Home » AGENT’S VALUE PROPOSITION
AGENT’S VALUE PROPOSITION
SELLER’S REPRESENTATION
PRE-LISTING ACTIVITIES
- Manage listing appointments with buyers and sellers.
- Research appropriate sampling of currently listed comparable properties
- Research trends, “average days on market” and sales activity for an appropriate period
- Review property tax roll information.
- Research property’s leagal status and public record information as well as property’s land use, zoning, coding and deed restrictions.
- Ascertain need for lead-based paint disclosure.
- Prepare market analysis
- Prepare listing-presentation package
- Perform “curb-appeal assessment” of property.
- Discuss the impact of school districts on market value.
- Review listing-appointment checklist to verify that all steps and actions have been completed.
LISTING-APPOINTMENT PRESENTATION ACTIVITIES
- Review broker’s and company’s credentials and accomplishments with seller.
- Present “niche” in the marketplace.
- Give seller(s) an overview and projections of market conditions.
- Present market analysis results to seller(s)
- Offer pricing strategy
- Discuss options with seller(s) to market effectively and discuss strategic master marketing plan.
- Explain marketing power and benefits of the MLS.
- Explain brokerages role in screening for qualified buyers and to protect seller(s) from curiosity seekers.
- Review curb-appeal assessment and provide suggestions to improve sale-ability.
- Research and verify city sewer/septic tank systems and confirm when system was last pumped or inspected.
- Confirm well water status, depth, and output from third-party well report.
- Natural gas: Research/verify the availability of natural gas.
- Verify security system, current term of service, and determine if it’s owned or leased.
- Verify if seller(s) has transferable termite bond and obtain a copy of bond that may be available to buyer(s).
- Discuss home-warranty program.
- Verify all rents and all deposits.
- Assess interior décor and suggest changes.
- Review accuracy of current title information with sellers.
- Verify names of owner(s) as they appear in county’s public property records.
- Verify with seller(s) if there are any outstanding or expired construction permits or if changes have been made to the property since the seller(s) purchased it.
- Obtain copy of current Title Insurance Policy.
- Complete listing contract and addenda
- Obtain seller(s)’ signature(s) on the listing agreement and return a signed copy of the listing contract to the seller(s).
- Review with seller(s) the standard closing costs and pro-rations typical to the HUD statements.
- Obtain seller(s)’ permission to use a lock box.
- Measure interior room sizes.
- Note any and all unrecorded property lines, agreements, and easements that are known to the seller
POST-LISTING ACTIVITIES
- Compile and assemble formal file on property.
- Obtain copy of current title insurance policy.
- Inform tenants of listing and discuss how showings will be handled.
- Arrange for installation of yard sign.
- Have seller(s) complete the seller(s)’ disclosure form.
LISTING ACTIVITIES
- Order plat map for retention in property’s listing file.
- Prepare showing instructions for buyer(s)’ broker and agree on showing-time window with seller(s).
- Install electronic lock box and program the lock box with agreed-upon showing-time windows.
- Obtain current mortgage loan(s) information: companies and loan account numbers.
- Verify current loan information with lender(s).
- Identify homeowner association manager, association fees and pending or unpaid assessments with HOA
- Prepare detailed list of property amenities as well as property’s “inclusions and conveyances with sale.”
- Compile list of completed repairs and maintenance items.
- Explain benefits of homeowner warranty to seller(s).
- Assist sellers with completion and submission of homeowner-warranty application.
- Place homeowner warranty in property file for conveyance at time of sale.
- Make extra key for lockbox.
- Place a copy of the seller(s)’ completed disclosure form in the property file.
- Arrange for interior and exterior photos to be taken for MLS listing.
- Enter listing into office records and/or create listing file..
MLS-RELATED ACTIVITIES
- Prepare “MLS profile sheet,” and then enter property data into MLS listing database.
- Proofread MLS database listing for accuracy.
- Take additional photos of the property to upload into MLS and for use in flyers.
- Provide seller(s) with a copy of the MLS profile sheet data form.
- Add property to company’s active listings list.
MARKETING AND SHOWING ACTIVITIES
- Create print and Internet ads with seller(s)’ input and approval.
- Submit ads to company’s appropriate websites.
- Reprint/supply brochures promptly as needed.
- Prepare mailing and contact list and generate mail-merge letters to contact list.
- Prepare property marketing brochure for seller(s)’ review, then order appropriate quantity.
- E-mail marketing material to brokers and agents with marketing material.
- Inform Network Referral Program of listing.
- Coordinate showings with owners, tenants, and other REALTORS®.
- Provide showing time comments and feedback to seller(s) and recommend changes according to potential buyer comments.
