What Does a Listing Agent Really Do?

Many home sellers are not aware of the actual value a Realtor® provides them in the course of a real estate transaction. In fact, most consumers have simply never been made aware of the level of expertise, professional skill and plain old hard work that go into finalizing a real estate transaction successfully.

The list below will provide you with a general idea of the 150+ actions necessary for the completion of a successful real estate transaction. The list is not all-encompassing, nor is it an exclusive list of duties as these may vary based on the property, but it will provide you with a basic outline of the services you should expect from a full-service real estate brokerage firm in return for their professional fee. NOTE: Generally, a full-service brokerage receives no compensation whatsoever unless and until your sale closes.

 

Pre-Listing Activities

•  Consult with Seller via telephone regarding their goals, timeframe & circumstances for selling, and set appointment for listing presentation.
•  Research all comparable properties – currently listed properties and recent sales activity – through the Multiple Listing Service (MLS) and/or other public record databases and property valuation sites.
•  Research “Average Days on Market” for comparable properties (both active and closed sales).
•  Create and analyze “trend” reports to determine the current state of the local market and its projected direction.
•  Research and assess the impact of foreclosures in the given neighborhood.
•  Research and assess the impact of any nearby new construction.
•  Download and review property tax information.
•  Obtain copy of property deed(s) to verify property ownership and deed type.
•  Obtain copy of lot survey or subdivision plat/complex lay-out (if available).
•  Obtain copy of HOA guidelines/by-laws (if available).
•  Research property’s public record information for lot size and dimensions.
•  Identify Buyer demographic most likely to purchase property
•  Prepare “Comparable Market Analysis” (CMA) based on information collected in previous steps to establish an accurate market value range to assist the Seller in positioning the home to sell.
• Identify differences in each property and make price adjustments as needed
• Identify all advantages the subject price may have (finished basement, wooded backyard)
• Identify any challenges the subject price may have (power lines, steep driveway, etc…)
•  Prepare listing and/or pre-listing presentation package using above materials.
•  15 Perform a “curb appeal assessment” of the subject property and create a recommendation report.
•  Confirm current public schools and prepare to explain impact of schools on market value.
•  Compile and assemble a formal file on property.

Listing Appointment Presentation

•  Meet with Seller to provide an overview of current market conditions and trend projections.
•  Review Agent’s credentials and accomplishments in the marketplace and explain how this affects their sale.
•  Present Company’s profile and position in the real estate industry and how corporate advertising and brand recognition affects their sale.
•  Present CMA results to Seller, including comparables: recently sold properties, pending sales and active listings
•  which are the Seller’s current competition on the market.
•  Discuss Sellers assessment of any noted advantage & challenges.
•  Discuss with Seller all property amenities and assess market impact.
•  Provide Seller with a positioning strategy based on the factors of: location, condition, timeframe, marketing and price.
•  Discuss with Seller suggested methods to market the property effectively based on current market conditions.
•  Explain the importance of an effective online marketing strategy based on the current technology driven nature of Buyers in today’s marketplace.
•  Explain use of Multiple Listing Service and the importance of the MLS Profile Sheet.
•  Explain the behind the scenes work done by the Agent and the Brokerage staff.
•  Discuss Agent’s availability to the Seller, all Buyers’ Agents and potential Buyers calling in directly.
•  Explain Agent’s role in screening for qualified Buyers to protect Seller from curiosity seekers.
•  Present and discuss strategic master marketing plan in full, once Seller has hired Agent.
•  Review and explain all clauses in Listing Contract and Addendum and obtain Seller’s signature.
•  Discuss, and note, Seller’s preferred contact method.

