the transaction list

 

A few years ago, a group of REALTORS® in Florida compiled a detailed list of all the duties a REALTOR® performs to sell a home. From listing to closing, the list grew to a staggering 184 individual duties, some of which needed to be performed multiple times. Attention to each step is needed for a successful closing. If you ever wondered how hard your agent will work for you, take a look at the list:

pre-listing activities

  •  Make appointment with seller for listing
  • Send a written or e-mail confirmation of appointment and call to
  • Review appointment
  • Research all comparable currently listed
  • Research sales activity for past 18 months from MLS and public
  • Research “average days on market” for properties similar in type, price and
  • Download and review property tax roll
  • Prepare “comparable market analysis” (CMA) to establish market
  • Obtain copy of subdivision plat/complex
  • Research property’s ownership and deed
  • Research property’s public record information for lot size and
  • Verify legal
  • Research property’s land use coding and deed
  • Research property’s current use and
  • Verify legal names of owner(s) in county’s public property
  • Prepare listing presentation package with above
  • Perform exterior “curb appeal assessment” of subject
  • Compile and assemble formal file on
  • Confirm current public schools and explain their impact on market
  • Review listing appointment checklist to ensure completion of all

 

listing appointment presentation

  •  Give seller an overview of current market conditions and
  • Review agent and company credentials and
  • Present company’s profile and position or “niche” in the
  • Present CMA results, including comparables, solds, current listings and
  • Offer pricing strategy based on professional judgment and interpretation of current market
  • Discuss goals to market
  • Explain market power and benefits of multiple listing
  • Explain market power of Web marketing, IDX and com.
  • Explain the work the brokerage and agent do “behind the scenes” and agent’s availability on
  • Explain agent’s role in screening qualified buyers to protect against curiosity
  • Present and discuss strategic master marketing
  • Explain different agency relationships and determine seller’s
  • Review all clauses in listing contract and obtain seller’s

after listing agreement is signed

  •  Review current title
  • Measure overall and heated square
  • Measure interior room
  • Confirm lot size via owner’s copy of certified survey, if
  • Note any and all unrecorded property lines, agreements,
  • Obtain house plans, if applicable and
  • Review house plans, make
  • Order plat map for retention in property’s listing
  • Prepare showing instructions for buyers’ agents and agree on showing time window with
  • Obtain current mortgage loan(s) information: companies and account
  • Verify current loan information with lender(s).
  • Check assumability of loan(s) and any special
  • Discuss possible buyer financing alternatives and options with
  • Review current appraisal if
  • Identify Home Owner Association manager if
  • Verify Home Owner Association fees with manager — mandatory or optional and current annual
  • Order copy of Homeowner Association bylaws, if
  • Research electricity availability and supplier’s name and phone
  • Calculate average utility usage from last 12 months of
  • Research and verify city sewer/septic tank
  • Calculate average water system fees or rates from last 12 months of
  • Or confirm well status, depth and output from Well
  • Research/verify natural gas availability, supplier’s name & phone
  • Verify security system, term of service and whether owned or
  • Verify if seller has transferable Termite
  • Ascertain need for lead-based paint
  • Prepare detailed list of property amenities and assess market
  • Prepare detailed list of property’s “Inclusions & Conveyances with Sale .”
  • Compile list of completed repairs and maintenance
  • Send “Vacancy Checklist” to seller if property is vacant.
  • Explain benefits of Home Owner Warranty to
  • Assist sellers with completion and submission of Home Owner Warranty
  • When received, place Home Owner Warranty in property file for conveyance at time of
  • Have extra key made for
  • Verify if property has rental units involved. And if so:
  • Make copies of all leases for retention in listing
  • Verify all rents and
  • Inform tenants of listing and discuss how showings will be
  • Arrange for yard sign
  • Assist seller with completion of Seller’s Disclosure
  • Complete “new listing ”
  • Review results of Curb Appeal Assessment with seller and provide suggestions to improve
  • Review results of Interior Décor Assessment and suggest changes to shorten time on
  • Load listing into transaction management software

entering property in mls database

  •  Prepare MLS Profile Sheet — agent is responsible for “quality control” and accuracy of listing
  • Enter property data from Profile Sheet into MLS listing
  • Proofread MLS database listing for accuracy, including proper placement in mapping
  • Add property to company’s Active Listings
  • Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48
  • Take additional photos for upload into MLS and use in Discuss efficacy of panoramic photography.

