Pat Vredevoogd-Combs, past president of the National Association of REALTORS, testified before the House Financial Services Committee on Housing to blunt government complaints about industry pricing.

 

As part of her testimony, she submitted a list of 187 things that listing agents do in every real estate transaction.

 

“By all accounts,” she said, “the general public is not aware of all the services agents provide to sellers and buyers during the course of the transaction, probably because most of the important services are performed behind the scenes.”

 

Find out here what I can do for you – Jenny Dowdy, Realtor

 

Pre-Listing Activities
1. Make appointment with seller for listing presentation.
2. Send a written or e-mail confirmation of appointment and call to confirm.
3. Review appointment questions.
4. Research all comparable currently listed properties.
5. Research sales activity for past 18 months from MLS and public databases.
6. Research “average days on market” for properties similar in type, price and location.
7. Download and review property tax roll information.
8. Prepare “comparable market analysis” (CMA) to establish market value.
9. Obtain copy of subdivision plat/complex layout.
10. Research property’s ownership and deed type.
11. Research property’s public record information for lot size and dimensions.
12. Verify legal description.
13. Research property’s land use coding and deed restrictions.
14. Research property’s current use and zoning.
15. Verify legal names of owner(s) in county’s public property records.
16. Prepare listing presentation package with above materials.
17. Perform exterior “curb appeal assessment” of subject property.
18. Compile and assemble formal file on property.
19. Confirm current public schools and explain their impact on market value.
20. Review listing appointment checklist to ensure completion of all tasks.

Listing Appointment Presentation
21. Give seller an overview of current market conditions and projections.
22. Review agent and company credentials and accomplishments.
23. Present company’s profile and position or “niche” in the marketplace.
24. Present CMA results, including all comparable, pending, sold, current listings and expired.
25. Offer professional pricing strategy based and interpretation of current market conditions.
26. Discuss goals to market effectively.
27. Explain market power and benefits of multiple listing service.
28. Explain market power of Web marketing, IDX and REALTOR.com.
29. Explain the work the broker and agent do “behind the scenes” and agent’s availability on weekends.
30. Explain agent’s role in screening qualified buyers to protect against curiosity seekers.
31. Present and discuss strategic master marketing plan.
32. Explain different agency relationships, intermediary, and determine seller’s preference.
33. Review all clauses in listing contract and obtain seller’s signature.

After Listing Agreement is Signed
34. Review current title information.
35. Measure overall and heated square footage.
36. Measure interior room sizes.
37. Confirm lot size via owner’s copy of certified survey, if available.
38. Note any and all unrecorded property lines, agreements, easements.
39. Obtain house plans, if applicable and available.
40. Review house plans, make copy.
41. Instruct Seller how to get their T47 or verification of survey notarized.
42. Prepare showing instructions for buyers’ agents and agree on showing time with seller.
43. Obtain current mortgage loan(s) information: companies and account numbers.
44. Verify current loan information with lender(s).
45. Have seller check loan status, check for payoff amount and/or any special requirements.
46. Discuss possible buyer financing alternatives and options with seller.
47. Review current appraisal if available.
48. Identify Home Owner Association manager is applicable.
49. Verify Home Owner Association fees with manager–mandatory or optional and current annual fee.
50. Order copy of Home Owner Association bylaws, if applicable.
51. Research electricity availability and supplier’s name and phone number.
52. Have owner provide current list of utilities. Make up a Current Utilities sheets based on average utility usage from last 12 months of bills.
53. Research and verify city sewer/septic tank system.
54. Have owner provide average water system fees or rates from last 12 months of bills.
55. Have owners disclose any anomalies of other properties around the area.
56. Have owner provide natural gas availability, supplier’s name and phone number.
57. Verify with owner security system, term of service and whether owned or leased.
58. Verify if seller has transferable WDI or Termite Bond.
59. Ascertain need for lead-based paint disclosure.
60. Prepare detailed list of property amenities “Features and Benefits” and assess market impact.
61. Prepare detailed list of property’s “Inclusions & Conveyances with Sale.”
62. Prepare any lists of completed repairs and maintenance items.
63. Send “Vacancy Checklist” to seller if property is vacant.
64. Explain benefits of Home Owner Warranty to seller.
65. Assist sellers with completion and submission of Home Owner Warranty application.
66. When received, place Home Owner Warranty in property file for conveyance at time of sale.
67. Have extra key made for Supra Key or Lockbox.
68. Verify if property has rental units involved. And if so:
69. Make copies of all leases for retention in listing file.
70. Verify all rents and deposits.
71. Inform tenants of listing and discuss how showings will be handled.
72. Arrange for yard sign installation.
73. Provide seller with Seller’s Disclosure form.
74. Complete “new listing checklist.”
75. Review results of Curb Appeal Assessment with seller and suggest improvements for salability.
76. Review results of Interior Decor Assessment and suggest changes to shorten time on market or set up appointment with staging company.
77. Load listing time into transaction management software.