- Review comparable MLS listings and new trends regularly to verify property remains competitive in price, terms, conditions, and availability.
- Provide marketing data to buyers coming through international relocation networks and referral network.
- Request feedback from buyers’ brokers after showings and discuss feedback with seller(s) as frequently as possible.
OFFER AND CONTRACT ACTIVITIES
- Obtain a signed and dated verification that escrow deposit was delivered to escrow agency.
- Receive and review all offer to purchase contracts submitted by buyers or buyers’ brokers.
- Evaluate offer(s) and share information on each offer, for the seller(s) to make comparisons.
- Review offers with seller(s) and review merits and weaknesses of each component of each offer.
- Contact buyers’ broker to review buyer(s)’ qualifications and discuss offer.
- Provide seller(s)’ disclosure to buyer(s)’ broker or buyer upon request.
- Confirm buyer(s) is pre-approved by contacting lender.
- Obtain a copy of the buyer(s)’ pre-approval letter from lender.
- Negotiate all offers and counteroffers on seller(s)’ behalf.
- Prepare and convey any counteroffers, acceptance, or amendments to buyer(s)’ broker.
- When offer to purchase is accepted and signed by seller(s) deliver contract to selling/buyer(s)’ broker or if none, to buyer(s).
- Verify contract is signed by all parties and provide copies and all addenda to closing attorney and the title company.
- Record and promptly deposit buyer(s)’ earnest money with escrow agent.
- Deliver copies of signed contract to seller(s).
- Disseminate “under-contract showing restrictions” as seller(s) requests.
- Provide copies of contract to lender.
- Inform seller(s) how to handle additional offers to submitted between effective date of contract and closing.
- Change status in MLS to “sale pending”.
- Update listing file to show “sale pending”.
LOAN-PROCESS ACTIVITIES
- Contact buyer(s)’ lender weekly to verify processing is on track and follow loan processing through to the underwriter.
- Relay final approval of buyer(s)’ loan application to seller(s).
HOME-INSPECTION ACTIVITIES
- Coordinate buyer(s)’ professional home and termite (WDO) inspections with seller(s).
- If property is vacant, arrange for power and water to be turned on.
- Review home inspector’s report and WDO report with seller(s) and discuss issues and options, if needed.
- Enter home inspection WDO inspection completion into listing file.
- Verify seller(s)’ compliance with home inspection report and WDO report repair requirements.
- Recommend or assist seller(s) with identifying trustworthy contractors to perform any required repairs.
- Obtain copies of repair bills showing seller(s) has made required repairs.
- Coordinate entry into the property and buyer’s review of completed repairs, if needed.
APPRAISAL ACTIVITIES
- Make arrangements for appraiser to enter property.
- Enter appraisal completion into listing file and discuss report with seller(s) and suggest options, if necessary.
CLOSING-PREPARATION ACTIVITIES
- Distribute signed contracts to all involved parties.
- Coordinate closing process with buyer(s)’ broker and lender.
- Update closing forms and files.
- Confirm location, date, and time where closing will be held and notify all parties and confirm with closing agent that all title problems have been resolved.
- Confirm that the seller has the proper Power of Attorney or trust documents.
- Work with buyer(s)’ broker in scheduling and conducting buyer(s)’ final walk-through prior to closing.
- Confirm with closing agent that all tax, HOA, utility, and other applicable pro-rations have been resolved.
- Request final closing figures from closing agent.
- Review closing figures on HUD statement with seller(s) to verify accuracy of preparation.
- Forward verified closing figures to buyer(s)’ broker and confirm buyer(s)’ broker has received and reviewed closing figures.
- Confirm buyer(s) and Buyer(s)’ broker has received title insurance commitment.
- Provide homeowners warranty for availability at closing.
- Review closing documents with seller(s) and their counsel.
- Provide earnest money deposit check from escrow account to closing agent. If closing agent is holding escrow funds make sure it appears on the final HUD.
- Confirm seller(s)’ net proceeds check at closing.
AFTER-CLOSING ACTIVITIES
- Provide REALTOR® referral information for seller(s)’ relocation destination, if applicable.
- Change MLS status to “sold.” Enter sale date, price, selling broker, and listing broker’s ID numbers, etc.
- Close out listing in company files.
- Follow up with seller(s).
BUYER’S REPRESENTATION
BUYER(S)-PRESENTATION ACTIVITIES
- Respond to prospective buyer(s) inquiries.
- Interview the buyer(s) prospect and obtain buyer(s) personal information and explain the homebuying process.
- Determine if REALTOR® has a conflict of interest with the buyer(s).
- Discuss the pre-approval financial process with the buyer(s).
