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Reasons To Use A REALTOR®

Yesterday I posted 10 reasons why people don’t like REALTORS®

Coincidentally OREA ( Ontario Real Estate Association ) have just listed 136 Reasons Why to Use a REALTOR®.Or as Ian Dury sang “Reasons To Be Cheerful Part 3”

So here goes:

Pre-Listing Activities

1.    Make appointment with seller for listing presentation 2.    Send seller a written or e-mail confirmation of listing appointment and call to
confirm. 3.    Review pre-appointment questions 4.    Research all comparable currently listed properties 5.    Research sales activity in the area from MLS® database 6.    Research days-on-the-market for similar properties, location and price 7.    Review property tax roll information 8.    Prepare “Comparative Market Analysis” (CMA) to establish fair market value 9.    Research property’s ownership and how it is held (deed) 10. Check Municipal tax records for lot size 11. Verify the legal description from public records 12. Check Planning Department of Municipal Offices for current zoning 13. Check for land use restrictions or special zoning 14. Verify legal names in the Registry Office (or deed) 15. Prepare listing presentation with researched materials 16. Drive by the property to assess the Curb Appeal, compare with neighbourhood 17. Start formal office file on the property 18. Confirm school district and effect of schools on the property value 19. Determine whether property is subject to a shoreline road allowance (if applicable) 20. Review all pertinent information to ensure that it’s complete.

Listing Appointment Presentation
21. Explain the various agency relationships using Working With a REALTOR® pamphlet and get acknowledgement that this has been reviewed with the seller
22. Give the seller an overview of current market conditions and projections 23. Review sales representative and brokerages credentials and    accomplishments. 24. Review and confirm all legal descriptions and ownership details 25. Measure exterior and establish the square footage above grade 26. Confirm lot size from owner’s survey – if no survey is available, make a note on the
listing 27. Note any lot line fencing, easements and variances 28. Discuss with the seller the possibility of seller take back (STB) and other options 29. Review any appraisal that may have been made 30. Present CMA to the Seller including Comparable sold properties, Current listings and expired listings 31. Offer pricing strategy based on experience and current market conditions 32. Discuss a Marketing Plan to meet the goals of the seller 33. Explain the advantages and power of Multiple Listing Service ® 34. Explain the use and power of web marketing and www.realtor.ca 35. Explain the work both the salesperson and brokerage do behind the scenes and
availability at night and on weekends 36. Explain the sales professional’s role in taking calls and screening for qualified buyers
and curiosity seekers 37. Present and explain the strategic master marketing plan 38. Review and explain the Listing Agreement and obtain the signature of the seller – give the seller(s) copies.
Once the Property is Listed

39. Measure and record all room dimensions 40. Obtain house plans if available 41. Make a copy of any house plans 42. Copy survey and retain in listing file
43. Advise seller of how showing appointments will be made 44. Prepare instructions for salespeople showing the property and confirm with the seller the best times to show to prospective buyers 45. Have Mortgage Verification Forms signed and submitted to mortgagee 46. Verify with lender any penalties, terms and current rates and if the mortgage can be discharged 47. Check on whether the existing mortgage can be assumed and under what terms. 48. Confirm any Condominium Fees or Homeowner Association fees currently in effect 49. Get a copy of the Condominium bylaws, if applicable 50. Confirm supplier of Hydro or any other provider of this utility 51. Calculate the utility usage for the past 12 months from seller’s records 52. Verify the availability of any septic bed layout or permits at time of installation 53. Water – if Municipal check on rates for the past 12 months
54. Well Water – confirm well status and have Health Unit test so remedial steps can be taken if required. Also, advise of any abandoned wells on the property and put on the listing
55. Determine natural gas, heating oil or propane supplier’s name and telephone number 56. Note on listing any rented appliances i.e. hot water tank, furnace, etc. 57. Verify security system- owned, rented, terms and service terms 58. Ascertain if any lead-based paint, asbestos insulation, UFFI or other latent defect needs to be disclosed 59. Prepare a list of property features such as pool, sauna, whirlpool, landscape pools and special plants 60. Prepare a list of chattels included or excluded from the sale of the property 61. Compile a list of recent improvements, repairs or maintenance 62. Send letter to Seller if property is vacant to advise insurance company 63. Explain the advantages of a lock box and have extra keys made 64. Verify if property has rental units. If so: 65.    - Inquire as to whether they comply with the zoning by-law, fire and electrical safety 66.    - Make copies of all rental agreements 67.    - Determine ownership of any appliances or other chattels 68.    - Verify and list all rental amounts and deposits held 69.    - Inform tenant of the listing and discuss how showings will be handled 70. Arrange for installation of For Sale sign 71. Assist seller to fill in the Seller Property Information Statement 72. Give the seller a blank copy of the Agreement of Purchase and Sale and discuss it with them 73. Explain the offer presentation process and the possibility of multiple offers 74. Discuss the type of conditions that will likely be included in an offer to purchase 75.Discuss results of Curb Appeal Assessment, Interior Décor Assessment and discuss
ways to improve appearances for showings. 76. Arrange for Office Tour/Real Estate Association Tour and report comments back to seller 77. Load listing into personal database for transaction management.
Entering Property in Multiple Listing Service® Database
78. Prepare and check MLS® data input sheet 79. Upload to Real Estate Board – MLS® Data Input 80. Proof read listing as it appears in realtor.ca 81. Take additional photos for uploading to MLS® and for use in Flyer. Talk to seller about virtual tour possibilities.
Marketing The Listing

