199 Things A Real Estate Agent REALLY Does

199 Things A Real Estate Agent REALLY Does!

(LISTING AGENT)

By: Sally Grenier, Broker Owner
Grenier Real Estate

So often I hear people say that selling a home “can’t be that hard”, especially in this super crazy Seller’s Market. I hear FSBOs (For Sale By Owners) asking about what a Realtor REALLY does to list and sell a home. They often think it’s as easy as putting a sign in the ground and getting an offer. After all, if it’s that simple, why pay someone 5-6% to do that?

In addition to FSBOs, there are now several discount (or “flat fee”) real estate brokerages and even a new online “marketplace” that down play entire buy/sell process and the need for a full service real estate agent.

But selling a home (or buying a home) in the Boulder real estate market is far from easy. What people don’t realize it that there is a lot more to it than putting a sign in the ground and getting an offer (or 10 offers). It is actually a complicated legal transaction that has many different steps that need to occur before you even get to the closing table. Not to mention the unexpected road blocks or pitfalls that occur along the way that you have to navigate through.

Yes, in many instances listing and marketing the home is the easy part. But getting to the closing table is the difficult part. And if you don't have an experienced, FULL-SERVICE agent working for you, it doesn't take much for a transaction to fall through.

So, what does a Real Estate Agent REALLY do? Here are 199 things I do to get a home sold from start to finish:

Pre-Listing Activities

1. Schedule meeting with Seller for listing presentation.
2. Ask if Seller has any questions for Agent prior to meeting.
3. If Seller is elderly, find out if Seller’s children or grandchildren want/need to be involved.
4. Make sure all relevant parties will be at listing appointment.
5. Have Seller complete a “Pre-Listing Questionnaire”.
6. Review Seller’s response to Pre-Listing Questionnaire.
7. Research all sold, expired and currently active properties (comps) from the last 3 months that are similar in size, style, location, condition, etc.
8. Research market conditions for that area.
9. Research average days on market.
10. Pull property tax records from the county assessor’s office.
11. Verify property’s legal description from public records.
12. Verify legal names of owners and deed type. Is property in a trust? Is one of the seller’s deceased?
13. Research property’s public records for lot size, total SF, and finished SF. If there are discrepancies, figure out why.
14. Research property’s zoning, deed restrictions, and flood plain status.
15. Obtain a copy of property plat map, survey, or ILC if available.
16. Prepare a “Comparative Market Analysis” (CMA) to establish market value.
17. Obtain Seller’s principal loan balance if there is a mortgage.
18. Prepare an estimated “Net Proceeds” spreadsheet detailing costs associated with selling a home, and what Seller will “Net” at closing.
19. Prepare a customized marketing plan specific to that property.
20. Prepare a listing presentation with above info.

Listing Appointment

21. Perform exterior “curb appeal” assessment of property.
22. Tour home and discuss what Seller feels are the home’s best features and will be good selling points to buyers.
23. Make note of any items that could be inspection issues and suggest to Seller to have those items taken care of prior to listing.
24. Answer Seller’s questions and discuss points from the Pre-Listing Questionnaire.
25. Discuss with Seller if home has had any major improvements, updated kitchen/baths, finished basement or other major systems updates such as furnace, A/C, roof, windows, etc. Find out if items were permitted (if required).
26. Evaluate home’s “Showing Condition”.
27. Make recommendations to Seller on cleaning, decluttering or staging if necessary.
28. Review listing presentation with Seller.

1. Provide Seller with an overview of current market conditions.
2. Present CMA results including sold comps, current listings and expired listings, etc. and how they compare to Seller’s home.
3. Provide Seller with “Net Proceeds” estimate, based on different price points.
4. Present marketing plan for that property, including MLS info, Internet marketing options, printed marketing materials, print advertising, social media strategy, “coming soon” marketing, etc.