 

marketing the listing

  •  Create print and Internet ads with seller’s
  • Coordinate showings with owners, tenants, and other Realtors®. Return all calls — weekends
  • Install electronic lock box if authorized by Program with agreed-upon showing time windows.
  • Prepare mailing and contact
  • Generate mail-merge letters to contact
  • Order “Just Listed” labels and
  • Prepare flyers and feedback
  • Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and
  • Prepare property marketing brochure for seller’s
  • Arrange for printing or copying of supply of marketing brochures or
  • Place marketing brochures in all company agent
  • Upload listing to company and agent Internet sites, if
  • Mail “Just Listed” notice to all neighborhood
  • Advise Network Referral Program of
  • Provide marketing data to buyers from international relocation
  • Provide marketing data to buyers coming from referral
  • Provide “Special Feature” cards for marketing, if
  • Submit ads to company’s participating Internet real estate
  • Convey price changes promptly to all Internet
  • Reprint/supply brochures promptly as
  • Review and update loan information in MLS as
  • Send feedback e-mails/faxes to buyers’ agents after
  • Review weekly Market
  • Discuss feedback from showing agents with seller to determine if changes will accelerate the
  • Place regular weekly update calls to seller to discuss marketing &
  • Promptly enter price changes in MLS listings

 

the offer and contract

  •  Receive and review all Offer to Purchase contracts submitted by buyers or buyers’
  • Evaluate offer(s) and prepare “net sheet” on each for owner to
  • Counsel seller on offers. Explain merits and weakness of each component of each
  • Contact buyers’ agents to review buyer’s qualifications and discuss
  • Fax/deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if
  • Confirm buyer is pre-qualified by calling loan
  • Obtain pre-qualification letter on buyer from loan
  • Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing
  • Prepare and convey any counteroffers, acceptance or amendments to buyer’s
  • Fax copies of contract and all addendums to closing attorney or title
  • When Offer-to-Purchase contract is accepted and signed by seller, deliver to buyer’s
  • Record and promptly deposit buyer’s earnest money into escrow a
  • Disseminate “Under-Contract Showing Restrictions” as seller
  • Deliver copies of fully signed Offer to Purchase contract to
  • Fax/deliver copies of Offer to Purchase contract to selling
  • Fax copies of Offer to Purchase contract to
  • Provide copies of signed Offer to Purchase contract for office
  • Advise seller in handling additional offers to purchase submitted between contract and
  • Change MLS status to “Sale ”
  • Update transaction management program to show “Sale ”
  • Review buyer’s credit report results — Advise seller of worst and best case
  • Provide credit report information to seller if property to be seller-financed.
  • Assist buyer with obtaining financing and follow up as
  • Coordinate with lender on discount points being locked in with
  • Deliver unrecorded property information to
  • Order septic system inspection, if
  • Receive and review septic system report and assess any impact on
  • Deliver copy of septic system inspection report to lender and
  • Deliver well flow test report copies to lender, buyer and listing
  • Verify termite inspection
  • Verify mold inspection ordered, if

 

tracking the loan process

  •  Confirm return of verifications of deposit and buyer’s
  • Follow loan processing through to the
  • Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of
  • Contact lender weekly to ensure processing is on
  • Relay final approval of buyer’s loan application to

 

home inspection

  •  Coordinate buyer’s professional home inspection with
  • Review home inspector’s
  • Enter completion into transaction management tracking software
  • Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the
  • Ensure seller’s compliance with home inspection clause
  • Recommend/assist seller with identifying and negotiating with trustworthy contractors for required
  • Negotiate payment and oversee completion of all required repairs on seller’s behalf, if

 

the appraisal

  •  Schedule
  • Provide comparable sales used in market pricing to
  • Follow up on
  • Enter completion into transaction management
  • Assist seller in questioning appraisal report if it seems too

 

closing preparations and duties

  •  Make sure contract is signed by all
  • Coordinate closing process with buyer’s agent and
  • Update closing forms and
  • Ensure all parties have all forms and information needed to close the
  • Select location for
  • Confirm closing date and time and notify all
  • Assist in solving any title problems (boundary disputes, easements, etc.) or in obtaining death
  • Work with buyer’s agent in scheduling and conducting buyer’s final walk-through prior to
  • Research all tax, HOA, utility and other applicable
  • Request final closing figures from closing agent (attorney or title company).
  • Receive and carefully review closing figures to ensure
  • Forward verified closing figures to buyer’s
  • Request copy of closing documents from closing
  • Confirm buyer and buyer’s agent received title insurance
  • Provide “Home Owners Warranty” for availability at
  • Review all closing documents carefully for
  • Forward closing documents to absentee seller as
  • Review documents with closing agent (attorney).
  • Provide earnest money deposit from escrow account to closing
  • Coordinate closing with seller’s next purchase, resolving timing
  • Have a “no surprises” closing so that seller receives a net proceeds check at
  • Refer sellers to one of the best agents at their destination, if
  • Change MLS status to Enter sale date, price, selling broker and agent’s ID numbers, etc.
  • Close out listing in transaction management

 

follow up after closing

  •  Answer questions about filing claims with Home Owner Warranty company if
  • Attempt to clarify and resolve any repair conflicts if buyer is
  • Respond to any follow-on calls and provide any additional information required from office