including proper placement in mapping function
✅ Add property to company’s active listings list
âś… Provide seller with signed copies of listing agreement and MLS âś… Profile sheet data form within 48 hours
âś… Take additional photos for upload into MLS and use in flyers âś… Discuss efficacy of panoramic and/or drone photography
👉 Marketing The Listing
✅ Create print and Internet ads with seller’s input
✅ Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included
âś… Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
âś… Prepare mailing and contact list
âś… Generate mail-merge letters to contact list
✅ Order “Just Listed” labels & reports
âś… Prepare flyers
âś… Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
✅ Prepare property marketing brochure for seller’s review
âś… Arrange for printing or copying of supply of marketing brochures or fliers
âś… Place marketing brochures in all company agent mail boxes
âś… Upload listing to company and agent Internet site, if applicable
✅ Mail out “just listed” notice to all neighborhood residents
âś… Advise network referral program of listing
âś… Provide marketing data to buyers coming through international relocation networks
âś… Provide marketing data to buyers coming from referral network
✅ Provide “special feature” cards for marketing, if applicable
✅ Submit ads to company’s participating Internet real estate sites
âś… Price changes conveyed promptly to all Internet groups
âś… Reprint/supply brochures promptly as needed
âś… Loan information reviewed and updated in MLS as required
✅ Feedback requests sent to buyers’ agents after showings
âś… Review weekly market study
âś… Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
âś… Place regular weekly update calls to seller to discuss marketing & pricing
âś… Promptly enter price changes in MLS listing database
👉 The Offer and Contract
âś… Receive and review all offers
✅ Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes
âś… Counsel seller on offers. Explain merits and weakness of each component of each offer
✅ Contact buyers’ agents to review buyer’s qualifications and discuss offer
✅ Submit seller’s disclosure to buyer’s agent or buyer upon request and prior to offer if possible
âś… Confirm buyer is pre-approved by calling loan officer
âś… Obtain pre-approval letter on buyer from loan officer
✅ Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
✅ Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent
âś… Submit copies of contract and all addendums to closing attorney or title company
✅ When offer is accepted and signed by seller, send to buyer’s agent
✅ Record and promptly deposit buyer’s earnest money in escrow account
✅ Disseminate “under-contract showing restrictions” as seller requests
âś… Submit copies of signed contract to seller
âś… Submit copies of signed contract to selling agent
âś… Submit copies of signed contract to lender
âś… Provide copies of signed contract for office file
âś… Advise seller in handling additional offers to purchase submitted between contract and closing
✅ Change status in MLS to “Sale Pending”
✅ Update transaction management program show “Sale Pending”
✅ Review buyer’s credit report results — Advise seller of worst and best case scenarios
âś… Provide credit report information to seller if property will be seller-financed
âś… Assist buyer with obtaining financing, if applicable and follow-up as necessary
âś… Coordinate with lender on discount points being locked in with dates
âś… Deliver unrecorded property information to buyer
âś… Order septic system inspection, if applicable
âś… Receive and review septic system report and assess any possible impact on sale
âś… Deliver copy of septic system inspection report lender & buyer
âś… Deliver well flow test report copies to lender & buyer and property listing file
âś… Verify termite inspection ordered
âś… Verify mold inspection ordered, if required
👉 Tracking the Loan Process
✅ Confirm verifications of deposit & buyer’s employment have been returned
âś… Follow loan processing through to the underwriter
âś… Add lender and other vendors to your management program so agents, buyer and seller can track progress of sale
âś… Contact lender weekly to ensure processing is on track
✅ Relay final approval of buyer’s loan application to seller
👉 Home Inspection
✅ Coordinate buyer’s professional home inspection with seller
✅ Review home inspector’s report
âś… Enter completion into transaction management tracking software program
✅ Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
✅ Ensure seller’s compliance with home inspection clause requirements
âś… Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
✅ Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed
👉 The Appraisal
âś… Schedule appraisal
âś… Provide comparable sales used in market pricing to appraiser
âś… Follow-up on appraisal
âś… Enter completion into transaction management program
âś… Assist seller in questioning appraisal report if it seems too low
👉Closing Preparations and Duties
âś… Contract is signed by all parties
✅ Coordinate closing process with buyer’s agent and lender
âś… Update closing forms & files
âś… Ensure all parties have all forms and info needed to close
âś… Select location where closing will be held
âś… Confirm closing date and time and notify all parties
âś… Assist in solving any title problems (boundary disputes, easements, etc.) or in obtaining death certificates
✅ Work with buyer’s agent in scheduling and conducting buyer’s final walk-thru prior to closing
âś… Research all tax, HOA, utility and other applicable prorations
âś… Request final closing figures from closing agent (attorney or title company)
âś… Receive & carefully review closing figures to ensure accuracy of preparation
✅ Forward verified closing figures to buyer’s agent
âś… Request copy of closing documents from closing agent
✅ Confirm buyer and buyer’s agent have received title insurance commitment
âś… Provide homeowners warranty for availability at closing
âś… Review all closing documents carefully for errors
âś… Forward closing documents to absentee seller as requested
âś… Review documents with closing agent (attorney)
âś… Provide earnest money deposit check from escrow account to closing agent
✅ Coordinate this closing with seller’s next purchase and resolve any timing problems
✅ Have a “no surprises” closing so that seller receives a net proceeds check at closing
âś… Refer sellers to one 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.
âś… Close out listing in management program
👉 Follow Up After Closing
âś… Answer questions about filing claims with homeowner warranty company if requested
âś… Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
âś… Respond to any follow-up calls and provide any additional information required from office files