29. Determine if Seller will also be purchasing a new home and discuss that process.
30. Discuss with Seller any questions or concerns about selling their home.
31. Explain different agency relationships and determine Seller’s preference.
32. Determine when Seller will be ready to have the home listed.
33. Determine what day the property will be submitted to the MLS(s) and when showings shall begin.
34. Negotiate what the Listing Agent’s commission will be, and what the “co-op” fee will be for a Transaction Broker or a Buyer’s Agent.
35. Discuss with Seller how showings will take place, if there are restrictions on days or times, and how property will be accessed (via lockbox or some other method).
36. Discuss how long the listing contract shall be, and if there shall be a holdover period.
37. Discuss what items will be included or excluded.
38. Discuss how much Earnest Money shall be.
39. Discuss who the title company shall be.
40. Discuss if Seller has any preference on how a Buyer obtains financing (will they accept FHA & VA buyers, or conventional & cash buyers only).
41. Discuss the option of providing a Home Warranty.
42. Discuss what should happen if Listing Agent procures a Buyer directly, without a Buyer’s Agent.
43. Together, agent and Seller develop a professional pricing strategy based on the CMA and current market conditions and arrive at a list price.
44. Review the Listing Contract and obtain Seller’s signature.
45. Review, complete and sign disclosure documents including Seller’s Property Disclosure, Square Footage Disclosure, Source of Water Addendum, Lead Based Paint Disclosure, Closing Instructions, Mold Disclosure, and Affiliated Business Agreement (if applicable).
46. Be available to answer Seller’s questions or concerns 24/7 (or at least from 7:00 am to 10:00 pm, 7 days a week).

After Listing Contract is Signed

47. Schedule any cleaning or staging services, if necessary.
48. Schedule any contractors or handyman services, if necessary.
49. If Seller cannot afford cleaning or decluttering services, assist Seller with these activities.
50. Make sure home has good “curb appeal” and help Seller as necessary. (I have been known to wash windows, trim rose bushes, buy flower pots and buy a new “welcome mat” for the front porch.)
51. Stage the home if necessary. If home is vacant, I will put out rugs, towels, plants, artwork and furniture to make the home appear more “lived in” and to help the home show well, and look more attractive in photos.
52. Schedule a day & time for photographer to come take professional photos of the home.
53. Attend photo shoot with photographer and assist with lighting or last minute cleaning or decluttering, if necessary.
54. Preview entire home and make sure home is in “showing condition”.
55. Make sure photographer captures main features of the home and takes multiple photos from different angles of key rooms such as kitchen, master bedroom, exterior (front & back), yard, neighborhood amenities, and any special features about the house or location (such as backing to open space or mountain views).
56. Order an O & E (ownership & encumbrances) report from title company.
57. Verify (again) lot size, overall square footage, finished SF, room dimensions, types of flooring in rooms, number of bedrooms, baths, garage spaces.
58. Verify that bedrooms are conforming or non-conforming.
59. Obtain house plans if available.
60. Obtain most recent appraisal, survey, ILC, or radon test results, if available.
61. Determine the home’s utility providers, including contact info.
62. If home has a well, obtain well permit # and most recent inspection report / water test.
63. If home has a septic system, obtain most recent inspection report.
64. Verify (again) property’s legal description, taxes, deed restrictions, and flood plain info.
65. Verify and obtain HOA info if applicable, such as HOA fees, transfer fees, management company contact info, financial documents, board meeting minutes, insurance info, bylaws, covenants, etc.
66. Determine school district and school information.
67. Determine if there are alternative schools nearby such as charter schools or prep schools.
68. Prepare showing instructions for Buyer’s Agents and confirm with Seller.
69. Prepare a detailed list of property’s features and neighborhood amenities.
70. Order a Home Warranty, if Seller agreed to it.
71. Determine if there are any services or warranties that can be transferred to a new buyer (such as security system, lawn service, roof warranty, etc.)
72. Determine if there could be any property line or encroachment issues and order an ILC (improvement location certificate) or survey, if necessary.
73. Have an extra key made for lockbox, if necessary.
74. Review photos from photographer to ensure they show all of the home’s key features and show the home in the best possible way. Edit photos if necessary.
75. Place “For Sale sign in the yard, and any sign riders (i.e. “Coming Soon”)
76. Be available to answer Seller’s questions or concerns 24/7 (or at least from 7:00 am to 10:00 pm, 7 days a week).
77. Always promote the interests of Seller with the utmost good faith, loyalty and fidelity.

Enter Property in Multiple Listing Service - MLS(s)

