Why Use a REALTOR to Sell Your Home?

Why use a Real Estate Agent to Sell Your Home?

There is often a lack of understanding of what REALTORS® do to facilitate a sale because so many of the services we provide to our Clients are performed behind the scenes. Too often Sellers think that with the advent of the internet and declining home prices, that it’s 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.

Use a realtor to sell your homeThere 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.

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.

  1. Make appointment with Seller for listing presentation
  2. Pull property City and tax records
  3. Pull old MLS listing, if applicable
  4. Order Owner & Encumbrance Report
  5. Research property’s current use and zoning
  6. Research and verify legal description of property
  7. Pull comps on Active, Sold, Pending, Withdrawn, Expired, and Cancelled Listings
  8. Research “Average Days on Market” for property of this type and location
  9. Prepare Comparative Market Analysis
  10. Print Map of property and comps
  11. Prepare Agency Disclosure
  12. Prepare Listing Contract
  13. Prepare Seller’s Property Disclosure
  14. Prepare Closing Instructions
  15. Prepare Lead-Based Obligations of Seller
  16. Prepare Lead-Based Paint Disclosure
  17. Prepare Square Footage Disclosure
  18. Prepare Seller’s Request for Verification of Loan Information
  19. Prepare Showing Instructions
  20. Prepare Pre-Listing Packet
  21. Order delivery of Pre-Listing Packet
  22. Confirm time to meet with Seller

MEET WITH SELLER

  1. Give Seller an overview of current market conditions and projections
  2. Discuss Comparative Market Analysis
  3. Discuss pricing strategy based on professional judgment and market
  4. Discuss goals with Seller to market effectively, including schedule for selling
  5. Explain role in taking calls to screen for qualified Buyers
  6. Discuss safety of lock box
  7. Discuss Agency
  8. Discuss Contract and all other disclosures
  9. Discuss availability of Home Owner’s Warranty
  10. Have Seller sign all paperwork
  11. Assist Seller with completion of Seller’s Property Disclosure form
  12. Discuss things that need to be done in home
  13. Staging Packet to Seller
  14. Get loan payoff information
  15. Show marketing flyers to Seller
  16. Have Seller choose preferred flyer template
  17. Get copies of leases, if applicable
  18. Ask for floor plan, upgrades, special features, detailed list of amenities

AFTER LISTING APPOINTMENT

  1. Email copies of all documents to Seller
  2. Prepare Seller Net Sheet
  3. Measure interior rooms
  4. Measure exterior of home
  5. Assist Seller in Staging home for maximum price and quickest sale
  6. Take interior pictures after Staging
  7. Take exterior pictures in good weather
  8. Select best pictures, crop, and download
  9. Put in yard sign and directionals
  10. Get extra key and install Lockbox
  11. Enter listing to MLS and verify all information
  12. Download best pictures to MLS
  13. Download disclosures to MLS
  14. Make copies of disclosures
  15. Leave several copies of disclosures at property
  16. Check MLS for Matching Buyers
  17. Design flyers for Matching Buyers to mail to Realtors
  18. Input Seller into marketing software
  19. Make Showing Sheet for front desk
  20. Design mailers and postcards to Realtors
  21. Design and print flyers
  22. Design “Just Listed” cards and “Pick Your Neighbors”
  23. Mail Realtor, Neighbor, and Matching flyers/cards
  24. Design, print, and deliver flyers
  25. Compile list of completed repairs and maintenance items Seller has done
  26. Verify HOA fees and disclosures, if applicable
  27. Mail copy of Contract to Seller – include MLS printout and projected Seller Net Sheet
  28. Call in HOW, if applicable
  29. Listing to www.Realtor.com
  30. Listing to www.CoSpringsRealEstateNews.com
  31. Input listing into Centralized Showing
  32. Share listing on Facebook Business Page
  33. Share listing on Twitter every other day
  34. Share listing on Google Plus
  35. Share listing on Pinterest
  36. Make “Special Features” cards
  37. Calculate average utility usage for last twelve months
  38. Set any number of showings
  39. Return all phone calls – weekdays and weekends
  40. Verify with Seller after first few that Showing Instructions are being followed
  41. Add daily activities to Seller marketing software
  42. Call Seller weekly to keep updated
  43. Reprint and supply flyers promptly as needed
  44. Input all showings into Seller file
  45. Discuss feedback regularly with Seller
  46. Discuss Open House
  47. Show house any number of times to prospective Buyers
  48. If interested, get Buyer pre-qualified
  49. Do CMA every four weeks
  50. Call Seller with strategy if CMA different
  51. Amend/Extend if monetary change
  52. Change MLS, if applicable
  53. Change main MLS photo of home if price is changed
  54. If price changed, send out email BLAST to previous Agents who showed home
  55. Reprint flyers
  56. Deliver flyers