Entering Property in MLS Database
78. Prepare MLS Profile Sheet–agent is responsible for “quality control” and accuracy of listing data.
79. Enter property data from Profile Sheet into MLS listing database.
80. Proofread MLS database listing for accuracy, including property placement in mapping function.
81. Add property to company’s Active Listings.
82. Provide seller with signed copies of Listing Agreement and MLS Profile Data Form within 48 hours.
83. Take more photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography, Interactive 3D photography or Drone photography.

Marketing the Listing
84. Create ads for print and internet distribution with seller’s input.
85. Coordinate Showings and Open Houses with owners and tenants. Return all calls–weekends included.
86. Install electronic lockbox. Program with agreed-upon showing time windows.
87. Prepare mailing and contact list.
88. Generate mail-merge letters or postcards to contact list. Contact database leads.
89. Order “Just Listed” labels and reports.
90. Prepare property book, sales flyers and feedback forms.
91. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
92. Prepare property marketing brochure for seller’s review.
93. Arrange for printing or copying of supply of marketing brochures or flyers.
94. Place marketing brochures in all company agent mailboxes.
95. Upload listing to MLS and KWLS. Add all photos and seller’s disclosures, survey and any addendums.
96. Mail “Just Listed” notice to all neighborhood residents.
97. Advise Network Referral Program of listing and push out to over 350 websites.
98. Provide marketing data to buyers from local, national and international relocation networks.
99. Reverse Prospect on the MLS.
100. Provide “Special Feature and Benefits” flyers for marketing and place 5 to 10 in plastic stands at key places inside the property.
101. Submit Internet ads to participating Internet real estate sites and MLS’.
102. Convey “Market Adjustments” if pricing changes promptly to all Internet groups.
103. Provide URL or Bitly listing to all HR departments and all Affiliates locally.
104. Review and update Property information in MLS as required.
105. Call agents for feedback buyers’ agents after showings.
106. Review weekly Market Study and provide CMA to sellers.
107. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.
108. Place regular bi-weekly update calls to seller to discuss marketing and pricing.
109. Boost Ads (free or paid) to Social Media as needed for promotion and Open Houses.

The Offer and the Contract
110. Receive and review all Offers to Purchase to make sure all addendums are complete, in order and signed.
111. Present any and all Offers to Purchase to the Sellers.                                                               

