From Listing to Closing

 

PRE-LISTING ACTIVITIES

1. Research all comparable currently listed, pending and sold properties
2. Research sales activity for past six months from MLS and public records databases
3. Research “Average Days on Market” For properties of this type, price range and location
4. Download and review property tax roll information
5. Prepare “Comparable Market Analysis” (CMA) To establish fair market value
6. Obtain copy of subdivision plat/complex lay-out
7. Research property’s ownership and deed type
8. Research property’s public record information for lot size and dimensions
9. Research and verify legal description
10. Research property’s land use coding and deed restrictions
11. Research property’s current use and zoning
12. Verifying legal name(s) of owner(s) in county’s public property records

 

PREPARE LISTING PRESENTATION

1. Preform exterior “curb appeal assessment” of subject property
2. Compile formal file on property
3. Review public schools and impact on market value

 

LISTING APPOINTMENT PRESENTAION

1. Give seller an overview of current market conditions and projections
2. Review agent’s and company’s credentials and accomplishments in the market
3. Present company’s profile and position or “niche” in the marketplace
4. Present CMA results to seller, including comparable, sold, current listings and expireds
5. Offer pricing strategy based on professional judgment and interpretation of current market conditions
6. Discuss goals with seller to market effectively
7. Explain market power and benefits of Multiple Listing Service, web marketing, IDX and Internet sites
8. Explain the work the brokerage and agent do “behind the scenes” and agent’s availability on weekends
9. Explain agents roll in taking calls to screen for qualified buyers and protect seller from curiosity seekers
10. Present and discuss strategic master marketing plan
11. Explain different agency relationships
12. Review and explain all clauses in Listing Contract & Addendum and obtain seller’s approval

 

ONCE PROPERTY IS UNDER LISTING AGREEMENT

1. Review current title information
2. Determine overall and heated/cooled square footage
3. Determine interior room sizes
4. Complete interior decor assessment
5. Confirm lot size via owner’s copy of certified survey (If available)
6. Note any and all unrecorded property lines, agreements, and easements
7. Obtain house plans (if applicable and available)

 

PREPARE SHOWING INSTRUCTIONS

1. Obtain current mortgage loan(s) information: companies and loan account numbers
2. Discuss current loan information with owner(s)
3. Check assume ability of loan(s) and any special requirements
4. Identify Home Owner Association manager (if applicable)
5. Verify Home Owner Association Fees with manager (mandatory or optional) and current annual fees
6. Obtain copy of Home Owner Association bylaws (If applicable)
7. Research electricity availability and suppliers name and phone number
8. Calculate average utility usage from last 12 months of bills
9. Research and verify city sewer/septic tank system
10. Water system: calculate average water fees or rates from last 12 months of bills (if applicable)
11. Well Water: confirm well status, depth and output from well report
12. Verify security system, current term of service and whether owned or leased
13. Verify if seller has transferable termite bond
14. Ascertain need for lead-based paint brochure
15. Prepare a detailed list of property amenities and assess market impact
16. Prepare detailed list of property’s “inclusions and conveyances with sale”
17. Compile list of completed repairs and maintenance items
18. Explain benefits of Homeowner Warranty to seller
19. Assist seller with completion and submission of Homeowner Warranty application
20. Have extra key made for lockbox
21. Assist seller with completion of Seller’s Disclosure form
22. Review results of curb appeal assessment with seller and provide suggestions to improve salability
23. Review interior assessment and suggest changes to shorten time on market

 

IF PROPERTY IS LEASED

1. Verify if property has rental involved. And if so:
2. Make copies of all leases for retention and listing file
3. Verify all rents and deposits
4. Inform tenants of listing and discuss how showings will be handled

 

ENTERING PROPERTY IN MLS DATABASE

1. Take photos for upload into MLS and use in Flyers and postcards
2. Prepare MLS profile sheet- agent is responsible for “quality control” and accuracy of listing data
3. Enter property data into MLS, upload photos, write description
4. Activate listing

 

MARKETING THE LISTING

1. Schedule any property tours
2. Have sign put up on property (if allowed)
3. Create Internet ads
4. Coordinate showings with owners, tenants, and other Realtors. Return all calls (weekends included)
5. Install electronic lock box if authorized by owner
6. Prepare mailing and contact list
7. Send “Just Listed” postcards to targeted area
8. Review compatible MLS listings regularly to ensure property remains competitive in price, terms, condition
9. Provide marketing data to buyers coming through both international relocation and national referral networks
10. Confirm that your Showing Time is set up
11. Feedback emails sent to buyer’s agents after showings
12. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
13. Place regular weekly update calls to seller to discuss marketing and pricing
14. Promptly enter any changes in MLS listing database

 

THE OFFER AND CONTRACT

1. Receiving review all Offer to Purchase contracts submitted
2. Evaluate offer(s) and prepare a “net sheet” for the owner
3. Council seller on offers. Explain merits and weakness of each component of each offer
4. Contact buyer’s agent(s) to review buyer’s qualifications and discuss offer
5. Email Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer (if possible)
6. Confirm buyer is pre-qualified by obtaining letter from mortgage officer
7. Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
8. Prepare and convey any counter offers, acceptance or amendments to buyer’s agent
9. Record and promptly deposit buyers earnest money in escrow account
10. Deliver copies of fully signed Offer to Purchase Contract to seller
11. Deliver copies of fully signed Offer to Purchase Contract to lender
12. Advise seller in handling additional offers to purchase submitted between contract and closing
13. Change status in MLS to “Sale Pending”

 

HOME INSPECTION

1. Coordinate buyer’s professional home inspection with seller
2. Verify termite inspection is ordered, if applicable
3. Verify mold inspection ordered, if applicable
4. Review home inspector’s report
5. Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
6. Ensure seller’s compliance with Home Inspection Clause requirements
7. Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform required repairs
8. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed

 

TRACKING THE LOAN PROCESS

1. Confirm verifications of deposit and buyer’s employment have been returned
2. Follow loan processing through to the underwriter
3. Contact lender weekly to ensure processing is on track
4. Relay final approval of buyer’s loan application to seller

 

THE APPRAISAL

1. Schedule appraisal-usually the mortgage company will reach out to schedule
2. Follow up on appraisal
3. Assist seller in questioning appraisal report if it seems too low
4. Provide comparable sales used in market pricing to appraiser

 

CLOSING PREPARATIONS AND DUTIES

1. Coordinate closing process with buyer’s agent and lender
2. Update closing forms and files
3. Ensure all parties have forms and information needed to close the sale
4. Determine location where closing will be held
5. Confirm closing date and time and notify all parties
6. Provide Homeowner’s Warranty for availability at closing
7. Provide earnest money deposit check from escrow account to closing agent
8. Have a “no surprises” closing
9. Remove sign and key safe

 

FOLLOW UP AFTER CLOSING

1. Answer questions about filing claims with Homeowner’s Warranty company, if requested
2. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
3. Respond to any follow-up calls and provide any additional information required

 

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