Selling Your Home
There is a lot that goes into selling a home. It’s more than most people realise and it can be quite daunting (if you don’t do it every day). You have been through home buying process at least once since you own a home, but if you are getting ready to sell, now you get to experience the process from the other side of the transaction!
There are still a lot of things that you need to do to get your home ready to sell, after it is on the market and when an offer comes in. We are here to help guide you through this process and make it as smooth and enjoyable as possible. When you hire an agent to represent you it is important to make sure the agent you choose is a good match for you and your needs, as well as making sure that the agent you choose is up for the job. We put together a home seller's guide that goes over the basic process and what is involved in selling your home. Click the link to download it today.
A lot of what a listing agent does for you may not be seen. Although they should be in contact with you to let you know what is happening, you may not realize what they actually do for you. Below is a list of the 184 things that an agent will do
Pat Vredevoogd-Combs, past president of the National Association of REALTORS, testified before the House Financial Services Committee on Housing to blunt government complaints about industry pricing.
“By all accounts,’ she said, ”the general public is not aware of all the services that agents provide to sellers and buyers during the course of the transaction, probably because most of the important services are performed behind the scenes.”
As part of her testimony, she submitted a list of 184 things that listing agents do in every real estate transaction. This list has been modified to reflect updates and additions and broken down into categories. This list also does not include the numerous amount of hours spent on the phone with the seller early morning or late evening and weekends being a confidant, therapist and friend. Along with hours on the phone and emails back and forth with agents and potential buyers.
Pre-Listing Activities
- Make appointment with seller for listing presentation
- Send a written or e-mail confirmation of appointment and call to confirm
- Review appointment questions
- Research all comparable currently listed properties
- Research sales activity for past 6 months from MLS and public database.
- Research “average days on market” for properties similar in type, price, and location
- Download and review property tax roll information
- Prepare “comparable market analysis” (CMA) to establish market value
- Obtain copy of subdivision plat/complex layout
- Research property’s ownership and deed type
- Research property’s public record information for lot size and dimensions
- Verify legal description
- Make adjustments based on over the phone discussed upgrades
- Research property’s current use and zoning
- Verify legal names of owner(s) in county’s public property records
- Prepare listing presentation package with above materials
- Perform exterior “curb appeal assessment” of subject property
- Compile and assemble formal file on property
- Confirm current public schools
- Review listing appointment checklist to ensure completion of all tasks
Listing Appointment Presentation
- Give seller an overview of current market conditions and projections
- Review agent and company credentials and accomplishments
- Present company’s profile and position or “niche” in the marketplace
- Present CMA results, including comparables, solds, current listings, and expired listings
- Offer professional pricing strategy based and interpretation of current market conditions
- Discuss goals to market effectively
- Explain market power and benefits of multiple listing service.
- Explain market power of Web marketing, IDX, Social Media presence
- Explain the work the broker and agent do “behind the scenes” and agent’s availability on weekends
- Explain agent’s role in screening qualified buyers to protect against curiosity seekers
- Present and discuss strategic master marketing plan
- Explain agency relationship
- Review all clauses in listing contract and obtain seller’s signature
After Listing Agreement Is Signed
- Order Photos, Videos
- Give seller home staging tips
- Receive interior room sizes to input in to MLS
- Confirm lot size via owner’s copy of certified survey, if available
- Note any and all unrecorded property lines, agreements, easements
- Obtain house plans, if applicable and available
- Review house plans & make copy if available
- Create flyers
- Prepare showing instructions for buyers’ agents and agree on showing time with seller
- Obtain current mortgage loan(s) information, companies, and account numbers
- Verify current loan information with lender(s)
- Check assumability of loan(s) and any special requirements
- Discuss possible buyer financing alternatives and options with seller
- Review current appraisal if available
- Identify Home Owner Association manager if applicable
- Verify Home Owner Association fees with manager-mandatory or optional and current annual fee
- Order copy of Home Owner Association bylaws, if applicable
- Research electricity availability and supplier’s name and phone number
- Obtain average utility usage from seller of last 12 months of bills
- Research and verify city sewer/septic tank system
- Receive Seller’s Property Disclosure and upload
- Obtain from seller waterfront restrictions
- Research/verify natural gas availability, supplier’s name and phone number
- Verify security system, term of service and whether owned or leased
- Verify if seller has transferable Termite Bond
- Ascertain need for lead-based paint disclosure
- Prepare detailed list of property amenities
- Prepare detailed list of property’s “Inclusions & Conveyances with Sale”
- Complete list of completed repairs and maintenance items
- Order virtual staging for vacant homes
- Explain benefits of Home Owner Warranty to seller
- Review with seller potential repairs necessary for financing
- When received, place Home Owner Warranty in property file for conveyance at time of sale
- Have extra key made for lockbox
- Verify if property has rental involved, and 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
- Arrange for yard sign installation
- Arrange for lockbox installation
- Complete “new listing checklist”
- Receive seller “homework packet”
- Attend photo shoots and stage more if necessary
- Enter Coming soon on Facebook
Entering Property in MLS Database
- Prepare MLS Profile Sheet-agent is responsible for quality control and accuracy of listing data
