Listed here are nearly 200 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by Full Service real estate brokerages in return for their sales commission. 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® 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 a REALTOR® membership. Make sure yours does.
Pre-Listing Activities
1. Make appointment with seller for listing presentation
2. Send seller an email confirmation of listing appointment and call to confirm
3. Review my pre-listing package
4. Research local market of currently listed properties
5. Research sales activity for past 12-18 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. Obtain copy of subdivision plat/complex lay-out
9. Research property’s ownership & deed type
10. Research property’s public record information for lot size & dimensions
11. Research and verify legal description
12. Research property’s land use coding and deed restrictions
13. Research property’s current use and zoning
14. Verify legal names of owner(s) in county’s public property records
15. Prepare listing presentation package with above materials
16. Perform exterior “Curb Appeal Assessment” of subject property
17. Compile and assemble formal file on property
18. Confirm current public schools and explain impact of schools on market value
19. Review listing appointment checklist to ensure all steps and actions have been completed
Listing Appointment Presentation
20. Give seller an overview of current market conditions and projections
21. Review agent’s and company’s credentials and accomplishments in the market
22. Present company’s profile and position or “niche” in the marketplace
23. Offer pricing strategy based on professional judgment and interpretation of current market
conditions
24. Discuss goals with seller to market effectively
25. Explain market power and benefits of Multiple Listing Service (MLS)
26. Explain market power of web marketing, IDX etc.
27. Explain the work the brokerage and agent do “behind the scenes” and agent’s availability on
weekends
28. Explain agent’s role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
29. Present and discuss strategic master marketing plan
30. Explain different agency relationships and determine seller’s preference
31. Review and explain all clauses in Listing Contract, Addendums, and all docs attached to listing contract
Once Property is Under Listing Agreement
32. Review current title information
33. Measure overall and heated square footage
34. Measure interior room sizes
35. Confirm lot size via owner’s copy of certified survey, if available
36. Note any and all unrecorded property lines, agreements, and easements
37. Obtain house plans, if applicable and available
38. Review house plans and make copy
39. Order plat Map for retention in property’s listing file
40. Prepare showing instructions for buyers’ agents and agree on showing time window with seller
41. Obtain current mortgage loan(s) information: companies and loan loan account numbers
42. Verify current loan information with lender(s)
43. Check assumability of loan(s) and any special requirements
44. Discuss possible buyer financing alternatives and options with seller
45. Review current appraisal if available
46. Identify Home-Owner Association manager if applicable
47. Verify Home-Owner Association Fees with manager – mandatory or optional and current annual fee
48. Order copy of Homeowner Association bylaws, if applicable
49. Research electricity availability and supplier’s name and phone number
50. Calculate average utility usage from last 12 months of bills
51. Research and verify city sewer/septic tank system
52. Water System: Calculate average water fees or rates from last 12 months of bills
53. Well Water: Confirm well status, depth and output from Well Report
54. Natural Gas: Research/verify availability and supplier’s name and phone number
55. Verify security system, current term of service and whether owned or leased
56. Verify if seller has transferable Termite Bond
57. Ascertain need for lead-based paint disclosure
58. Prepare detailed list of property amenities and assess market impact
59. Prepare detailed list of property’s “inclusions & conveyances with sale”
60. Compile list of completed repairs and maintenance items
61. Send “Vacancy Checklist” to seller if property is vacant
62. Explain benefits of Home-Owner Warranty to seller
63. Assist sellers with completion and submission of Home-Owner Warranty Application
64. When received, place Home-Owner Warranty in property file for conveyance at time of sale
65. Have extra key made for lockbox
66. Verify if property has rental units involved, if so”
a. Make copies of all leases
b. Verify all rents & deposits
c. Inform tenants of listing and discuss how showings will be handled
67. Arrange for installation of yard sign
68. Assist seller with completion of Seller’s Disclosure form
69. “New Listing Checklist” Completed
70. Review results of “Curb Appeal Assessment” with seller and provide suggestions to improve salability
71. Review results of “Interior Décor Assessment” and suggest changes to shorten time on market
72. Load listing into transaction management software program
Entering Property in Multiple Listing Service Database (MLS)
73. Prepare MLS Listing Profile Sheet—Agents are responsible for “quality control” and accuracy of listing data
74. Enter property data from profile sheet into MLS Database
75. Proofread MLS database listing for accuracy—including proper placement in mapping function
76. Add property to company’s Active Listings list
77. Provide seller with signed copies of Listing Agreement and MLS profile Sheet Data Form within 48 hours
78. Take additional photos for upload into MLS and use in Flyers. Discuss efficacy of panoramic photography
Marketing The Listing
79. Create print and internet leads with seller’s input
80. Coordinate showings with owners, tenants, and other Realtors®. Return all calls- weekends included if VERY IMPORTANT
81. Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
82. Prepare mailing and contact list
83. Generate mail-merge letters to contact list
84. Order “just listed” labels & reports
85. Prepare flyers & feedback
86. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions, and availability
87. Prepare property marketing brochure for seller’s review
88. Arrange for printing or copying supply of marketing brochures or fliers
89. Place marketing brochures in all company agent mailboxes
90. Upload listing to company and agent internet site, if applicable
91. Mail Out “just listed” notice to all neighborhood residents
92. Provide marketing data to buyers coming through international relocation networks
93. Provide marketing data to buyers coming from referral networks
94. Price changes conveyed promptly to all internet groups (does automatically)
95. Reprint/supply brochures promptly as needed
96. Loan information reviewed and updated in MLS as required
97. Review weekly market study
98. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
99. Place regular weekly update calls to seller to discuss marketing & pricing
100. Promptly enter price changes in MLS listing database
The Offer and Contract
101. Receive and review all offer to purchase contracts submitted by buyers or buyers’ agents
102. Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes
103. Counsel seller on offers. Explain the merits and weaknesses of each component of each offer
104. Contact buyer’s agents to review buyer’s qualifications and discuss offer
105. Email/deliver seller’s disclosure to buyer’s agent or buyer upon request and prior to offer if possible
106. Confirm buyer is pre-qualified for calling Loan Officer
107. Obtain pre-qualification letter on buyer from Loan Officer
108. Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
109. Prepare and convey and counters, acceptance or amendments to buyer’s agent
110. Email copies of contract and all addendums to closing attorney or title company
111. When offer to purchase contract is accepted and signed by seller, email to buyer’s agent
112. Record and promptly deposit buyer’s earnest money in escrow account
113. Disseminate “Under-Contract Showing Restrictions as sell requests
114. Email copies of fully signed Offer To Purchase contract to seller
115. Email copies of Offer To Purchase contract to selling agent
116. Email copies of offer To Purchase contract to lender
117. Provide copies of signed Offer to Purchase contract or office file
118. Change status in MLS to “Sale Pending”
119. Update transaction management program to show “Sale Pending”
120. Review buyer’s credit report results—Advise seller of worst and best case scenarios
121. Assist buyer with obtaining financing, if applicable and follow-up as necessary
122. Coordinate with lender on discount rates being locked in with dates
123. Deliver unrecorded property information to buyer
124. Order septic system inspection, if applicable
125. Receive and review septic system report and assess any possible impact on sale
126. Deliver copy of septic system inspection report lender & buyer
127. Deliver Well Flow Test Report copies to lender & buyer and property listing file
128. Verify termite inspection ordered
129. Verify mold inspection ordered, if required
Tracking The Loan Process
140. Confirm Verification’s Of Deposit & Buyer’s Employment Have Been Returned
141. Follow Loan Processing Through To The Underwriter
142. Add lender and other vendors to transaction management program so 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
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. Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
151. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed
The Appraisal
152. Mortgage Lender schedule’s appraisal
153. Follow-Up on Appraisal through lender
154. Enter completion into transaction management program
155. Assist seller in questioning appraisal report if it seems too low
Closing Preparations and Duties
156. Contract is signed by all parties
157. Coordinate closing process with buyer’s agent and lender
158. Update closing forms & files
159. Ensure all parties have all forms and information needed to close the sale
160. Select location where closing will be held
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, or in obtaining Death Certificates
164. Work with buyer’s agent in scheduling and conducting buyer’s final walk-through prior to closing
165. Research all tax, HOA, utility, and other applicable prorations
166. Request final closing figures from closing agent (attorney or title company)
167. Receive & carefully review closing figures to ensure accuracy of preparation
168. Forward verified closing figures to buyer’s agent
169. Request copy of closing documents from closing agent
170. Confirm buyer and buyer’s agent have received title insurance commitment
171. Provide “Home-Owners Warranty” for availability at closing
172. Review all closing documents carefully for errors
173. Forward closing documents to absentee seller as requested
174. Review documents with closing agent (attorney)
175. Provide earnest money deposit check from escrow account to closing agent
176. Coordinate this closing with seller’s next purchase and resolve any timing problems
177. Have a “no surprises” closing so that seller receives net proceeds check at closing
178. Refer sellers to one of the best agents at their destination, if applicable
179. Change MLS status to sold. Enter sale date, price, selling broker, and agent’s ID numbers, etc.
180. Closing out listing in transaction management program
Follow Up After Closing
181. Answer questions about filing claims with Home-Owner warranty company if requested
182. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
183. Respond to any follow-up calls and provide any additional information required from office files
Donald Terry, Rancho Cordova Mayor