CONTRACT NEGOTIATIONS

  1. Receive and thoroughly review all offers submitted
  2. Pre-negotiate with other Agent before writing, if applicable
  3. Discuss Buyer’s financial qualifications, terms, and times
  4. Discuss exclusions, dates, etc. with other Agent
  5. Review Contract Addendum thoroughly
  6. Evaluate offer(s) and prepare a “Net Sheet” on each offer for Seller
  7. Discuss offer with Seller
  8. Negotiate the offer and options
  9. Get pre-qualification letter
  10. Sign offer or prepare Counterproposal, if necessary
  11. Prepare and convey any counteroffers, acceptances, or amendments
  12. Acceptance Deadline Time
  13. Renegotiate however many times necessary and finalize
  14. Convey signed documents to other Agent

AFTER CONTRACT SIGNED BY ALL PARTIES

  1. Order Title work
  2. Make copy of Earnest money and Contract
  3. Deliver check and Contract to Title Company
  4. Print out dates from eContracts
  5. Send date sheet to Seller
  6. Do necessary paperwork for unusual conditions
  7. If Seller and Buyer both our clients, do Change of Status Notice
  8. Copies of leases and damage deposit receipts, if applicable
  9. Order payoff
  10. Seller’s Property Disclosure Deadline
  11. Inspection Objection Deadline
  12. Resolution Deadline
  13. Property Insurance Objection Deadline
  14. Change status on MLS and print to verify
  15. Review all paperwork for signatures
  16. Get all necessary signatures
  17. If mail-out, get instructions and addresses
  18. Notify Title Company of Mail out
  19. If POA needed, get original from Title Company
  20. Get POA signed and notarized
  21. “Under Contract” info letter to Seller
  22. Signed copies of Contract to Seller
  23. Remind Seller to notify Utility Company to stop service and do a “final read”
  24. Discuss with Seller advantages/disadvantages to continued showings
  25. Discuss what happens if other offers come in between Contract and Closing
  26. Change showing instructions in Centralized Showings
  27. Referral agent needed for Sellers new location?
  28. Resolve any Title Disputes
  29. Resolve any Off Record Matters
  30. Deliver unrecorded property information to Buyer
  31. Have Seller notify Utilities, phone, cable, etc.
  32. Mail “The Moving Guide” with Change-of-address forms to Seller
  33. Set up closing time
  34. Call Buyer’s Agent and coordinate closing time
  35. Verify closing date and time and make all parties aware
  36. Mail time-verification of closing and directions to Seller
  37. Assist in solving any Title problems (boundary disputes, easements, etc.)
  38. Assist in obtaining Death Certificates, if applicable
  39. Cleaning needs (e.g. carpet, kitchen, etc.) upon move-out
  40. Discuss mover and time-frame for move-out with Seller

HOME INSPECTION

  1. Set up Inspection
  2. Coordinate time with Seller, Agents, Buyer, Inspector
  3. Review Notice of Unsatisfactory Conditions with Seller
  4. Help Seller negotiate Inspection Objections
  5. Help Seller with repair estimates or a credit at closing
  6. Copy of Inspection Notice to file
  7. Verify prior to closing that all repairs have been made
  8. Get copies of repair receipts
  9. Email copies of receipts to other Agent