Once Property is Under Listing Agreement

•  Perform a “condition assessment” of the property and suggest changes to help minimize time on market.
•  Identify opportunities where Seller may benefit from neutralizing or depersonalizing specific areas of the home. Make staging recommendation, if necessary.
•  Review results of “curb appeal assessment” with Seller and provide suggestions to improve selling potential.
•  Have Seller complete “Seller’s Disclosure” and “Community Association Disclosure” forms.
•  Determine need for lead-based paint disclosure.
•  Complete any outstanding listing contract addendums, exhibits & disclosures and obtain Seller’s signature.
•  Prepare detailed list of property’s “Inclusions & Conveyances with Sale.”
•  Confirm square footage of home via tax records or appraisal.
•  Prepare MLS Profile Sheet – Listing Agent is responsible for quality control and accuracy of listing data.
•  Explain benefits of Home Owner Warranty to seller.
•  Assist Seller with completion and submission of Home Owner Warranty Application, if desired.
•  Confirm that Seller has an active, transferable termite bond on the property.
•  Initiate “Coming Soon” marketing blast.
•  Complete “New Listing Checklist” items:
•  – Order Professional photography for use in MLS, property brochures and virtual tour.
•  – Load listing data into company transaction management software program to ensure proper tracking.
•  – Write an attention grabbing property description for inclusion in MLS, property brochures and other marketing collaterals.
•  – Have staff member enter property data from Profile Sheet into MLS Listing Databases (FMLS & GaMLS).
•  – Upload property photos into MLS Listing Databases (FMLS & GaMLS).
•  – Proofread MLS database listing for accuracy and enter descriptive caption for photos of each room.
•  – Load listing data into lockbox software program to allow monitored access to property.
•  – Have extra key made for lockbox.
•  – Arrange for installation of yard sign(s) and lockbox.
•  – Verify if security system is active and note how it operates.
•  – Prepare showing instructions for Buyers’ Agents and agree on showing times/availability with Seller.
•  – Load listing data into (ShowingSuite) Buyer feedback software to provide Seller with feedback.
•  – Load photos and listing data into (TourFactory) software to create virtual tour.
•  – Create and upload 3 property specific webpages for use on Barton Team websites.
•  – Design and order full-color property marketing brochures.
•  – Create and print “in-home” marketing materials (home book, special feature cards, etc…)
•  – Share listing data on social media (Facebook, Twitter, Linked-in, Google+)
•  – Create “New Listing” e-blast to email out to top local Buyers’ Agents.
•  – Update listings on Zillow, Realtor.com, Trulia and the BHHS website to “enhance” by adding additional photos, videos supporting documents and custom banners.
•  – Write and share new listing blog to generate SEO.
•  – Request that Seller order copy of Homeowner Association bylaws and/or protective covenants, if applicable.
•  – Request utility service information from Seller (supplier’s name and telephone number).
•  – Compile list of all completed repairs, updates and maintenance items.
•  – Obtain house plans/floor plan from Seller and copy for property’s listing file, if applicable and available.
•  – Order plat map for retention in property’s listing file.
•  – Set up open house date in multiple software programs to push out to internet.
•  – Create “Open House” e-blast to send out to top local Buyers’ Agents prior to event.
•  – When received, place Home Owner Warranty in property file for conveyance at time of sale.
•  – Provide Seller with copy of all signed documents and marketing materials.
•  If property is vacant, send “Vacancy Checklist” to Seller.
•  Verify if any portion of the property involves rental units. 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.
•  Refer Sellers to a Realtor® at their new destination, if applicable.

Ongoing Listing Support

•  Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included.
•  83 Create open house specific marketing materials and flyers.
•  Hold Open House as soon as reasonably possible.
•  Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
•  Review trending databases (Trendgraphix, RealValuator, etc..) regularly to monitor movement within the market.
•  Follow up on feedback from Buyers’ Agents as needed.
•  Discuss feedback from Showing Agents with Seller to determine if changes will accelerate the sale.
•  Place regular weekly update calls to Seller to discuss marketing and pricing.
•  Reprint/supply brochures promptly, as needed.
•  Promptly enter price and status changes in MLS listing database.
•  Price changes conveyed promptly to all Internet sites.

