Many people don’t realize what all goes into the job of a St. Petersburg Realtor. Frankly, all that is needed to become a Realtor is to pass a 63 hour pre-licensing course (which is mostly law and does not teach you how to sell a house) and then a state exam. For under $1,000 you, too, can become a Realtor! But honestly folks, there’s a lot more that goes into the profession than putting a sign up in the yard and putting a listing in the MLS system, and you should choose your next St. Pete Real Estate agent carefully.
Sometimes people attempt to sell their St. Petersburg Home “For Sale By Owner”. We understand – everyone wants to save money. But for most people, their home is their most valuable asset – should it be sold yourself, are you aware of all the real estate laws, forms, and more that go into a transaction? Sometimes the money you hope to save could have been gained (and then some) by using the right real estate agent.
There are over 180 steps typically taken by full service, full-time real estate agents during the various stages of a successful residential real estate transaction in return for their sales commission. Depending on the transaction, some steps may take minutes, hours or even days to complete, while others may not be needed.
More importantly, these services reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, underscoring the importance of receiving help and guidance from someone who fully understands the process.
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 comparables that are currently listed properties
5 Research sales activity for past 18 months from MLS and public records databases
6 Research “Average Days on Market” for properties of this type, price range and location
7 Download and review property tax roll information
8 Prepare “Comparable Market Analysis” (CMA) to establish fair market value
9 Obtain copy of subdivision plat/complex lay-out
10 Research property’s ownership and deed type
11 Research property’s public record information for lot size and dimensions
12 Research and verify legal description
13 Research property’s land use coding and deed restrictions
14 Research property’s current use and zoning
15 Verify legal names of owner(s) in county’s public property records
16 Prepare listing presentation package with above materials and Realist information
17 Perform exterior “Curb Appeal Assessment” of subject property
18 Compile and assemble formal file on property
19 Confirm current public schools and explain impact of schools on market value
20 Review listing appointment checklist to ensure all steps and actions have been completed
LISTING APPOINTMENT PRESENTATION
21 Give seller an overview of current market conditions and projections
22 Review agent’s and company’s credentials and accomplishments in the market
23 Present company’s profile and position or “niche” in the marketplace
24 Present CMA results to seller, including Comparables, Solds, Current Listings and Expireds
25 Offer pricing strategy based on professional judgment and interpretation of current market conditions
26 Discuss goals with seller to market effectively
27 Explain market power and benefits of Multiple Listing Service (MLS)
28 Explain market power of web marketing, IDX, etc.
29 Explain the work the brokerage and agent do “behind the scenes” and agent’s availability on weekends
30 Explain agent’s role in taking calls to screen for qualified buyers and protect seller from curiosity seekers
31 Present and discuss strategic master marketing plan
32 Explain different agency relationships and determine seller’s preference
33 Review and explain all clauses in Listing Contract & Addendum and obtain seller’s signature
ONCE PROPERTY IS UNDER LISTING AGREEMENT
34 Review current title information
35 Measure overall and heated square footage
36 Measure interior room sizes
37 Confirm lot size via owner’s copy of certified survey, if available
38 Note any and all unrecorded property lines, agreements and easements
39 Obtain house plans, if available, and make copy
40 Order plat map for retention in property’s listing file
41 Prepare showing instructions for buyer’s agents and agree on showing time window with seller
42 Obtain current mortgage loan(s) information: companies and loan account numbers
43 Verify current loan information with lender(s)
44 Check assumability of loan(s) and any special requirements
45 Discuss possible buyer financing alternatives and options with seller
46 Review current appraisal, if available
47 Identify Homeowner Association manager, if applicable
48 Verify Homeowner Association Fees with manager—mandatory or optional and current annual fee
49 Order copy of Homeowner Association Bylaws, if applicable
50 Research electricity availability and supplier’s name and phone number
51 Secure an energy audit with local energy company if home is 10 or more years old
52 Calculate average utility usage from last 12 months of bills
53 Research and verify city sewer/septic tank system
54 Water System: Calculate average water fees or rates from last 12 months of bills
55 Well Water: Confirm well status, depth and output from Well Report
56 Natural Gas: Research/verify availability and supplier’s name and phone number
57 Verify security system, current term of service and whether owned or leased
58 Verify if seller has transferable Termite Bond
59 Ascertain need for lead-based paint disclosure
60 Prepare detailed list of property amenities and assess market impact
61 Prepare detailed list of property’s “Inclusions & Conveyances with Sale”
62 Compile list of completed repairs and maintenance items
63 Send “Vacancy Checklist” to seller, if property is vacant
64 Explain benefits of Home Owner Warranty to seller
65 Assist sellers with completion and submission of Home Owner Warranty Application
66 When received, place Home Owner Warranty in property file for conveyance at time of sale
67 Have extra key made for lockbox
68 Verify if property has rental units involved. And if so:
69 Make copies of all leases for retention in listing file
70 Verify all rents and deposits
71 Inform tenants of listing and discuss how showings will be handled
72 Arrange for installation of yard sign
73 Assist seller with completion of Seller’s Disclosure form
74 “New Listing Checklist” Completed
75 Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
76 Review results of Interior Décor Assessment and suggest changes to shorten time on market
77 Load listing into transaction management software program
ENTERING PROPERTY IN MULTIPLE LISTING SERVICE DATABASE
78 Prepare MLS Profile Sheet—Agent is responsible for “quality control” and accuracy of listing data
79 Enter property data from Profile Sheet into MLS Listing Database
80 Proofread MLS database listing for accuracy—including proper placement in mapping function
81 Add property to company’s Active Listings list
