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The Critical Role of the REALTOR®

Listed here are 183 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by a full service REALTOR® in return for their commission when the transaction closes. Depending on the transaction, some may take minutes, hours, or even days to complete, while some may not be needed. More importantly, they reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process – a REALTOR®. And never forget that REALTORS are pledged to uphold the stringent, enforceable tenets of the REALTOR® Code of Ethics in their professional dealings with the public. Not every real estate licensee holds REALTOR® membership. Make sure yours does!

REALTOR® Pre-Listing Activities:

1. Make appointment with seller for listing conversation

2. Send seller e-mail confirmation of listing conversation and call to confirm

3. Review pre-appointment questions

4. Research all comparable currently listed properties in local neighborhood

5. Research sales activity for past 6 months from MLS and public records databases

6. Research "Average Days on Market" for this property of this type, price range and location

7. Download and review property tax roll information

8. Prepare "Competitive Market Analysis" (CMA) to establish fair market value

9. Obtain copy of subdivision plat/complex lay-out

10. Research property's ownership & deed type

11. Research property's public record information for lot size & dimensions

12. Research and 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 conversation 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 impact of schools on market value

20. Review listing appointment checklist to ensure all steps and actions have been completed

REALTOR® Listing Appointment Conversation:

21. Give seller an overview of current market conditions and projections

22. Review our credentials and accomplishments in the market

23. Present our company profile and position in the marketplace

24. Present CMA results to seller, including comparables, solds, current listings & expireds

25. Offer pricing strategy based on professional judgment and of current market conditions

26. Discuss goals with Seller to market the house effectively

27. Explain market power and benefits of Multiple Listing Service (MLS)

28. Explain market power of web marketing, IDX and REALTOR.com

29. Explain the work the Realtor® does "behind the scenes" and Realtor's availability on weekends

30. Explain Realtor taking calls to screen for qualified buyers and protect seller from curiosity seekers

31. Present and discuss strategic master marketing plan

32. Explain different agency relationships, determine seller's preference and obtain signature on IBS.

33. Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature

REALTOR® Once Property is Under Listing Agreement

34. Review current title information

35. Take photos and video of house

36. Obtain owner's copy of certified survey, if available

37. Note any and all unrecorded property lines, agreements, easements

38. Obtain house plans, if applicable and available

39. Review house plans and make copy

40. Order plat map for retention in property's listing file

41. Prepare showing instructions for buyers' agents and agree on showing time window with seller

42. Obtain current mortgage loan(s) information: companies and & loan account numbers

43. Verify current loan information with lender(s)

44. Check assume ability of loan(s) and any special requirements

45. Discuss possible buyer financing alternatives and options with seller

46. Review current appraisal if available

47. Identify Home Owner Association manager if applicable

48. Verify Home Owner Association Fees with manager - mandatory or optional

49. Order copy of Homeowner Association bylaws, if applicable

50. Research electricity availability and supplier's name and phone number

51. Calculate average utility usage from last 12 months of bills

52. Research and verify city sewer/septic tank system

53. Water System: Calculate average water fees or rates from last 12 months of bills )

54. Well Water: Confirm well status, depth and output from Well Report

55. Natural Gas: Research/verify availability and supplier's name and phone number

56. Verify security system, current term of service and whether owned or leased

57. Verify if seller has transferable Termite Bond

58. Ascertain need for lead-based paint disclosure

59. Prepare detailed list of property amenities and assess market impact

60. Prepare detailed list of property's "Inclusions & Conveyances with Sale"

61. Compile list of completed repairs and maintenance items

62. Send "Vacancy Checklist" to seller if property is vacant

63. Explain benefits of Home Owner Warranty to seller

64. Assist sellers with completion and submission of Home Owner Warranty Application

65. When received, place Home Owner Warranty in property file for conveyance at time of sale

66. Have extra key made for lockbox

67. Verify if property has rental units involved. And if so:

a. Make copies of all leases for retention in listing file and verify all rents & deposits