 Managing the Offer and Contract

•  Receive and review all Offer to Purchase contracts submitted by Buyers or Buyers’ Agents.
•  Evaluate offer(s) and prepare to assist the Seller with comparisons.
•  Counsel Seller on offers. Explain benefits and limitations of each offer.
•  Review negotiating strategies with Seller.
•  Contact Buyers’ Agents to review Buyer’s qualifications and discuss offer.
•  Negotiate all offers on Seller’s behalf, setting time limits for due diligence, loan approval and closing date.
•  Prepare and convey any counter offers, acceptance or amendments to Buyer’s Agent.
•  When Offer to Purchase Contract is fully accepted and signed by Seller, deliver copies to Buyer’s Agent.
•  Confirm Buyer is pre-qualified/pre-approved by speaking with Loan Officer.
•  Obtain pre-qualification letter on Buyer from Loan Officer.
•  104 Provide copies of contract and all addendums to Closing Attorney.
•  Record and promptly deposit Buyer’s earnest money in escrow account if held by BHHS.
•  Provide copies of Offer to Purchase contract to Lender.
•  Upload copies of signed Offer to Purchase into company transaction management software program to ensure proper tracking.
•  Update MLS and transaction management program to show property is under contract and update showing status.
•  Verify home inspection date and coordinate with Seller.
•  Advise Seller in handling additional offers to purchase submitted between contract and closing.

Tracking the Loan Process

•  Request copy and verify deposit of earnest money, if not held by BHHS.
•  Follow-up with Lender on a weekly basis. Assist Buyer with obtaining financing, if applicable.
•  Track loan processing through each step until final underwriter is complete.
•  Relay final approval of Buyer’s loan application (clear to close) to Seller.

Home Inspection

•  Ensure Seller’s understanding of and compliance with Home Inspection Clause requirements.
•  Coordinate Buyer’s professional home inspection with Seller and coordinate access to property, if applicable.
•  Verify mold, termite, radon or any other applicable inspections have been ordered if required by contract.
•  Ensure Seller’s compliance with Home Inspection Clause requirements.
•  Review Home Inspector’s report and Buyer’s request for repairs with Seller.
•  Discuss any required septic system, well flow, etc… report with Seller to assess any possible impact on sale.
•  Deliver any required inspection report to Lender and Buyer’s Agent.
•  Enter completion of each task into transaction management tracking software program to ensure proper tracking.
•  Assist Seller with identifying trustworthy contractors to perform any repairs.
•  Verify completion of all required repairs on Seller’s behalf, if needed.

The Appraisal

•  Coordinate appraisal date with Seller and coordinate access to property, if applicable.
•  Provide comparable sales data and information about the property and updates/upgrades to Appraiser.
•  Follow-up with Lender on appraisal.
•  Enter completion into transaction management program to ensure proper tracking.
•  Assist in questioning/rebutting the appraisal report, if the need arises.

Closing Preparations and Duties

•  Coordinate closing process with Buyer’s Agent, Lender and Closing Attorney.
•  Update closing forms and files.
•  Provide Home Owners Warranty confirmation to Closing Attorney’s office if required by contract.
•  Ensure all parties have all forms and information needed to close the sale.
•  Confirm closing date, locations and time and notify all parties.
•  Notify Seller of items they must bring to closing (driver’s license, etc..)
•  Assist in solving any title problems (boundary disputes, easements, etc), if applicable.
•  Work with Buyer’s Agent in scheduling and conducting Buyer’s final walk-through prior to closing.
•  Request final closing figures from Closing Attorney.
•  Confirm that Buyer has received loan commitment “clear to close” at least 3 days prior to scheduled closing.
•  Verified that Buyer’s Agent has reviewed closing figures and provided to Buyer for review.
•  Carefully review Seller’s closing figures to ensure accuracy of preparation.
•  Review documents with Closing Attorney if errors are found.
•  Provide earnest money deposit check from escrow account to Closing Attorney, if held by BHHS.
•  Coordinate this closing with Seller’s next purchase and resolve any timing problems.
•  Remind Seller to bring house keys, garage door openers, pool passes etc. to closing
•  Finalize transaction with a “no surprises” closing.
•  Change MLS status to Sold. Enter sale date, price, concessions, Selling Broker and Agent’s ID numbers, etc.
•  Close out listing in transaction management program.

After Closing Duties

•  Coordinate removal of lockbox and signage.
•  Answer any questions and/or resolve any remaining post-closing issues.
•  Respond to all follow-up calls and provide any requested information to clients.
•  Include Seller in all client appreciation events and drawings.

Download a printable checklist