112 If Multiple Offers are received, prepare a “Multiple Offer” spreadsheet.
113. Contact buyers’ agents to review buyer’s qualifications.
114. Deliver Seller’s Disclosure, Survey and T47 to buyer’s agent or buyer upon request and prior to offer if possible.
115. Confirm buyer is pre-qualified by calling buyers lender.
116. Obtain pre-qualification letter on buyer from loan officer.
117. Negotiate all offers based seller’s directions: receipt for earnest money delivery, option funds and term of option, HOA Doc delivery dates, financial approval and closing date.
118. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.
119. Explain any back-up offers.
120. When One to Four Contract is accepted, signed and executed (with all appropriate Addendums and Amendments) by seller, scan and send to Title company.
121. Record Ernest and Option Funds. Send Ernest money to Title Company and Option Money to Sellers.
122. Disseminate “Under-Contract Showing Restrictions” as seller requests.
123. Deliver copies of fully signed and executed contract with all addendums and amendments to sellers.
124. Send Contract to selling agent.
125. Send Contract and all addendums to Title Company.
126. Send Contracts for market center to start the compliance review.
127. Advise seller in handling additional offers to purchase submitted between contract and closing.
128. Change MLS status to “Active Option” or another suitable notation.
129. Discuss any buyer’s contingencies with sellers and explain all consequences.
130. Ask Seller to clear all access areas to utility, attics, electrical areas for ease of inspection during option period.
131. Check with Lender to make sure Buyers Loan is progressing
132. If sellers are purchasing another property assist them with obtaining financing and follow up as necessary.
133. Receive and review Title Docs
134. Check on HOA Docs.
135. Cure any visible items that need repair: ie small cracks, HVAC annual cleaning.
136. Cure any items that may negate sale.
137. Solve any title problems (boundary disputes, easements, etc.) or in obtaining death certificates.
138. Provide Seller with what Buyers and Sellers Pay for at Closing.
139. Follow up with sellers on any needed repair issues that they have completed.
140. Solve any title problems (boundary disputes, easements, etc.) or in obtaining death certificates Follow up with receipts, photos and proof of repairs to Buyer’s agent.

Tracking the Loan Process
141. Confirm return of verifications of deposit and buyer’s employment.
142. Follow loan processing through to the underwriter.
143. Add lender and other Affiliates (vendors) to transaction management program so agents, buyer and seller can track progress of sale.
144. Contact lender bi-weekly to ensure processing is on track.
145. Relay final approval of buyer’s loan application to seller.

Home Inspection
146. Coordinate buyer’s professional home inspection with seller.
147. Review home inspector’s report.
148. Enter completion into transaction management tracking software program.
149. Explain buyer’s options with inspection reports.
150. Ensure seller’s compliance with home inspection clause requirements.
151. Assist seller with identifying and negotiating with trustworthy contractors for required repairs.
152. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.

The Appraisal
153. Schedule appraisal.
154. Provide Appraisal Package to Appraiser via email or in person. Package includes: Current Tax form, CMA, CMA with comparable and bracketed properties with interior and exterior photos, Features and Benefits, any repairs on property, any floor plans, additional remodeling, warranties issued and contract.
155. Follow up on appraisal.
156. Enter completion into transaction management program.
157. Assist seller in questioning appraisal report if it does not meet value.

Closing Preparations and Duties
158. Make sure contract is signed by all parties.
159. Coordinate closing process with buyer’s agent and lender.
160. Update closing forms and files.
161. Ensure all parties have all forms and information needed to close the sale.
162. Make appointment for closing.
163. Confirm closing date and time and notify all parties.
164. Send map of Title Company to sellers.
165. Work with buyer’s agent in scheduling and conducting buyer’s final walkthrough prior to closing.
166. Research all tax, HOA, utility and other applicable proration if needed.
167. Request final sellers Closing Statement from Title Company.
168. Receive and carefully review closing figures to ensure accuracy.
169. Remind sellers to bring current identification to closing.
170. Request copy of closing documents from closing agent.
171. Ask Buyers agent to retrieve keys from lock after funding.
172. Provide “Home Owners Warranty” for availability at closing.
173. Review all closing documents carefully for errors.
174. If closing is a mail-out ask Title company for a copy of all signed documents.
175. Review documents with Title company.
176. Provide Lease Back Deposit money to buyer’s agent, if needed.
177. Coordinate closing with seller’s next purchase, resolving timing issues.
178. Have a “no surprises” closing so that seller receives a net proceeds check at closing.
179. Refer sellers to one of the best agents at their relocation destination, if applicable.
180. Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
181. Close out listing in transaction management program.

Follow Up After Closing
182. Answer questions about information or documents they may receive via email, call or regular mail. Some of these may look important but are actually not.
183. Clarify all next steps to sellers depending on what they are doing.
184. Respond to any follow-up calls and provide any additional information required from office files.

185. Send out notes to all seller’s neighbors with a well wish to the new neighbors.

186. Follow-up with sellers on their next step of their relocation or local move.

187. Follow-up 1 week, 2 weeks, 1 month and quarterly with Sellers.