The Critical Role of a Realtor

Listed here are nearly 200 typical duties, research steps, procedures, processes, and review stages in a successful residential real estate transaction that are normally provided by full-service real estate agents in return for their sales commission. Depending on the transaction, some may take a few minutes, hours, or even days to complete, while some may not be needed at all.

Most 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 laws 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!

Pre-Listing Activities

1. Make appointment with seller for listing presentation
2. Send seller a written or email confirmation of listing appointment and call to confirm
3. Review pre-appointment questions
4. Research all comparable currently listed properties
5. Research sales activity for the past 3,6,9,12 months (depending on market) from MLS sales
6. Research “average days on market” for this property of this type, price range, and location
7. Download and review property tax information
8. Prepare Comparable Market Analysis (CMA) to establish fair market value
9. Obtain subdivision plat layout to sales records
10. Research property’s ownership and deed type (attorney)
11. Research property’s public record information for lot size and dimensions
12. Research and verify legal description (attorney)
13. Research property’s land use and deed restrictions
14. Research property’s current use and zoning
15. Verify legal names of owners in county public property records
16. Prepare listing presentation package with above materials
17. Perform exterior “Curb Appeal Assessment” of property
18. Compile and assemble file on property
19. Confirm current public schools
20. Review listing appointment checklist to ensure all steps and actions have been completed

Listing Appointment Presentation

21. Tour home with the seller, make notes and bring up items of concern
22. Give seller an overview of current market conditions and projections
23. Review team’s credentials in the market
24. Review ReMax's credentials in the market
25. Present company’s profile and position in the marketplace
26. Present CMA results to seller, including comparables, solds, current listings, and expireds
27. Offer pricing strategy based on professional judgment and interpretation of current market conditions
28. Discuss goals with seller to market effectively
29. Explain market power and benefits of the Multiple Listing Service
30. Explain market power of web marketing, IDX, and Realtor.com
31. Explain the work the brokerage and agents do “behind the scenes” and team’s availability on weekends
32. Explain team’s role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
33. Present and discuss strategic master marketing plan
34. Explain “agency” relationship to the seller
35. Review and explain all clauses in Listing Contract and obtain seller’s signature
36. Explain commission split with seller- 50/50 split with selling agent
37. Refer seller to reputable attorney to cover transaction
38. Ascertain need for lead-based paint disclosure
39. Give seller property disclosures to fill out (condition and mold)

Once Property is Under Listing Agreement

40. Review current title information (attorney)
41. Measure overall and heated square footage
42. Measure interior room sizes
43. Confirm lot sizes via owner’s copy of survey (if available)
44. Note any and all unrecorded property lines, agreements, easements (attorney)
45. Obtain house plans, if available
46. Review house plans and make copies (new construction also)
47. Acquire plat map for retention in property’s file from homeowner
48. Prepare showing instructions for buyers’ agents and agree on showing time window with seller 
49. Verify current loan information via MLS
50. Discuss possible buyer financing alternatives and options with seller
51. Review current appraisal if available
52. Identify Home Owner Association (HOA) manager if applicable
53. Verify HOA fees with management company (find out if fees are optional or mandatory and current annual fee
54. Obtain copy of HOA bylaws, covenants and conditions
55. Obtain estimates of current utility bills for prospective buyer inquiries
56. Verify city sewer/water/well systems
57. Prepare detailed list of property amenities
58. Prepare detailed list of property’s inclusions for sale
59. Compile list of completed repairs and maintenance items
60. Explain benefits of Homeowner Warranty (HOW) to seller (assist with application if applicable)
61. When received, place (HOW) in property file to be conveyed at time of sale
62. Have extra key made for lockbox
63. Verify if property has rental units involved. And if so: Make copies of all leases for retention in listing file, verify all rents and deposits, inform tenants of listing and discuss how showings will be handled
64. Arrange for yard sign installation
65. Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
66. Review results of Interior Décor Assessment and suggest changes to shorten time on market
67. Load listing into transaction management software program

Entering Property in Multiple Listing Service Database

68. Prepare MLS Profile Sheet—Agent is responsible for “quality control” and accuracy of listing data
69. Enter property data from Profile Sheet into MLS database
70. Proofread MLS data for accuracy—including proper placement in mapping function
71. Enter listing into Team’s website and 35 other online listing sites
72. Add property to company’s Active Listings list
73. Provide seller with signed copies of Listing Agreement and MLS Data Sheet within 48 hours (or as soon as possible)
74. Take additional photos for upload to MLS and use in flyers and 35 online sites
75. Discuss feasibility of virtual tour depending on size of home

