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  • The Critical Role Of REALTOR® In a Real Estate Transaction


    By pauljhand




    Why Was This List Prepared?

    Surveys show that many homeowners and house buyers are not aware of the
    true value a REALTOR® provides during the course of a real estate transaction.
    At the same time, regrettably, REALTORS® have generally assumed that the
    expertise, professional knowledge and just plain hard work that go into bringing
    about a successful transaction were understood and appreciated.
    Many of the important services and steps are performed behind the scenes by
    either the REALTOR® or the brokerage staff and traditionally have been viewed
    simply as part of their professional responsibilities to the client. But, without them,
    the transaction could be in jeopardy.
    This publication seeks to close the gap.
    Listed on the following pages are 136 typical actions, research steps, processes
    and review stages necessary for a successful residential real estate transaction
    and normally provided by a full service real estate brokerage and for which they
    are entitled to fair compensation.

    Comprehensiveness
    The list is by no means an attempt to set forth a complete list of services as
    these may vary within each brokerage and each market. Many REALTORS®
    routinely provide a wide variety of additional services that are as varied as the
    nature of each transaction.
    By the same token, some transactions may not require some of these steps to be
    equally successful. However, most would agree that given the unexpected
    complications that can arise, it’s far better to know about a step and make an
    intelligent, informed decision to skip it, than to not know the possibility even
    existed.

    The Critical Role of the REALTOR®
    The REALTOR® Commitment

    Through it all, the personal and professional commitment of the REALTOR® is to
    ensure that a seller and buyer are brought together in an agreement that
    provides each with a “win” that is fair and equitable.
    The motivation is easy to understand. For most full-service brokerages, they
    receive no compensation unless and until the transaction is complete.

    A Variety of Choices

    The variety of brokerage business models in today’s real estate industry affords
    the homeowner a greater range of options than ever before.
    But no matter which option is chosen, before signing a Listing Agreement, Buyer
    Representation Agreement or otherwise engaging the services of a REALTOR®
    agreeing to compensate them, the homeowner should understand exactly what
    services will, or will not be, provided.

    Why Use a REALTOR®?

    Not every real estate salesperson or broker is a REALTOR®. That term and the
    familiar Block “R” logo are trademarked by the Canadian Real Estate Association
    in association with the National Association of REALTORS® in the United States.
    CREA owns the MLS® trademark also. Both trademarked logos can only be
    used in Canada by members of the Canadian Real Estate Association who
    accept and respect a strict Code of Ethics. The MLS® database is operated by
    member boards in various provinces and in Ontario by real estate boards
    belonging to the Ontario Real Estate Association (OREA) which provide an
    ongoing inventory of available properties and ensure maximum exposure of
    properties listed for sale. This is important because most resale homes in
    Ontario are listed and sold through the MLS® systems.
    For that extra measure of peace of mind, ensure the individual seeking to
    represent you is both a registrant of the Real Estate Council of Ontario and a
    member of the Ontario Real Estate Association - - - permitted to be called a
    REALTOR®. Check the RECO website http://www.reco.on.ca" rel="nofollow">LINK for a searchable list of
    our registrants.

    The Critical Role of the REALTOR®

    The Critical Role of the REALTOR® :
    Listed here are 136 typical actions, research steps, procedures, processes and
    review stages in a successful residential real estate transaction that are normally
    provided by full service real estate brokerages in return for their sales
    commission. Depending on the transaction, some may take minutes, hours, or
    even days to complete, while some may not be needed.
    More importantly, they reflect the level of skill, knowledge and attention to detail
    required in today’s real estate transaction, understanding the importance of
    having help and guidance from someone who fully understands the process - a
    REALTOR®.
    And never forget that REALTORS® are pledged to uphold the stringent,
    enforceable tenets of the REALTOR® Code of Ethics in their professional dealing
    with the public! Remember, not every real estate registrant holds REALTOR®
    membership or MLS® access; make sure yours does!

    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
    The Critical Role of the REALTOR® Page 4 of 7
    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, IDX and mls.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/MLS® 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 mls.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 faxes
    89. 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 salespeople
    93. 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 network
    97. Submit ads to company’s internet site
    98. Price changes promptly conveyed to all databases and internet groups
    99. Reprint supply of brochures as required
    100. Update Mortgage information as available to all marketing facilities
    101. Follow up feed back e-mails and faxes sent to representatives who have
    shown the property
    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. 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
    insurance company 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 seller
    135. Be available for any concerns/questions from the seller
    136. Advise MLS® that property is Sold and supply details as to price, date of
    sale, selling brokerage
    source:This list is adapted from the list prepared by the Orlando Regional REALTOR® Association.
    Canadian content has been added(MREB).
    posted by SUKHPAL SINGH
    For more info click http://www.sukhpaul.blogspot.com" rel="nofollow">LINK

     


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