- Suggest multiple mortgage lenders to assist buyer(s) in becoming pre-approved.
- Determine through discovery the buyer(s)’ preferences in a home as well as the location, price, size, type of home, special needs, and ADA accommodations etc.
PRE-CONTRACT ACTIVITIES
- Obtain and review pre-approval letter from lender.
- Search the MLS for properties that meet the buyer(s)’ criteria.
- Make appointments with seller(s) listing broker to show the selected properties.
OFFER AND CONTRACT ACTIVITIES
- Obtain and review “good faith estimate” from the buyer(s)’ lender for the target purchase price.
- Meet with buyer(s) to preview offer, contract form, addenda, and miscellaneous forms.
- Complete offer to purchase and all addenda.
- Provide seller(s)’ disclosure forms to buyer(s).
- Submit offer to purchase signed by buyer(s) to seller(s)’ broker.
- Provide credit report information to seller(s) if property will be seller-financed.
- Provide buyer(s) a copy of all forms used in making the offer.
- Negotiate all offers on buyer(s)’ behalf.
- Prepare and convey any counteroffers, acceptance, or amendments to seller(s)’ broker.
- Verify final offer is signed by all parties (“contract”), and that all necessary documents are attached.
- Deliver fully signed and initialed contract to buyer.
- Distribute signed contracts to all involved parties.
- Record and promptly deposit buyer(s)’ earnest money in escrow account or deliver to closing agent.
- Provide receipt of escrow deposit to seller(s)’ broker.
- Place copies of signed contract in office file.
- Inform buyer(s) of additional offers to purchase that are submitted between effective date of contract and closing.
- Update listing file to show “sale pending.”
HOME AND TERMITE INSPECTION ACTIVITIES
- Provide buyer(s) with multiple home inspection companies and multiple WDO inspection companies from which to select.
- Coordinate buyer(s)’ professional home and WDO inspection with seller(s)’ broker.
- Review home and WDO inspection reports with buyer and enter into the listing file.
- Order septic system, well, or mold inspections, if applicable.
- Receive, review and provide septic system, well, or mold reports with buyer(s) and note any possible impact on sale.
- Verify seller(s)’ compliance with all inspection repair requirements.
TRACKING THE LOAN-PROCESS ACTIVITIES
- Coordinate with lender on discount points being locked in with dates.
- Confirm verifications of deposit and buyer(s)’ employment have been returned.
- Contact lender weekly to verify processing is on track and follow loan processing through to the underwriter.
- Relay final approval of buyer(s)’ loan application to seller(s).
APPRAISAL ACTIVITIES
- Schedule appraisal with seller(s) or seller(s)’ broker.
- Inform buyer(s) of options if appraisal report is different than the contract/purchase price.
- Provide comparable sales used in market pricing to appraiser.
- Follow-up on appraisal until completed and enter into the listing file.
CLOSING-PREPARATION ACTIVITIES
- Coordinate closing process with seller(s)’ broker, lender, and closing agent.
- Update closing forms and files.
- Verify all parties have all forms and information needed to close the sale.
- Assist in obtaining power of attorney or trust documents, as required.
- Work with seller(s)’ broker in scheduling and conducting buyer(s)’ final walk-through prior to closing.
- Confirm buyer(s) has received title insurance commitment.
- Confirm location, date, and time where closing will be held and notify all parties.
- Confirm with closing agent that all tax, HOA, utility, and other applicable pro-rations have been resolved.
- Request final closing figures from closing agent.
- Review and verify closing figures on HUD statement with buyer(s).
- Forward verified closing figures to seller(s)’ broker and confirm seller(s)’ broker has received and reviewed closing figures.
- Verify that seller(s)’ broker has provided homeowners warranty, if purchased, at closing.
- Provide earnest money deposit check from escrow account to closing agent. If closing agent is holding escrow funds make sure it appears on the final HUD.
- Confirm collected funds from buyer(s) are available for closing.
- Explain filing for homestead exemption.
- Verify transfer of all keys (house, mailbox, and HOA/community), garage- door openers, HOA/security/gate access codes, pool equipment, and appliance manuals.
- Close out listing.
AFTER-CLOSING ACTIVITIES
- Assist with any filing claims with homeowner’s warranty company.
- Respond to any follow-up calls and provide any additional information required from office files.
- Follow up with buyer(s).
Arizona REALTORS® is constantly working to help provide the tools you need to grow your business.
The Professional & Business Development Committee and the Business Technology & Communications Committee collaborated to create an online tool that can be used by members to articulate the REALTOR® value to the consumer.
Members can use the Arizona REALTORS® branded version or follow the directions on the page to upload their brokerage logo. For questions please contact editor@aaronline.com.