Marketing the Listing

76. Create print and Internet ads with seller’s input
77. Coordinate showings with owners, tenants, and other Realtors. Return all calls – weekends included
78. Install lockbox if authorized by owner
79. Prepare mailing and contact list
80. Generate mail-merge letters to contact list
81. Order “Just Listed” cards to send to homes in the neighborhood
82. Print out “Just Listed” labels and adhere to postcards or flyers
83. Take “Just Listed” postcards to post office
84. Prepare property flyers
85. Review comparable MLS listings monthly to ensure property remains competitive in price terms, conditions, and availability
86. Prepare property marketing brochure to place in seller’s home/brochure box
87. Arrange for printing or copying of supply of marketing brochures or flyers
88. Place marketing brochures in all company agent mailboxes
89. Upload listing to ReMax's website and BeckerGroupOnline.com
90. Submit ads to ReMax’s participating Internet real estate sites
91. Price changes conveyed promptly to all Internet groups
92. Reprint/supply brochures as needed
93. Feedback e-mails sent to buyer’s agents after showings
94. Update seller on marketing when necessary
95. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
96. Place regular update phone calls to seller to discuss pricing changes if needed
97. Enter price changes in MLS listing database

The Offer and Contract

98. Receive and review all Offer to Purchase contracts submitted by buyers or buyer’s agents
99. Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes
100. Counsel seller on offers. Explain merits and weaknesses of each component of each offer
101. Contact buyers’ agents to review buyer’s qualifications and discuss offer
102. Send Seller’s Disclosures to buyer’s agent upon request and prior to offer if possible
103. Confirm buyer is pre-qualified by calling Loan Officer
104. Obtain pre-qualification letter on buyer from Loan Officer
105. Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
106. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent
107. Email copies of contract and all addendums to closing attorney and/or title company
108. When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer’s agent
109. Record and promptly deposit buyer’s earnest money in escrow account
110. Advise showing desk of “under contract” showing restrictions as seller requests
111. Deliver copies of fully signed Offer to Purchase contract to seller
112. Deliver copy of Purchase Contract to ReMax's office manager for broker review
113. Deliver copies of Offer to Purchase contract to Selling Agent
114. Email copies of offer to Purchase to lender
115. Email copy of Offer to Purchase to seller’s attorney for review
116. Provide copy of signed Offer to Purchase contract to ReMax's office file
117. Advise seller in handling additional offers to purchase submitted between contract and closing
118. Change status in MLS to “Contingent”
119. Update contact management program to show “Pending”
120. Assist buyer in obtaining financing, if applicable and follow-up as necessary
121. Order septic system inspection, if applicable
122. Order Well Report, if applicable
123. Receive and review septic system report and assess possible impact on sale
124. Receive and review Well Report and assess possible impact on sale
125. Deliver copy of both reports to lender and buyer’s agent
126. Retain copy of said reports for office file
127. Verify mold inspection ordered, if applicable

Tracking the Loan Process

128. Follow Loan Process through to Underwriting
129. Add lender and other vendors to data management program to agents buyer, and seller can track progress of sale
130. Contact lender weekly to ensure processing is on track
131. Relay final approval of buyer’s loan application to seller

Home Inspection

132. Coordinate buyer’s professional home inspection with seller
133. Review home inspector’s report
134. Enter completion of inspection into contact management program
135. Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
136. Ensure seller’s compliance with Home Inspection Clause requirements
137. Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
138. Negotiate payment and oversee completion of all required repairs on seller’s behalf (if needed)

The Appraisal

139. Schedule Appraisal (lender)
140. Provide comparable sales used in market pricing to Appraiser
141. Follow-up on Appraisal
142. Enter completion into data management program
143. Assist seller in questioning appraisal report if it seems too low

Closing Preparations and Duties

144. Contract is signed by all parties
145. Coordinate closing process with buyer’s agent and lender
146. Update closing forms and files
147. Ensure all parties have all forms and information needed to close the sale
148. Select where closing is to be held (attorney)
149. Confirm closing date and time and notify all parties
150. Work with buyer’s agent in scheduling and conducting buyer’s Final walk-thru prior to closing
151. Research all tax, HOA, utility and other applicable prorations (attorney)
152. Request final closing figures from closing agent (attorney or title company)
153. Receive and carefully review closing figures to ensure accuracy of preparation (attorney)
154. Forward verified closing figures to buyer’s agent (attorney)
155. Request copy of closing documents from closing agent
156. Make sure buyer/seller has “original” of Power Attorney (if applicable)
157. Provide “Home Owner’s Warranty” for availability at closing
158. Review all closing documents carefully for errors
159. Forward closing documents to absentee seller as requested (if not present as closing)
160. Review documents with closing agent (attorney)
161. Provide earnest money deposit check from escrow account to closing agent
162. Coordinate this closing with seller’s next purchase and resolve any timing issues
163. Have a “no surprises” closing so that seller receives a net proceeds check at closing
164. Refer sellers to one of the best agents at their destination (if applicable)
165. Change MLS status to “SOLD”. Enter sale date, price, selling broker, and agent’s ID numbers, etc.

Follow Up After Closing

166. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
167. Respond to any follow-up calls and provide any additional information required from office files
168. Send client a buyer/seller survey (to be recorded)
169. Send out “Just Sold” cards to neighbors
170. Order “change of address labels” for client
171. Place client on Preferred Client Club mailing list
172. Deliver closing gift as “Thank you” for using our services
173. Offer to send family and friends “We Have Moved” postcards
174. Make follow-up call one month after closing
175. Stop by to see client after they have settled in

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