8/9/2019 What a Realtor Does

1/28 z December 2009 z Ohio REALTOR Online z www.ohiorealtors.org

From the archives....

Pat Vredevoogd-Combs, pastpresident of the National Association ofREALTORS, testified before the House

inancial Services Committee on Hous-ng a few years ago to blunt governmentomplaints about industry pricing and

derail speculation that a federal realstate oversight commission should bereated.

As part of her testimony, she sub-mitted a list of 184 things that listinggents do in every real estate transac-ion.

By all accounts, she said, thegeneral public is not aware of all theervices that agents provide to sellersnd buyers during the course of theransaction, probably because most ofhe important services are performedehind the scenes.

Heres the list she provided (whichwas developed by the Orlando Area

Association of REALTORS

):

Pre-Listing Activities. Make appointment with seller foristing presentation.. Send a written or e-mail confirma-ion of appointment and call to confirm.. Review appointment questions.. Research all comparable currentlyisted properties.. Research sales activity for past 18

months from MLS and public databases.. Research average days on market

or properties similar in type, price andocation.. Download and review property taxoll information.. Prepare comparable marketnalysis (CMA) to establish market

value.. Obtain copy of subdivision plat/omplex layout.0. Research propertys ownership and

deed type.1. Research propertys public record

information for lot size and dimensions.12. Verify legal description.13. Research propertys land use coding and deed restrictions.14. Research propertys current use and zoning.

15. Verify legal names of owner(s) in countys public property records.16. Prepare listing presentation package with above materials.17. Perform exterior curb appeal assessment of subject property.18. Compile and assemble formal file on property.19. Confirm current public schools and explain their impact on market value.20. Review listing appointment checklist to ensure completion of all tasks.

Listing Appointment Presentation21. Give seller an overview of current market conditions and projections.22. Review agent and company credentials and accomplishments.23. Present companys profile and position or niche in the marketplace.24. Present CMA results, including comparables, solds, current listings andexpireds.

25. Offer pricing strategy based on professional judgment and interpretation ofcurrent market conditions.26. Discuss goals to market effectively.27. Explain market power and benefits of multiple listing service.28. Explain market power of Web marketing, IDX and REALTOR.com.29. Explain the work the brokerage and agent do behind the scenes and agentsavailability on weekends.30. Explain agents role in screening qualified buyers to protect against curiosityseekers.31. Present and discuss strategic master marketing plan.32. Explain different agency relationships and determine sellers preference.

So what, exactly, do you do?SMaybe the question isnt: Why do you charge so much?

Perhaps its: Why do you charge so little?

http://www.ohiorealtors.org/http://www.ohiorealtors.org/

8/9/2019 What a Realtor Does

2/2

3. Review all clauses in listing contractnd obtain sellers signature.

After Listing Agreement is Signed4. Review current title information.5. Measure overall and heated squareootage.6. Measure interior room sizes.7. Confirm lot size via owners copy ofertified survey, if available.8. Note any and all unrecorded prop-

rty lines, agreements, easements.9. Obtain house plans, if applicable andvailable.0. Review house plans, make copy.1. Order plat map for retention in

propertys listing file.2. Prepare showing instructions foruyers agents and agree on showingime with seller.3. Obtain current mortgage loan(s)nformation: companies and account

numbers.4. Verify current loan information withender(s).5. Check assumability of loan(s) andny special requirements.6. Discuss possible buyer financinglternatives and options with seller.7. Review current appraisal if avail-ble.8. Identify Home Owner Association

manager is applicable.9. Verify Home Owner Association fees

with manager -- mandatory or optionalnd current annual fee.

0. Order copy of Home Owner Associa-ion bylaws, if applicable.1. Research electricity availability anduppliers name and phone number.2. Calculate average utility usage fromast 12 months of bills.3. Research and verify city sewer/eptic tank system.4. Calculate average water system feesr rates from last 12 months of bills.5. Or confirm well status, depth andutput from Well Report.6. Research/verify natural gas avail-

bility, suppliers name and phonenumber.

7. Verify security system, term ofervice and whether owned or leased.8. Verify if seller has transferable

Termite Bond.9. Ascertain need for lead-based paint

disclosure.0. Prepare detailed list of propertymenities and assess market impact.1. Prepare detailed list of propertysInclusions & Conveyances with Sale.2. Complete list of completed repairs

nd maintenance items.

63. Send Vacancy Checklist to seller ifproperty is vacant.64. Explain benefits of Home OwnerWarranty to seller.65. Assist sellers with completion andsubmission of Home Owner Warrantyapplication.66. When received, place Home OwnerWarranty in property file for convey-ance at time of sale.67. Have extra key made for lockbox.

68. Verify if property has rental unitsinvolved. And if so:69. Make copies of all leases for retentionin listing file.70. Verify all rents and deposits.71. Inform tenants of listing and discusshow showings will be handled.72. Arrange for yard sign installation.73. Assist seller with completion ofSellers Disclosure form.74. Complete new listing checklist.75. Review results of Curb AppealAssessment with seller and providesuggestions to improve salability.76. Review results of Interior Decor

Assessment and suggest changes toshorten time on market.77. Load listing time into transactiomanagement software.

Entering Property in MLS Database78. Prepare MLS Profile Sheet -- agenresponsible for quality control andaccuracy of listing data.79. Enter property data from ProfileSheet into MLS listing database.

80. Proofread MLS database listing faccuracy, including property placemin mapping function.81. Add property to companys ActiListings.82. Provide seller with signed copiesListing Agreement and MLS ProfileSheet Data Form within 48 hours.83. Take additional photos for uploainto MLS and use in flyers. Discussefficacy of panoramic photography.

www.ohiorealtors.org z Ohio REALTOR Online z December 2009 z

Continued on page 10

http://www.ohiorealtors.org/http://www.ohiorealtors.org/