- Enter property data from Profile Sheet into MLS listing database
- Proofread MLS database listing for accuracy including property placement in mapping function
- Add property to company’s Active Listings
- Provide seller with signed copies of Listing Agreement and MLS Profile Data Form within 48 hours
- Upload photos and arrange in specified order, upload videos, virtual tours
- Upload documents for potential buyers ( seller’s disclosure, HOA, Feature sheet, etc)
Marketing the Listing
- Write description for the property
- Coordinate showings with owners, tenants, and other agents. Return all calls-weekends included
- Program showing instructions per seller needs
- Prepare mailing and contact list
- Generate mail-merge letters to contact list
- Order “Just Listed” postcards and marketing
- Prepare Open House Flyers
- Enter Open house dates in MLS and websites
- Pass out door hangers to neighbors for open house
- Door knock neighbors to invite to open house
- Prepare Open House Marketing
- Post Open House on Social Media
- Place Open House signs out the night before or morning of
- Host Open house 2-3 hours on Saturday or Sunday
- After Open House is complete, pick up all signs
- Follow Up with Open House visitors
- Prepare property marketing brochure for seller’s review
- Arrange for printing or copying of supply of marketing brochures or flyers
- Reverse prospect for agents that have potential buyers
- Upload listing to company and agent Internet sites, if applicable
- Mail “Just Listed’ notice to all neighborhood residents
- Upload videos to YouTube
- Provide marketing data updates
- Respond to Buyer inquiries from websites
- Ensure Buyers are pre approved
- Show potential buyers the property
- Convey price changes promptly to all Internet groups
- Reprint/supply brochures promptly as needed
- Review and update loan information in MLS as required
- Send feedback e-mails to buyers’ agents after showings
- Review weekly Market Study
- 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
- Promptly enter price changes in MLS listing database
The Offer and the Contract
- Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents
- Evaluate offer(s) and prepare “net sheet” on each for owner to compare
- Counsel seller on offers. Explain merits and weakness of each component of each offer
- Contact buyers’ agents to review buyer’s qualifications and discuss offer
- Deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible
- Confirm buyer is pre-approved by calling loan officer
- Obtain pre-approval letter on buyer from loan officer
- Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
- Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent
- Send copies of contract and all addendums to closing attorney or title company
- When Offer-to-Purchase contract is accepted and signed by seller, deliver to buyer’s agent
- Record and promptly deposit buyer’s money into escrow account
- Change MLS to reflect Under Contract
- Deliver copies of executed Offer to Purchase contract to sellers
- Deliver copies of executed Offer to Purchase contract to selling agent
- Deliver copies of executed Offer to Purchase contract to lender
- Provide copies of executed Offer to Purchase contract for office file
- Advise seller in handling additional offers to purchase submitted between contract and closing
- Update seller on next steps
- Send copies of executed offer to purchase contract to Transaction Manager
Tracking the Loan Process
- Confirm verifications of deposit
- Follow loan processing through to the underwriter
- Add lender and other vendors to transaction management program so agents, buyer, and seller can track progress of sale
- Contact lender weekly to ensure processing is on track
- Relay final approval of buyer’s loan application to seller
Home Inspection
- Coordinate buyer’s professional home inspection with seller
- Review home inspector’s report
- Receive and review septic system report and access any impact on sale
- Deliver copy of septic system inspection report if applicable
- Deliver WDO report to seller
- Verify well water test if needed
- Upload reports into transaction management system
- Enter completion into transaction management system
- Negotiate repairs
- Explain to seller what could be lender required repair
- Ensure seller’s compliance with home inspection clause requirements
- Assist seller with identifying and negotiating with trustworthy contractors for required repairs
- Negotiate payment and oversee completion of all required repairs on seller’s behalf if needed
The Appraisal
- Schedule appraisal
- Provide comparable sales used in market pricing to appraiser
- Provide upgrades, dates and costs to appraiser
- Enter completion into transaction management program
- Follow up with lender for appraisal results
- Assist seller in questioning appraisal report if it seems too low
- Provide more comps to fight low appraisal if necessary
- Address with seller any noted necessary repairs on appraisal
Closing Preparations and Duties
- Make sure repairs are completed
- Send any open invoices to closing attorney or title company
- Order new home warranty if necessary
- Coordinate buyer final walk through with seller
- Coordinate closing date with seller, buyer’s agent, lender and title
- Update closing forms and files
- Ensure all parties have all forms and information needed to close the sale
- Select location for closing
- Confirm closing date and time and notify all parties
- Ensure survey has been ordered and available
- Work with buyer’s agent in scheduling and conducting buyer’s final walkthrough prior to closing.
- Request any seller product paperwork
- Request final closing figures from closing agent (attorney or title company)
- Receive and carefully review closing figures to ensure accuracy
- Forward verified closing figures to buyer’s agent
- Request copy of closing documents from closing agent
- Attend Closing
- Provide “Home Owners Warranty’· for availability at closing
- 173 Review ail closing documents carefully for errors
- Forward closing documents to absentee seller as requested
- Present closing gift
- Provide earnest money deposit from escrow account to closing agent
- Coordinate closing with seller’s next purchase, resolving timing issues
- Have a “no surprises” closing so that seller receives a net proceeds check at closing
- Refer sellers to one of the best agents at their destination, if applicable
- Change MLS status to Sold. Enter sale date, price, selling broker, and agent’s ID numbers, etc.
- Close out listing in transaction management program
- Prepare Just Sold post cards to mail out to neighbors
- Prepare Just Sold to social media
- Pick up sign and lockbox