82. Create both print and Internet Ads with seller’s input 83. Co-ordinate showings with the owner, tenants and other REALTORS®. Return all calls – weekends included.84. Install lockbox if authorized by the owner 85. Prepare personal mailing and contact list 86. Generate mail merge letters to contact list 87. Order “Just Listed” cards and handouts 88. Prepare flyers and feedback faxes89. Constantly review MLS® listings to ensure property remains competitive in price 90. Prepare property marketing brochure for seller’s approval 91. Arrange for printing of approved brochure and distribution 92. Distribute property brochure to all company salespeople93. Mail out “Just Listed” notices to the immediate neighbourhood residents 94. Advise company Network Referral Program of the listing 95. Provide marketing data to buyers coming through international relocation 96. Provide marketing data to buyers coming from referral network97. Submit ads to company’s internet site 98. Price changes promptly conveyed to all databases and internet groups 99. Reprint supply of brochures as required100. Update Mortgage information as available to all marketing facilities 101. Follow up feed back e-mails and faxes sent to representatives who have shown theproperty 102. Discuss feedback from showing representatives with the seller to determine if changes are required to accelerate the sale 103. Place regular weekly update calls to the seller to discuss marketing activity and results 104. Receive and review all Offers to Purchase submitted by buyers and buyers’ representatives 105. Evaluate offer and prepare a “net sheet” on each for owner comparison 106. Counsel owners on each offer – explaining merits and weaknesses of each 107. Contact buyer’s representative to discuss qualifications and motivations of their client 108. Fax/Deliver S.P.I.S.(seller property information statement) to buyer’s representative or buyer prior to offer if possible 109. Confirm that buyer is qualified by Mortgage Officer 110. Obtain pre-qualification letter from Mortgage Officer 111. Negotiate all offers on seller’s behalf, setting condition time limits and closing date 112. Prepare and convey all counter offers, acceptance and/or amendments to buyer’s representative 113. Fax copies and mail originals of all documents to lawyer for the seller 114. When Offer to Purchase is settled and finalized by the seller, deliver to the buyer’s representative leaving a true copy with the owner 115. Deliver deposit to Trust Account as soon as practicable. 116. Provide copy of the executed agreement to the office for filing in the deal file 117. Advise and counsel owner on the handling of offers while the original transaction is pending i.e. days to meet conditions in first offer and procedures 118. Update personal transaction program indicating Sale Pending 119. Assist buyer in applying for financing, if applicable 120. Arrange for appraiser to inspect the property and give any information including comparables, survey copy, etc.121. If STB – get Credit Report of buyer for seller and review it with him/her 122. Order Septic Tank inspection, if applicable 123. Deliver water test results from Health Unit to mortgage company 124. Arrange other inspections as required by Financial Institution and/or insurancecompany i.e. mould, termite WETT inspection, etc.
Mortgage Tracking

125. Contact lender regarding mortgage application progress 126. Prepare/obtain waiver or condition removal documents and deliver to lawyer for the seller
Home Inspection

127. Co-ordinate buyer’s professional home inspection 128. Review the inspection report 129. If repairs required, assist seller in obtaining trustworthy contractor to perform required repairs
The Appraisal

130. Schedule appraisal appointment 131. Provide appraiser with comparables used to set list price 132. Assist seller in questioning appraisal report if it seems too low

Closing Preparations and Duties

133. Work with buyer’s representative to arrange any visits prior to closing as agreed in the Agreement of Purchase and Sale 134. Arrange for trust deposit monies, if in excess of commission due, to be given to the lawyer for the seller135. Be available for any concerns/questions from the seller136. Advise real estate association that property is Sold and supply details as to price, date
of sale, selling brokerage

Related Must Reads

10 Reasons People Do Not Like Realtors

Related posts:

1. Two Reasons To Sell Before You Buy
2. Buying A Home In Wasaga Beach? Don’t Let Emotions Rule The Negotiations
3. 10 Reasons People Don’t Like REALTORS®

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This entry was posted on Tuesday, February 23rd, 2010 at 8:35 am and is filed under The World Of Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Myrtle Beach Foreclosures said at July 21st, 2010 at 11:19 pm

   the real estate market is doing better – hopefully we will see the number of building permits continue to increase

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