Services By

As previously stated (in Parts 1 and 2), the best Client/Agent relationships stem from an open and trusting partnership between both parties, and regular discussions should be part of the ongoing agenda, in order to continue growing this relationship in a positive direction.

Agents should also be Connected, Responsive, and Knowledgeable – using these elements to sustain the Client/Agent relationship as it grows, and to prevent deterioration over the years.

The agent stays Connected by remaining in touch with their client, as well as being reachable by the client.  They are Responsive by not only alerting their client to changes within the market, but also by being approachable and receptive to modifications in their client’s asset criteria, and responding in a timely manner.  An agent remains Knowledgeable by staying educated and informed regarding real estate market trends, property-level information and any changes in regulations.

When an agent has been engaged to sell or lease a piece of property, they will execute various significant services for their client that will involve, but is not limited to:

Researching

  1. Comparable currently listed properties.
  2. Sales activity through the Multiple Listing Service (MLS) and/or public records.
  3. “Average Days on Market” for this property type, price range and location.
  4. Property’s ownership and deed type.
  5. Property’s public record information for:
  • Legal names of owner(s) lot size and dimensions
  • Verify legal description
  • Current use and zoning
  • Land use coding and deed restrictions
  • Property tax information

Preparing

  1. “Comparable Market Analysis” (CMA) to establish fair market value.
  2. An overview of current market conditions and projections.
  3. Presentation package with above materials.

Discussing

  1. Pricing strategy based on professional judgment and interpretation of current market conditions.
  2. Goals with client to market the property effectively.
  3. The power and benefits of Off Market, MLS and web marketing.
  4. The services the agent does behind the scenes and agent’s availability.
  5. The agent’s role in making and taking calls for screening purposes, and to protect the client.
  6. Strategic master marketing plan.
  7. Different agency relationships to determine the client’s preference.
  8. Review and explain the Representation Contract and Addendum(s) and obtain client’s signature.

After Client Signs the Listing Agreement

  1. Arrange for installation of sign(s).
  2. Discuss and agree on showing instructions with client.
  3. Review and confirm current title information, lot size, and any and all unrecorded property lines, agreements, easements, etc.
  4. Order plat map if client does not have one.
  5. Subject to verification and owner’s consent:
  • Obtain current mortgage loan information
  • Check if the loan is assumable, and if there are any special requirements
  1. Discuss possible buyer financing alternatives and options with client.
  2. Review current appraisal if available.
  3. Research and verify:
    • Utilities available at site (including natural gas)
    • Supplier’s name and contact info
    • Site’s use of sewer/septic tank system
  4. If site uses well water, confirm:
    • Well status, depth and output from Well Report
  5. Verify if client has transferable Termite Bond.
  6. Ascertain need for lead-based paint disclosure.
  7. Optional (at seller’s request):
    • Prepare detailed list of property amenities and assess market impact
    • Prepare detailed list of property’s “Inclusions & Conveyances with Sale”
  8. Verify if property has rental units involved, if so:
  • Make copies of all leases
  • Verify all rents and deposits
  • Inform tenants of listing and advise how showings will be handled
  1. Review results of Curb Appeal Assessment with client and provide suggestions to improve salability.
  2. Review results of Interior Assessment and suggest changes to shorten time on market.
  3. Enter property in MLS database, on company’s website and Active Listings list.
  4. Obtain photos for listings and flyers.

Marketing the Listing

  1. Create print (brochure/flyer) and Internet ads as necessary.
  2. Review comparable MLS listings to ensure property remains competitive in price, terms, conditions and availability.
  3. Use Mail Chimp to mail out “Just Listed” notice to all interested parties.
  4. Provide marketing data to buyers coming through international relocation networks.
  5. Provide marketing data to buyers coming from referral networks.

The Offer and Contract

  1. Receive and review all contracts submitted by other parties or their agents.
  2. Evaluate offer(s) and prepare a “net sheet” for the owner, for comparison purposes.
  3. Counsel client on offers. Explain advantages and disadvantages of each offer.
  4. Contact other party’s agent to review other party’s qualifications and discuss offer.
  5. Deliver all necessary contracts/agreements to Client and other parties as soon as possible.
  6. Negotiate all offers on client’s behalf, setting time limit for loan approval and closing date.
  7. Prepare and convey any counter offers, acceptance or amendments to buyer’s agent.
  8. Email all pdf copies of contract and all addendums to closing attorney or Title Company.
  9. Confirm proof of other party’s funds.
  10. Schedule an appraisal, if requested, and follow up if any questions arise.

Closing Preparations and Duties

  1. Ensure contract is signed by all parties.
  2. Coordinate closing process with buyer’s agent and lender.
  3. Ensure all forms have been updated, and all parties have all the information needed to close the sale.
  4. Select location where closing will be held.
  5. Confirm closing date and time and notify all parties.
  6. Assist in solving any title problems (boundary disputes, easements, etc.).
  7. Request final closing figures from closing agent (attorney or Title Company).
  8. Receive and carefully review closing figures to ensure accuracy of preparation.
  9. Forward verified closing figures to buyer’s agent.
  10. Request copy of closing documents from closing agent and review carefully for errors.
  11. Review documents with closing agent (attorney).
  12. Confirm buyer and buyer’s agent have received title insurance commitment.
  13. Provide earnest money deposit check from escrow account to closing agent.
  14. Have a “no surprises” closing so that client receives a net proceeds check at closing.

Follow Up After Closing

  1. Respond to any follow-up calls by client and provide any additional information if possible.

Tip:

The preceding lists (from Part 2 and 3) are a partial compilation of the services that many real estate agents perform for their clients.  It is by no means all inclusive, nor is it intended as legal advice.  We have compiled these lists in hopes of helping the inexperienced to have a better understanding of what a real estate transaction can involve and why it is often times in the client’s best interest to have an experienced professional at their side.

Caveat Emptor is Latin for “let the buyer beware.”  The term is generally used in real property transactions, and it essentially means that the buyer must perform their due diligence when purchasing an item or service; however, it can easily be applied to a buyer or seller in the real estate market.

Regardless of the compensation structure the client chooses, a licensed real estate agent can help those who need help asking the right questions, shopping for fair financing, or organizing necessary inspections – before investing in what could be one of the biggest purchases of their life.

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