82 Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form
83 Take additional photos for upload into MLS and use in flyers; discuss efficacy of panoramic photography
MARKETING THE LISTING
84 Create print and Internet ads with seller’s input
85 Coordinate showings with owners, tenants and other REALTORS®; return all calls including weekends
86 Install electronic lock box, if authorized by owner; program lockbox with agreed-upon showing time windows
87 Prepare mailing and contact list
88 Generate letters and combine with contact list
89 Order “Just Listed” postcards
90 Prepare flyers
91 Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
92 Prepare property marketing brochure for seller’s review
93 Arrange for printing or copying a supply of marketing brochures or fliers
94 Place marketing brochures in all company agent mail boxes
95 Upload listing to company and agent website, if applicable
96 Mail Out “Just Listed” notice to all neighborhood residents
97 Advise Network Referral Program of listing
98 Provide marketing data to buyers coming through international relocation networks
99 Provide marketing data to buyers coming from referral network
100 Provide “Special Feature” cards for marketing, if applicable
101 Submit ads to company’s participating real estate websites
102 Convey price changes to all groups promptly via MLS
103 Reprint/supply brochures promptly as needed
104 Review and update loan information as required
105 Feedback e-mails/faxes sent to buyer’s agents after showings
106 Review market statistics
107 Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
108 Place regular weekly update calls to seller to discuss marketing and pricing
THE OFFER AND CONTRACT
109 Receive and review all Offer to Purchase contracts submitted by buyers or buyer’s agents.
110 Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes
111 Counsel seller on offers. Explain merits and weakness of each component of each offer
112 Contact buyer’s agents to review buyer’s qualifications and discuss offer
113 Deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer, if possible
114 Confirm buyer is pre-qualified by calling Loan Officer
115 Obtain pre-qualification letter on buyer from Loan Officer
116 Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
117 Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent
118 Distribute copies of contract and all addendums to closing attorney or title company
119 When Offer to Purchase contract is accepted and signed by seller, deliver to buyer’s agent
120 Record and promptly deposit buyer’s earnest money in escrow account.
121 Disseminate “Under-Contract Showing Restrictions” as seller requests
122 Deliver copies of fully signed Offer to Purchase contract to seller
123 Deliver copies of Offer to Purchase contract to selling agent
124 Deliver copies of Offer to Purchase contract to lender
125 Provide copies of signed Offer to Purchase contract for office file
126 Advise seller in handling additional offers to purchase submitted between contract and closing
127 Change status in MLS to “Pending”
128 Update transaction management program show “Pending”
129 Review buyer’s credit report results—advise seller of worst and best case scenarios
130 Provide credit report information to seller, if property will be seller-financed
131 Assist buyer with obtaining financing, if applicable and follow-up as necessary
132 Coordinate with lender on Discount Points being locked in with dates
133 Deliver unrecorded property information to buyer
134 Order septic system inspection, if applicable
135 Receive and review septic system report and assess any possible impact on sale
136 Deliver copy of septic system inspection report lender and buyer
137 Deliver Well Flow Test Report copies to lender and buyer and property listing file
138 Verify termite inspection ordered
139 Verify mold inspection ordered, if required
TRACKING THE LOAN PROCESS
140 Confirm verifications of deposit and buyer’s employment have been returned
141 Follow loan processing through to the underwriter
142 Contact lender weekly to ensure processing is on track
143 Relay final approval of buyer’s loan application to seller
HOME INSPECTION
144 Coordinate buyer’s professional home inspection with seller
145 Review home inspector’s report
146 Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
147 Ensure seller’s compliance with Home Inspection Clause requirements
148 Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
149 Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed
THE APPRAISAL
150 Schedule appraisal
151 Provide comparable sales used in market pricing to appraiser
152 Follow-up on appraisal
153 Enter completion into transaction management program
154 Assist seller in questioning appraisal report if it seems too low
CLOSING PREPARATIONS AND DUTIES
155 Ensure contract is signed by all parties
156 Coordinate closing process with buyer’s agent and lender
157 Update closing forms and files
158 Ensure all parties have all forms and information needed to close the sale
159 Select location where closing will be held
160 Confirm closing date and time, and notify all parties
161 Assist in solving any title problems (boundary disputes, easements, etc)
CERTIFICATES
162 Work with buyer’s agent in scheduling and conducting buyer’s final walk-through prior to closing
163 Research all tax, HOA, utility and other applicable prorations
164 Request final closing figures from closing agent (attorney or title company)
165 Receive and carefully review closing figures to ensure accuracy of preparation
166 Forward verified closing figures to buyer’s agent
167 Request copy of closing documents from closing agent
168 Confirm buyer and buyer’s agent have received title insurance commitment
169 Provide “Home Owners Warranty” for availability at closing
170 Reviews all closing documents carefully for errors
171 Forward closing documents to absentee seller as requested
172 Review documents with closing agent (attorney)
173 Provide earnest money deposit check from escrow account to closing agent
174 Coordinate this closing with seller’s next purchase and resolve any timing problems
175 Have a “no surprises” closing so that seller receives a net proceeds check at closing
176 Refer sellers to one of the best agents at their destination, if applicable
177 Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
FOLLOW UP AFTER CLOSING
178 Answer questions about filing claims with Home Owner Warranty company, if requested
179 Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
180 Respond to any follow-on calls and provide any additional information required from office files.
Thinking about selling your St. Petersburg Home? Call us today. We are in the Top 100 Realtors in Pinellas County, and inventory is low. Let us sell your home for top dollar, fast!
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