THE APPRAISAL

  1. Set up appraisal
  2. Coordinate time with Seller, Agents, Buyer, Appraiser
  3. Do current Market Analysis for appraiser
  4. Meet appraiser with CMA
  5. If VA, make sure CRV ordered and completed
  6. Track Appraisal Deadline
  7. Verify appraisal completed and satisfactory
  8. If appraisal low, discuss options with Seller
  9. Discuss any conditions on appraisal with Seller
  10. Schedule final inspection on appraisal conditions, if applicable
  11. Verify all conditions met prior to closing

TRACKING THE LOAN PROCESS

  1. All paperwork to Lender
  2. Make contact with Lender and verify Buyer information
  3. Loan Application Deadline
  4. Buyer’s Credit Information Deadline
  5. Disapproval of Buyer’s Credit Information Deadline
  6. Existing Loan Documents Deadline
  7. Existing Loan Documents Objection Deadline
  8. Loan Transfer Approval Deadline
  9. Contact Lender weekly to ensure processing of loan approval is on track
  10. Notify Seller of loan approval

IF CONTRACT FALLS

  1. Fill out all necessary paperwork
  2. Re-input into MLS
  3. Sign Termination
  4. Sign Release of Earnest Money

CLOSING PREPARATION AND DUTIES

  1. Schedule walk through with Buyer, Buyer’s Agent, Seller, Mimi
  2. Verify with Seller how proceeds of sale being received
  3. If mail-out, verify correct mailing address
  4. Confirm mail-out with Closer
  5. Title Deadline
  6. Title Objection Deadline
  7. Survey Deadline
  8. Survey Objection Deadline
  9. Document Request Deadline
  10. CIC Documents Objection Deadline
  11. Off-Record Matters Deadline
  12. Off-Record Matters Objection Deadline
  13. Right of First Refusal Deadline
  14. Property Insurance Objection Deadline
  15. Coordinate Possession Date and Possession Time
  16. Prepare disbursement authorizations
  17. Notify Title Company of any Amend/Extends or date/money changes
  18. Last minute bills and receipts faxed to Closer including HOW, if applicable
  19. Make sure Closer has all addenda, correct price, rents, or applicable credits
  20. Discuss closing figures with Closer
  21. Check final figures for accuracy
  22. Call Seller and discuss final figures
  23. Remind Seller to bring picture ID, keys, door openers, receipts, etc.
  24. If not receiving proceeds at closing, discuss Seller’s need for Cashier’s Check
  25. Deal with all last-minute crises
  26. Check file for any unsigned documents
  27. Coordinate this closing with Seller’s next purchase and resolve timing issues
  28. As much as possible, have a “no surprise” closing so Seller receives proceeds at closing

POST SALE

  1. Change MLS to “SOLD”
  2. Enter sales data for County Records
  3. Scan entire file to disc
  4. Store hard file at outside location
  5. Copy HUD-1 and put in pre-addressed envelope
  6. Remove sign, directionals, and brochure box
  7. Remove lockbox
  8. Mail out disc of all paperwork to Seller
  9. Mail out HUD-1 to Seller the following year for taxes

 

 

 

 

 

 

 

 

 

3 thoughts on “Why Use a REALTOR to Sell Your Home?

  1. Hiring a realtor sounds like an awesome way to get help selling your home. I am impressed that realtor are very organized and are able to bring is so many potential buyers. Guidance could definitely be very helpful when it comes to selling a home.

  2. I like that the realtor can help discuss buyer and seller needs. When the seller would like to stick to a price the realtor can help convey that price to the buyer. They can also help discuss the price when someone wants to place an offer on the home.

  3. I want to get a home sold. I didn’t know that using a realtor had so many benefits! It makes sense that they would be able to handle most of the pricing and paperwork. I’ll keep that in mind!

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