Why Use A REALTOR®?

Not every real estate agent or broker is a REALTOR®. That term with the Block “R” logo are trademarked by the National Association of REALTORS® and can only be used by some who is a REALTOR® members through their local association of REALTORS®.

The biggest difference between a “real estate licensee” and a REALTOR® is that REALTORS® have taken an oath to follow the NAR's enforceable Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction. Non-member licensees have taken no such oath and are not morally bound to the ethical practices and principles set for in the REALTOR® Code.

The Critical Role of the REALTOR®

The following lists will tell you some of the actions, research steps, procedures, processes and review stages that are typically 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®.

Pre-Listing Activities

1. Make appointment with seller for listing presentation
2. Review pre-appointment questions
3. Research all comparable currently listed properties
4. Research sales activity for past 18 months from MLS and public records databases
5. Research "Average Days on Market" for this property of this type, price range and location
6. Gather and review property tax information
7. Prepare "Comparable Market Analysis" (CMA) to establish fair market value
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. Compile and assemble formal file on property

Listing Appointment Presentation

1. Give seller an overview of current market conditions and projections
2. Review agent's and company's credentials and accomplishments in the market
3. Present company's profile and position or "niche" in the marketplace
4. Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds
5. Offer pricing strategy based on professional judgment and interpretation of current market conditions
6. Discuss goals with seller to market property effectively
7. Explain market power and benefits of Multiple Listing Service
8. Explain market power of web marketing and REALTOR.com
9. Explain the work the brokerage and agent do "behind the scenes" and agent's availability on weekends
10. Explain agent's role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
11. Present and discuss strategic master marketing plan
12. Explain different agency relationships and determine seller's preference
13. Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature

Once Property is Under Listing Agreement

1. Obtain Pre-Title and review for accuracy or unresolved problems
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. Note any and all unrecorded property lines, agreements, easements
6. Obtain house plans, if applicable and available
7. Order plat map for retention in property's listing file
8. Prepare showing instructions for buyers' agents and agree on showing time window with seller
9. Obtain current mortgage loan(s) information: companies and & loan account numbers
10. Verify current loan information with lender(s)
11. Discuss possible buyer financing alternatives and options with seller
12. Review current appraisal if available
13. Research electricity availability and supplier's name and phone number
14. Calculate average utility usage from last 12 months of bills
15. Research and verify city sewer/septic tank system
16. Water System: Calculate average water fees or rates from last 12 months of bills
17. Well Water: Confirm well status, depth and output from Well Report
18. Natural Gas: Research/verify availability and supplier's name and phone number
19. Verify security system, current term of service and whether owned or leased
20. Ascertain need for lead-based paint disclosure
21. Prepare detailed list of property amenities
22. Compile list of completed repairs and maintenance items
23. Explain benefits of Home Owner Warranty to seller
24. Assist sellers with completion and submission of Home Owner Warranty Application
25. When received, place Home Owner Warranty in property file for conveyance at time of sale
26. Have extra key made for lockbox
27. Verify if property has rental units involved. And if so:
28. Make copies of all leases for retention in listing file
29. Verify all rents & deposits
30. Inform tenants of listing and discuss how showings will be handled
31. Arrange for installation of yard sign
32. Assist seller with completion of Seller's Disclosure form
33. "New Listing Checklist" Completed
34. Review "Curb Appeal" and "Interior Decor" with seller and provide suggestions to improve salability
35. Load listing into transaction management software program

Entering Property in Multiple Listing Service Database

1. Prepare MLS Profile Sheet -- Agents is responsible for "quality control" and accuracy of listing data
2. Enter property data from Profile Sheet into MLS Listing Database
3. Proofread MLS database listing for accuracy - including proper placement in mapping function
4. Add property to company's Active Listings list
5. Provide seller with signed copies of Listing Agreement
6. Take additional photos for upload into MLS and use in flyers.

Marketing The Listing

1. Create print and Internet ads
2. Coordinate showings with owners, tenants, and other Realtors®. Return all calls - weekends included
3. Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
4. Prepare mailing and contact list
5. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
6. Upload listing to company and agent Internet site and print flyers for distribution
7. Submit ads to company's participating Internet real estate sites
8. Price changes conveyed promptly to all Internet groups
9. Reprint/supply brochures promptly as needed
10. Loan information reviewed and updated in MLS as required
11. Feedback e-mails/faxes sent to buyers' agents after showings
12. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
13. Place periodic update calls or emails to seller to discuss marketing & pricing
14. Promptly enter price changes in MLS listing database

The Offer and Contract

1. Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents
2. Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes
3. Counsel seller on offers. Explain merits and weakness of each component of each offer
4. Contact buyers' agents to review buyer's qualifications and discuss offer
5. Fax/deliver Seller's Disclosure to buyer's agent or buyer upon request and prior to offer if possible
6. Confirm buyer is pre-qualified by calling Loan Officer or obtain pre-qualification letter on buyer from Loan Officer
7. Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date
8. Prepare and convey any counteroffers, acceptance or amendments to buyer's agent
9. Fax copies of contract and all addendums to closing attorney or title company
10. When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's agent
11. Record and promptly deposit buyer's earnest money in escrow account
12. Deliver copies of fully signed Offer to Purchase contract to seller
13. Fax/deliver copies of Offer to Purchase contract to Selling Agent
14. Fax copies of Offer to Purchase contract to lender
15. Provide copies of signed Offer to Purchase contract for office file
16. Advise seller in handling additional offers to purchase submitted between contract and closing
17. Change status in MLS to "Sale Pending"
18. Review buyer's credit report results -- Advise seller of worst and best case scenarios
19. Assist buyer with obtaining financing, if applicable and follow-up as necessary

Tracking the Loan Process

1. Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
2. Follow Loan Processing Through To The Underwriter
3. Contact lender weekly to ensure processing is on track
4. Relay final approval of buyer's loan application to seller

Home Inspection

1. Coordinate buyer's professional home inspection with seller
2. Review home inspector's report
3. Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract
4. Ensure seller's compliance with Home Inspection Clause requirements
5. Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
6. Negotiate payment and oversee completion of all required repairs on seller's behalf, if needed

The Appraisal

1. Schedule Appraisal, in not already ordered by lender
2. Provide comparable sales used in market pricing to Appraiser
3. Follow-Up On Appraisal
4. Enter completion into transaction management program
5. Assist seller in questioning appraisal report if it seems too low

Closing Preparations 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 forms and information needed to close the sale
5. Select location where 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
8. Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing
9. Research all tax, HOA, utility and other applicable prorations
10. Request final closing figures from closing agent (attorney or title company)
11. Receive & carefully review closing figures to ensure accuracy of preparation
12. Forward verified closing figures to buyer's agent
13. Request copy of closing documents from closing agent
14. Confirm buyer and buyer's agent have received title insurance commitment
15. Provide "Home Owners Warranty" for availability at closing
16. Review all closing documents carefully for errors
17. Forward closing documents to absentee seller as requested
18. Review documents with closing agent (attorney)
19. Provide earnest money deposit check from escrow account to closing agent
20. Coordinate this closing with seller's next purchase and resolve any timing problems
21. Have a "no surprises" closing so that seller receives a net proceeds check at closing
22. Refer sellers to one of the best agents at their destination, if applicable
23. Change MLS status to Sold. Enter sale date, price, selling broker and agent's ID numbers, etc.

Follow Up After Closing

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