b. Inform tenants of listing and discuss how showings will be handled

68. Arrange for installation of yard sign and electronic lock box

69. Be sure seller completes Seller's Disclosure form

70. "New Listing Checklist" Completed

71. Review results of Curb Appeal Assessment with seller and provide suggestions to improvements

72. Review results of Interior Décor Assessment and suggest changes to shorten time on market

73. Load listing into transaction management software program

REALTOR® Entering Property in Multiple Listing Service Database

74. Prepare MLS Profile Sheet, REALTOR® is responsible for accuracy of listing data

75. Enter property data from Profile Sheet into MLS Listing Database

76. Proof read MLS database listing for accuracy - including proper placement in mapping function

77. Add property to company's Active Listings list

78. Provide seller with signed copies of Listing Agreement

79. Provide seller with MLS Profile Sheet Data Form within 48 hours

80. Take additional photos for upload into MLS and use in flyers.

REALTOR® Marketing Of The Listing

81. Create print and Internet ads with seller's input

82. Coordinate showings with owners, tenants, and other agents

83. Return all calls – weekends included

84. Program with agreed-upon showing time windows

85. Prepare mailing and contact list

86. Generate mail-merge letters to contact list

87. Order “Just Listed” labels & reports

88. Prepare flyers & feedback faxes

89. Review comparable MLS listings weekly

90. Determine if property remains competitive in price, terms, conditions and availability

91. Prepare property marketing brochure for seller's review

92. Arrange for printing or copying of supply of marketing brochures or fliers

93. Email marketing brochures to all Keller Williams agents in Austin

94. Upload listing to company Internet site

95. Mail Out "Just Listed" notice to all neighborhood residents

96. Advise Network Referral Program of listing

97. Provide marketing data to buyers coming through international relocation networks

98. Provide marketing data to buyers coming from referral network

99. Provide "Special Feature" cards for marketing, if applicable

100. Submit ads to company's participating Internet real estate sites

101. Price changes conveyed promptly to all Internet groups

102. Reprint/supply brochures promptly as needed

103. Loan information reviewed and updated in MLS as required

104. Feedback e-mails/faxes sent to buyers' agents after showings

105. Review weekly Market Study and Promptly enter price adjustments in MLS listing database

106. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale

107. Place regular weekly update calls to seller to discuss marketing & pricing

REALTOR® with The Offer and Contract

108. Receive and review all offers to purchase contracts submitted by buyers or buyers' agents.

109. Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes

110. Counsel seller on offers. Explain merits and weakness of each component of each offer

111. Contact buyers' agents to review buyer's qualifications and discuss offer

112. Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if possible

113. Confirm buyer is pre-qualified by calling Loan Officer

114. Obtain pre-qualification letter on buyer from Loan Officer

115. Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date

116. Prepare and convey any counteroffers, acceptance or amendments to buyer's agent

117. Fax copies of contract and all addendums to closing attorney or title company

118. When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent

119. Record and promptly deposit buyer's earnest money in escrow account.

120. Disseminate "Under-Contract Showing Restrictions" as seller requests

121. Deliver copies of fully signed Offer to Purchase contract to seller

122. Fax/deliver copies of Offer to Purchase contract to Selling Agent

123. Fax copies of Offer to Purchase contract to lender

124. Provide copies of signed Offer to Purchase contract for office file

125. Advise seller in handling additional offers to purchase submitted between contract and closing

126. Change status in MLS to "Sale Pending"

127. Update transaction management program to show "Sale Pending"

128. Review buyer's credit report results -- Advise seller of worst and best case scenarios

129. Provide credit report information to seller if property will be seller-financed

130. Assist buyer with obtaining financing, if applicable and follow-up as necessary

131. Coordinate with lender on Discount Points being locked in with dates

132. Deliver unrecorded property information to buyer

133. Order septic system inspection, if applicable

134. Receive and review septic system report and assess any possible impact on sale

135. Deliver copy of septic system inspection report lender & buyer

136. Deliver Well Flow Test Report copies to lender & buyer and property listing file

137. Verify termite inspection ordered

138. Verify mold inspection ordered, if required

REALTOR® Tracking the Loan Process

139. Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned

140. Follow Loan Processing Through To The Underwriter

141. Add lender and other vendors to transaction management program

142. Ensure agents, buyer and seller can track progress of sale

143. Contact lender weekly to ensure processing is on track

144. Relay final approval of buyer's loan application to seller

REALTOR® Home Inspection

145. Coordinate buyer's professional home inspection with seller

146. Review home inspector's report

147. Enter completion into transaction management tracking software program

148. Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract

149. Ensure seller's compliance with Home Inspection Clause requirements

150. Assist seller with identifying and negotiating with contractors to perform any required repairs

151. Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed

REALTOR® The Appraisal

152. Schedule Appraisal

153. Provide comparable sales used in market pricing to Appraiser

154. Follow-Up On Appraisal

155. Enter completion into transaction management program

156. Assist seller in questioning appraisal report if it seems too low

REALTOR® Closing Preparations and Duties

157. Contract Is Signed By All Parties

158. Coordinate closing process with buyer's agent and lender

159. Update closing forms & files

160. Ensure all parties have all forms and information needed to close the sale

161. Select location where closing will be held

162. Confirm closing date and time and notify all parties

163. Assist in solving any title problems (boundary disputes, easements, etc)

164. Assist in obtaining Death Certificates, if applicable

165. Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing

166. Research all tax, HOA, utility and other applicable pro-rations

167. Request final closing figures from closing agent (attorney or title company)

168. Receive & carefully review closing figures to ensure accuracy of preparation

169. Forward verified closing figures to buyer's agent

170. Request copy of closing documents from closing agent

171. Confirm buyer and buyer's agent have received title insurance commitment

172. Provide "Home Owners Warranty" for availability at closing

173. Review all closing documents carefully for errors

174. Forward closing documents to absentee seller as requested

175. Review documents with closing agent (attorney)

176. Provide earnest money deposit check from escrow account to closing agent

177. Coordinate this closing with seller's next purchase and resolve any timing problems

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 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

REALTOR® Follow Up After Closing

182. Answer questions about filing claims with Home Owner Warranty company if requested

183. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied