190 Duties of a Realtor

Here is a list of nearly 200 typical actions, research steps, procedures, processes and review stages undertaken in a successful residential real estate transaction that are normally provided by a FULL SERVICE REALTOR® and Brokerage in return for their sales commission. Depending on the nature of the transaction some may take minutes, some hours, and some even days to complete; while some may not be needed at all, depending on the transaction. As with most things in the real estate industry, “it depends.” More importantly, they reflect the level of skill, knowledge, and attention to detail required in today’s real estate transactions, which underscores the importance of having help and guidance from someone who fully understands the process, your professional 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 and their peers. Not every real estate licensee holds a REALTOR® membership. Make sure yours does. Especially in today’s ever-changing real estate environment, its never been more important to use the services of a real estate professional – a Realtor®.

Before all, you must find a potential client.

1. Make an appointment with the potential seller for a Listing Presentation
2. Send Seller a written or e-mail 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 12 months from MLS and public record databases
6. Research “Average Days on Market” for this property type, price range and location
7. Download and review property tax roll information. Good idea to measure the home prior to completing any CMA!
8. Prepare “Comparable Market Analysis” (CMA) to establish fair market value
9. Obtain copy of subdivision plat / complex lay-out
10. Research Property ownership and Title
11. Research Property’s public record information for lot size & dimensions
12. Research and verify legal description
13. Research property’s land use code and deed restrictions
14. Research property’s current use and zoning
15. Verify legal names of owners on property title
16. Prepare a Listing Presentation package with the above materials
17. Perform an exterior “Curb Appeal Assessment” of subject property
18. Compile and assemble formal file on property
19. Confirm current public schools and explore impact of schools on market value
20. Review listing appointment checklist to ensure all steps and actions have been completed

Listing Appointment Presentation

1. Give seller an overview of current market conditions and projection
2. Review agents and company’s credentials and accomplishments in the market
3. Present company profile and position or niche in the marketplace
4. Present CMA results to seller, including Comparables, Solds, Current Listings & Expired
5. Offer pricing strategy based on professional judgment & interpretation of current market conditions
6. Offer professional insight on deficiencies preventing higher selling values
7. Suggest “Value Added” tips to enhance the homes salability to potential buyers
8. Discuss “Marketing” with seller to get Maximum Exposure and Property value
9. Explain market power and benefits of the Multiple Listing Service
10. Explain the power of print and web marketing used by REALTORS®
11. Explain the work the brokerage and agents do “behind the scenes” & agents availability on weekends
12. Explain taking calls to screen for qualified buyers to protect the seller from curiosity seekers
13. Present strategic master marketing plan for property
14. Explain different agency relationships and determine seller’s preference
15. Review presentation with sellers to ensure complete understanding and answer any questions pertaining to the process.

Once a Property is Under a Listing Agreement

1. Review current title information
2. Measure overall and heated square footage
3. Measure interior room sizes
4. Confirm lot size via owner’s copy of certified survey, if available
5. Obtain house plans, if applicable and available
6. Review house plans and make copies
7. Order Survey or Real Estate Property Report
8. Prepare showing instructions for buyers agent’s
9. Set up with sellers acceptable Open House and Showing Time hours
10. Obtain current mortgage loan information; company and loan account numbers
11. Verify current loan information with lenders
12. Check assumability of loans and any special requirements
13. Discuss possible buyer financing alternatives and options with sellers
14. Review current appraisal if available
15. Identify Home Owners Association manager if applicable
16. Verify Home Owner Association fees with manager- mandatory or optional & current annual fees
17. Order a copy of the Condominium Association document & bylaws, if applicable
18. Discuss with homeowner average utility usage for the last 12 months and calculate monthly average
19. Research and verify city sewer / septic tank / septic field system
20. Discuss with homeowner water usage for the last 12 months an calculate the monthly average
21. Well Water: Confirm well status, depth and output from well report
22. View or order a water analysis report of well water, if applicable
23. Discuss with homeowner the natural gas usage over the last 12 months and calculate a monthly average
24. Discuss with homeowner the garbage / recycle programs and document info for buyers presentations
25. Prepare a detailed list of property amenities and assess market impact
26. Prepare a detailed list of locations and distances to area schools, grocery stores, department stores and shopping malls
27. Prepare a detailed list of locations and distances to recreation centres and public library’s
28. Compile a list of upgrades and completed repairs and maintenance items
29. Send “Vacancy Checklist” to seller if property is vacant
30. Explain the benefits of Home Owners warranty to Potential Buyers
31. Have an extra key made for the lockbox
32. Verify if property has rental units: if so
33. Verify and make copies of all lease agreements fro retention in listing file
34. Verify all rents agreements and deposit amounts
35. Inform tenants of listing and discuss how showings will be handled
36. Arrange and coordinate official listing date to coincide with any upgrades or repairs
37. Arrange for the placement of a Yard Sign
38. Assist sellers with the completion of the “Seller Disclosure Form”
39. Ensure “New Listings Checklist” is completed
40. Review Curb Appeal Assessment with sellers
41. Review Interior Décor Assessment with sellers
42. Load listing into transaction management software program
43. Arrange “New Listing” information session with Realtors in your office at the weekly meeting
44. Take high resolution photographs of all aspects of the property for use in “Marketing Plan” in
    print advertising, for personal and company websites and MLS.

