What Does a Realtor Do Anyway?
There are so many myths going around about what the job of being a Realtor really entails! Some of them are funny; some are scary and some are just, well, myths. Realtors always try to make the transaction smooth, so sometimes Homebuyers or Sellers can fail to recognize everything involved in the process of a purchase or a sale. Some may ask the question, “Do we even need a Realtor? It seems so easy, can’t I do it myself?” In response, I decided to make a list of things that I, a full-time Realtor, do during my day when working with a Buyer or a Seller, or often with both at the same time.
171 Things I Do For My Clients
- Research appropriate listed comparable properties (by type, price range and location)
- Research trends and sales activity for an appropriate period (past three to six months)
- Research “average days on market” for the property type, price range and location
- Download and review property tax information
- Research property public record information for ownership and deed type
- Research property public record information for lot size and dimensions
- Research and verify legal description
- Research property land use coding and deed restrictions
- Research property current use and zoning
- Ascertain need for lead-based paint Disclosure
- Perform exterior “curb-appeal assessment” of property
- Verify public school zoning and discuss with the Seller the impact of school districts on market value determination
- Give Seller an overview and projections of current market conditions
- Present market analysis results to Seller, including Sold comparable, current listings and expired.
- Offer pricing strategy based on professional judgment and interpretation of current market conditions.
- Discuss goals with Seller to market effectively
- Explain marketing power and benefit of the MLS
- Explain the different marketing options and their effectiveness
- Present and discuss strategic master marketing plan
- Review results for curb-appeal assessment with Seller and provide suggestions to improve sale-ability
- Research and verify city sewer/septic tank systems. Verify when property septic system was last pumped or inspected
- Verify security system, current term of service, and determine if it’s owned or leased
- Verify if Seller has transferable termite bond (obtain a copy for a future Buyer)
- Verify if property has rental units involed
- Make copies of leases
- Verify all rents and all deposits
- Assess interior décor and suggest changes
- Review accuracy of current title information with Seller
- Verify names of owners as they appear on public records
- Verify with Seller if there are any outstanding or expired construction permits or if any changes have been made to the property since the Seller purchased the property
- Obtain copy of current Title Insurance policy
- Complete Listing Contract and Addenda, obtain Seller’s signature on listing agreement and give one copy to Seller
- Review with Seller the standard closing costs and pro-rations typical to the HUD statements
- Obtain Seller’s permission to use a lock box
- Confirm lot size via owner’s copy of certified survey, if available
- Note any and all unrecorded property lines, agreements, and easements that are known to the Seller if they are not otherwise noted
- Obtain house plans, if available
- Provide Seller with a copy of a blank sales contract to review in preparation of their receipt of an offer
- Inform tenants of listing and discuss how showings will be handled
- Arrange for installation of yard sign
- Have Seller complete the Seller’s Disclosure form
- Prepare showing instructions for Buyer’s broker and agree on showing-time schedule with Seller
- Install a lock box
- Verify current loan information with lender, if applicable
- Verify HOA fees and pending or unpaid assessments with HOA manager
- Verify if Open Houses are allowed by HOA
- Verify all rules and regulations of holding an Open House with HOA
- Research Electrical company supplier contact information
- Prepare detailed list of property amenities and assess market impact
- Prepare detailed list of property’s “inclusions” with sale
- Compile list of completed repairs and maintenance items
- Obtain/Make extra key for lockbox
- Arrange for interior/exterior photos to be taken for MLS listing
- Arrange for creation of a virtual tour if one will be used in marketing of the property
- Complete new-listing checklist
- Enter listing into office records and/or create listing file
- Prepare “MLS profile sheet”
- Enter property data from profile sheet into MLS listing database
- Take additional photos of the property to upload into MLS and for use in flyers
- Provide Seller with a copy of the MLS profile sheet data form
- Add property to company’s active listing list
- Create print and internet listing ads
- Approve with Seller all print and Internet listing ads
- Submit ads to company’s participating Internet Real Estate sites
- Reprint/supply/update brochures promptly as needed
- Prepare mailing list and contact list for direct mail marketing
- Create “Just Listed” mail cards
- Order “Just Listed” mail cards
- Prepare flyer for Open Houses and review with Seller
- Email marketing material to brokers and agents
- Mail out “Just Listed” cards to all neighborhood residents
- Inform Network Referral Program of listing
- Coordinate showings with owners, tenants and other Realtors. Return all calls/emails/texts promptly (weekends included)
- Provide showing time comments and feedbacks to Seller and recommend changes according to potential Buyer comments
- Review comparable MLS listings and trends regularly to verify that property remains competitive in price, terms, conditions and availability.
- Provide marketing date to Buyers coming through International relocation network
- Convey price change promptly to all Internet groups
- Request feedback from Buyer’s brokers after showings
- Review weekly market reports
- Discuss feedback from showing appointments with Seller to determine if changes will accelerate the sale
- Call Seller weekly to discuss marketing and pricing
- Promptly enter price changes in MLS listing database
- Receive and review all offers submitted by Buyer’s agents
- Review all offers with Seller and review merits and weaknesses of each offer
- Negotiate all offers and counter-offers on Seller’s behalf
- Prepare and convey any counter-offers on Seller’s behalf
- Contact Buyer’s agents to review Buyer’s qualifications and discuss offer
- Verify proper licensure of Buyer’s broker
- Verify contract is signed by all parties
- Open Escrow
- Provide copies of the Purchase Contract and all Addenda to Escrow
- Obtain a signed and dated verification that escrow deposit was delivered to escrow company
- Provide Buyer’s broker with Seller Disclosure
- Confirm Buyer’s pre-approved with a Lender
- Obtain Buyer’s pre-approval letter from a Lender
- Change status on MLS to “ES”- in escrow showing
- Contact Buyer’s lender weekly to verify processing is on track
- Provide to Seller final approval of Buyer’s loan application
- Coordinate Buyer’s home inspection and termite’s inspection
- Review inspection reports with a Seller and discuss issues and options, if needed
- Recommend or assist Seller with identifying trustworthy contractors to perform any required repairs
- Obtain copies of repair bills showing that Seller has made required repairs
- Make arrangements for appraiser to enter property
- Follow up on appraisal
- Discuss appraisal report with Seller and suggest options, if necessary
- Coordinate closing process with Buyer’s agent and lender.
- Confirm location, date, and time where closing will be held and notify all parties
- Confirm that Seller has the proper Power of Attorney or trust documents, if required
- Work with Buyer’s agent in scheduling and conducting a final walk-through prior to closing
- Confirm with Escrow that all tax, HOA, utility and other pro-rations have been resolved
- Request final closing figures from Escrow
- Review closing figures with Seller to verify accuracy
- Review all closing documents with Seller
- Coordinate this closing with Seller’s next purchase and resolve any timing problems, if applicable
- Confirm Seller’s net proceeds check/deposit at closing
- Change MLS status to “Sold”
- Follow up with Seller
What I do when I help you buy a property:
- Respond to prospective Buyer’s inquiries
- Interview the Buyer and obtain personal information
- Explain Homebuying process
- Determine if there is any conflicting brokerage relationship or any other conflict of interest with the Buyer
- Discuss the pre-approval financial process with the Buyer
- Suggest at least three mortgage lenders to assist Buyer in becoming pre-approved
- Explain the difference between being pre-qualified vs pre-approved
- Help to examine not only how much you can afford but also how much you want to spend
- Determine through process of discovery the Buyer’s preferences in a home: location, price, size, type of home, special needs, etc.
- Obtain and review pre-approval letter from a lender
- Search MLS for properties that meet the Buyer’s criteria
- Network with other agents for properties not yet in the MLS
- Make showing appointments with Seller’s agents to show properties selected by the Buyer
- Make sure appointments are coordinated in schedule
- Show the Buyer their selected properties
- Assist in analyzing the pros and cons of each property
- Obtain a “good faith estimate” from Buyer’s lender for the target purchase price and review with Buyer
- Assist in evaluating properties for suitability, affordability, and resale value
- Educate on Buyer’s market vs Seller’s market
- Show statistics on what percent of list price the sellers are currently receiving
- Show current average days on market and current months of inventory
- Prepare CMA so Buyer makes an informed decision when offering price
- Meet with Buyer to review offer, contract form and all addenda
- Complete Purchase contract and addenda
- Prepare a Buyer for multiple offer situations and develop negotiation strategies specific to multiple offers
- Submit Offer to Seller’s agent
- Negotiate all offers on Buyer’s behalf
- Prepare and convey any counteroffers, acceptance, or amendments to Seller’s agent
- Open Escrow upon acceptance of Buyer’s offer
- Provide Seller’s Disclosure form to Buyer
- Ensure Buyer receives and understands all state and federal required forms
- Promptly deposit Buyer’s earnest money in escrow account and obtain a receipt
- Provide earnest money receipt to Seller’s agent
- Provide Buyer with at least three home inspection and Termite inspections companies
- Coordinate Buyer’s home inspection with Seller’s agent
- Review and discuss inspection reports with Buyer
- Order any other inspections, if needed
- Receive and review reports and note any possible impact on sale
- Submit repair request to Seller’s agent, if needed
- Verify Seller’s compliance with all inspection repair requirements
- Contact lender weekly to verify processing is on track
- Relay final approval of Buyer’s loan application to Seller’s agent
- Schedule appraisal with Seller’s agent
- Provide comparable sales used in market pricing to appraiser
- Inform Buyer of options if appraisal report is different than the contract/purchase price
- Update closing forms and files
- Coordinate closing process with Seller’s agent, lender and Escrow
- Assist in obtaining Power of Attorney or Trust documents, if required
- Work with Seller’s agent in scheduling and conducting a final walk-through prior to closing
- Confirm location, date and time where closing will be held and notify all parties
- Review and verify with Buyer closing figures received from Escrow
- Confirm collected funds from Buyer are available for closing
- Explain filing for home exemption
- Verify transfer of all keys (house, mailbox, community, garage, storage etc.)