Why should a SELLER use the services of a REALTOR®?
Because so many of the services provided by REALTORS® to our Clients are performed behind the scenes, there is often a lack of understanding of what we do to facilitate a sale. Too often Sellers think that with the advent of the internet and declining home prices, that it is just a matter of putting a sign in the yard and placing an online ad. But without a REALTOR®, many times the transaction is placed in jeopardy.
There are more than 200 actions, research steps, procedures, processes, and review stages that are typically provided by full service real estate brokerages in a successful residential transaction in return for their sales commission. Because the commission is not paid until the time of closing, all of the monetary risk of marketing a property is borne by the REALTOR®. Depending on the transaction, some of these actions will take minutes, some hours, and some even days to complete, while some may not be necessary. It is imperative to have guidance from someone who understands the process intimately; someone whose knowledge, level of skill, and attention to detail required in most real estate transactions is apparent.
Here is a general overview of what transpires in a typical transaction. It is certainly not a complete list, as each transaction is unique by its very nature.
REALTOR® SELLER SERVICES / TASKS INDEX
- PRE LISTING: A lot goes in to getting ready for the initial listing appointment. From verifying City Records and previous sales, doing a thorough Market Analysis, preparing documentation. This process generally takes several hours before we even meet with prospective Clients.
- LISTING APPOINTMENT: Meet with Seller to discuss market, pricing strategy, and options. Determine what financial needs and time needs are. Discuss whether or not we can work together to meet those needs. Prepare Net Proceeds for Seller. Discuss Staging of the property. If proceeding, fill out paperwork.
- AFTER LISTING APPOINTMENT: Place sign, lockbox, directionals. Take measurements and pictures (after Staging). Verify all information and enter into MLS. Design flyers, do all internet input to multiple sources, design eProperties site, make web page, show property to prospective Buyers, discuss property with other agents, Broker Open, if applicable.
- CONTRACT NEGOTIATIONS: Thoroughly review and discuss all offers, review Buyer’s financial qualifications and details of offer, prepare Net Sheet for Seller with offered numbers, negotiate and renegotiate as many times as it takes, sign offer or counter.
- AFTER CONTRACT SIGNED BY ALL PARTIES: Make sure all Contracts and disclosures signed properly. Deliver Earnest Money and Contract to Title Company, order Title Commitment. Order payoff from mortgage company, meet all deadlines, coordinate inspections and appraisal, explain moving and closing issues with Seller.
- HOME INSPECTION: Make arrangements with all parties to coordinate inspection. Thoroughly review inspection report with Seller. Discuss items, willingness and advisability to fix, estimate of costs. Make arrangements with appropriate contractors and vendors to have inspection items fixed.
- THE APPRAISAL: Do current Market Analysis on property value. Coordinate and meet with Appraiser. Make sure appraisal done in timely manner. Options if appraisal is low. Any appraisal conditions? Coordinate fixing items, if noted. Schedule final inspection.
- TRACKING THE LOAN PROCESS: Track the Buyer’s loan progress with other Agent. Make sure all dates and deadlines are met. Keep Seller apprised of current situation. If Contract falls, begin from the beginning. Release of Earnest Money if within Contract dates.
- IF CONTRACT FALLS: Begin from the beginning. Sign all documentation to terminate, and Release of Earnest Money if within Contract dates. Reinstate on MLS and all internet sites. Reissue flyers and start marketing process again.
- CLOSING PREPARATIONS AND DUTIES: Schedule a walk-thru with all parties. Confirm that all dates are being met, confirm if mail-out, POAs or other documents needed. Review closing documents and verify that all figures are correct. Deal with all last-minutes crises, make sure Seller brings keys, ID and GDOs.
- POST SALE: Enter the sales data to MLS and records for County. Remove signs, directionals, and Lockbox. Make sure file is completed and have it copied to disc. Change MLS to SOLD