Entering Property in the Multiple Listing Service Database

1. Prepare MLS Profile Sheet – Agent’s is responsible for “Quality Control” and accuracy of listing data
2. Enter property data from Profile Sheet into the MLS database
3. Proofread MLS database listing for accuracy
4. Include proper placement in mapping function
5. Add property to the company’s “Active Listing” list
6. Add Property information and photos into company’s websites
7. Add Property information and photos to personal real estate websites
8. Add property information and photos to all real estate website provided by the publications you market and advertise with
9. Provide sellers with a signed copy of the Listing Agreement and MLS Profile Data Sheet Form within 48-hours
10. Discuss with homeowners the possibility of virtual tours or streaming audio/video presentations

Marketing The Listing

1. Create Print and Internet ads with the sellers input
2. Coordinate showings with owners, tenants, and other REALTORS
3. Return any calls promptly every day including evenings and weekends
4. Install electronic lock box if authorized by sellers
5. Program electronic lock boxes with agreed-upon showing time windows
6. Prepare mailing and contact list
7. Generate mail-merge letters to contact list
8. Order “Just Listed” labels and reports
9. Prepare flyers & feedback faxes
10. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
11. Prepare property Marketing Brochure for sellers to review
12. Arrange for the printing or copying supplies of marketing brochures and flyers
13. Arrange and coordinate the placement of feature ads in real estate publications
14. Arrange for a newspaper classified ad advertising Open House times and dates
15. Place marketing brochures in all of the company’s realtors mail boxes
16. Mail out “Just Listed” notices to all neighborhood residents
17. Advise Network Referral Program of listing
18. Provide marketing data to buyers coming through international relocation networks
19. Provide marketing data to buyers coming from referral network
20. Provide “Special Feature” cards for marketing, if applicable
21. Submit ads to company’s participating Internet real estate sites
22. Any information or price changes conveyed promptly to any and all services, Internet sites,publications and MLS
23. Reprint and Supply additional buyer brochures as needed
24. Loan information reviewed and updated in MLS as required
25. Feedback emails / faxes sent to buyers agents after showings
26. Review weekly Market Study
27. Discuss feedback from showing agents with sellers to determine if changes are required
28. Promptly enter these changes in MLS listing database

The Offer and Contract

1. Receive and review all Offers to Purchase contracts submitted by buyers or buyers agents
2. Evaluate offer(s) and prepare a “net sheet” on each for the sellers for comparative purposes
3. Counsel sellers on offer(s) received. Explain in detail the merits and weaknesses of each component of each offer received
4. Contact buyers agent to review buyers qualifications and to discuss offer
5. Counsel seller on countering “offers” and work with buyers or buyer’s agent to negotiate a deal
6. Fax /Deliver Sellers Disclosure to buyer’s agent or buyer upon request or prior to offer if possible
7. Obtain a pre-qualification letter on buyer from mortgage broker or lending institution
8. Negotiate all offers on sellers behalf, setting time limits for loan approval and closing date
9. Fax copies of contract and all addendums to sellers lawyer and buyer’s agent
10. When Offer to Purchase contract is accepted and signed by seller, deliver to buyer’s agent
11. Record and promptly deposit buyers deposit into trust account
12. Deliver copies of fully signed Offer to Purchase contract to seller
13. Deliver copies of fully signed Offer to Purchase contract to buyer’s agent
14. Provide copies of Offer to Purchase to the lenders
15. Deliver copies of fully signed Offer to Purchase contract for office to file
16. Advise seller in handling additional offers to purchase submitted between contract and closing
17. Change status in MLS to “Conditionally Sold”
18. Update lawn sign to include a C/S “Conditionally Sold” sticker
19. Update transaction management program to show “Conditionally Sold”
20. Assist buyer in obtaining financing, if applicable and follow-up as necessary
21. Coordinate with lender on Discount Points being locked in with dates
22. Order septic tank inspection, if applicable
23. Receive and review septic tank report and assess any possible impact on sale
24. Deliver Well Flow Test Report copies to lender & buyer and property listing file.
25. Coordinate buyers professional home inspection with seller
26. Review home inspection report
27. Forward finding of Inspection to seller
28. Discuss home inspection report with buyer or buyer’s agent
29. Deal with problems found as a result of home inspection
30. Ensure seller’s compliance with Home Inspection Clause
31. Work with sellers and buyer or buyer’s agent to resolve and or repair problems found as a result of home inspection
32. Properly document changes to the Offer to Purchase to reflect the resolved changes as a result of the home inspection
33. Ensure revised copies with new changes is forwarded to Sellers Lawyer, Buyer’s agent, lending institution and to office to file
34. Enter completion into transaction management tracking software program
35. Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
36. Recommend or assist seller in identifying and negotiating with a trustworthy contractor to perform any work required
37. Oversee completion of all required repairs on the sellers behalf, if needed
38. Ensure seller’s compliance with Home Inspection Clause negotiated requirements have been completed to the satisfaction of all parties prior to closing

Financing

1. Follow through with the buyers or buyer’s agent on financing approval
2. Fax / deliver any and all relevant documents needed to complete the financing requirements

The Appraisal

1. Schedule the Appraisal
2. Provide comparable sales used in marketing price to Appraiser
3. Follow-up on Appraisal
4. Enter completion into transaction management program
5. Assist seller in questioning any appraisal report if it seems too low

Closing Preparation and Duties

1. Contract is signed by all parties
2. Coordinate closing process with buyer’s agent and lender
3. Update closing forms & files
4. Ensure all parties have all the forms and information needed to close the sale
5. Select a location where the closing will be held
6. Confirm closing date and time And notify all parties
7. Assist in solving any title problems (boundary disputes, easements, etc.) or in obtaining Death Certificates if required
8. Work with buyer’s agent in scheduling and conducting the buyers Final Walk-Thru prior to closing
9. Research all tax, HOA, Utility and other applicable pro-rations
10. Request final closing figures from closing agent (attorney or title company)
11. Receive and carefully review closing figures to ensure accuracy of preparation
12. Forward verified closing figures to buyer’s agent
13. Request a copy of closing documents for closing agent
14. Confirm buyer and buyer’s agent have received title insurance commitment
15. Provide “Home Owners Warranty” for availability at closing, if applicable
16. Review all closing documents carefully for errors
17. Forward closing documents to absentee seller if required
18. Review documents with the lawyer
19. Coordinate this closing with the seller’s next purchase and resolve any timing issues
20. Have a “no surprises” closing so that sellers receive a net proceed cheque at closing
21. Refer sellers to one of the best agents at their destination if relocating
22. Change MLS status to SOLD
23. Change Lawn sign to SOLD
24. Enter in sale date, price, selling broker and agent ID numbers, etc. into system
25. Close out listing in transaction management program

Following Up After Closing

1. Answer questions about filing claims with New Home Warranty company, if required
2. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
3. Respond to any follow-up calls and provide any additional information required from office files

This article was provided by the Ashville Board of Realtors®

As you can see from this article the level of skill, knowledge, attention to details and energy required in a normal residential real estate transaction is staggering, and there are probably an additional 100 –200 additional steps, requirements, and procedures, etc. not covered in this list. The thought that REALTORS® don’t work extremely hard for their commission is ludicrous. REALTORS® ensure the entire real estate process goes smoothly, handling every detail needed to selling your home. So the next time you hear a radio commercial telling you “ You Can Sell it Yourself” or that you pay “a REALTOR® $10,000 for one days work” Nothing could be farther from the truth.”

Please feel free to send us items you think could be added to the list. Each transaction is different and agents are often asked to do some unusual jobs. Please send to jaredwjackson75@gmail.com Always seek a Realtor from Rainbow Row Real Estate to assist you.