78. Prepare MLS Profile Sheet.
79. Have Seller review MLS Profile Sheet.
80. Enter property data from MLS Profile Sheet into MLS database(s). I belong to both the Denver Matrix MLS and Northern Colorado’s IRES MLS.
(Not all agents do.)
81. Be sure to accurately identify total SF, finished SF, above ground SF, basement SF, etc.
82. Make sure ALL relevant data fields are completed in the MLS (not just the “required” fields). For example, be sure to identify what floor the master bedroom or laundry room is on.
83. Make sure bedrooms are correctly identified as conforming or non-conforming.
84. Upload property photos and provide photo descriptions so Buyers know what room they are looking at and where it’s located (i.e. “Powder Room on Main Floor”)
85. Rearrange the order of photos so they make sense and give Buyer clear picture of the floor plan.
86. Build and activate the customized property website (if applicable).
87. Activate the Virtual Tour.
88. Ensure link for website and/or virtual tour is included in MLS.
89. Upload all disclosure documents.
90. Upload any other pertinent info such as floorplan, HOA docs, appraisal, survey, well permit, septic report, etc.
91. Proof read MLS listing for accuracy, including property placement in mapping function.
92. Have Seller proof read MLS listing for accuracy.
93. Activate the listing in the MLS(s).
94. Add property and showing instructions to showing service database.
95. Provide Seller with signed copies of Listing Contract, Disclosures and MLS listing(s).
96. Design a property brochure or flyer.
97. Have Seller review brochure or flyer.
98. Have brochures printed, and put in brochure box.
99. Design a “Just Listed” postcard (if applicable).
100. Print & mail “Just Listed” postcard.
101. Check all major websites to ensure IDX feed is working properly (Realtor.com, Zillow, Trulia, Redfin, Homes.com, Yahoo Real Estate, etc.)
102. Review all website data & descriptions and manually edit, and upload extra photos on websites, when needed.
103. Post new listing on Facebook personal page, business page, local “group” pages and “buy sell” pages.
104. Tweet about new listing on Twitter.
105. Post new listing on LinkedIn.
106. Upload Virtual Tour to YouTube.
107. Post listing on Craigslist and Hotpads.com.
108. Schedule open houses and enter into MLS.
109. Manually add open house dates to sites like Zillow, Trulia & Realtor.com.
110. Report back to Seller as to where the listing is appearing, including links.
111. Provide reporting data to Seller from various websites on “views” and “clicks”.
112. Send showing feedback to Seller when it is received.
113. Send showing reports to Seller on a weekly basis.
114. Discuss feedback with Seller and determine if any changes are necessary.
115. Reprint/restock brochures as needed.
116. For Open Houses, make sure there are plenty of signs and balloons directing Buyers to the home.
117. Follow up with Seller on a regular basis to discuss open house activity, showing activity, and any new market activity (new listings, or homes that have gone under contract).
118. Update MLS with any price changes as they occur, and ensure all websites reflect new price.
119. Be available to answer Seller’s questions or concerns 24/7 (or at least from 7:00 am to 10:00 pm, 7 days a week).
120. Act as Seller’s therapist, marriage counselor, psychologist, friend, confidant, and shoulder to cry on, when needed (again).

The Offer!

121. Receive and review all Contracts to Buy submitted by Buyers or Buyer’s Agents. *
122. Evaluate all offers and make note of price, earnest money, seller concessions, dates & deadlines, buyer’s financing, other terms of the offer and any “additional provisions”.
123. Review the Buyer’s Pre-Approval letter and CALL lender to verify Buyer’s qualifications.
124. Contact Buyer’s Agent and ask if Buyer is flexible on any of the items in the contract (if there is a potential issue).
125. Update the Seller’s “Net Sheet” based on offer(s).
126. Review offer(s) with Seller and explain strengths and weaknesses of each.
127. Provide any additional info to Seller if provided by Buyer (such as a personal letter, photo, personal circumstances).
128. Negotiate with Buyer/Buyer’s Agent on price, dates, terms or additional provisions, if necessary. (This could go back & forth several times).
129. Have Seller accept, reject or counter the offer(s).
130. Respond to Buyers/Buyers’ Agent(s) and notify them of the status of their offer(s).
131. Determine if Seller will accept backup offers or not.
132. Once offer is accepted and property is under contract, update the MLS status.
133. Act as Seller’s therapist, marriage counselor, psychologist, friend, confidant, and shoulder to cry on, when needed (STILL). ;-)
134. Provide all parties (Seller, Buyer, Buyer’s Agent, title company and lender) a copy of the fully executed contract.
135. Send disclosure docs to Buyer’s Agent for Buyer’s signature.
136. Ensure Buyer or Buyer’s Agent takes Earnest Money check to the title company within the specified time period per contract and obtain EM receipt.
137. Be available to answer Seller’s questions or concerns 24/7 (or at least from 7:00 am to 10:00 pm, 7 days a week).
138. Always promote the interests of Seller with the utmost good faith, loyalty and fidelity.

* If Buyer is not working with an agent, and contacted the Listing Agent directly, agent becomes a Transaction Broker, and now has to wear two hats and perform TWO jobs (including the 199 things a Buyer's Agent does).

139. Determine if Buyer has been pre-approved and verify that info with his/her lender.
140. Explain to Buyer the various ways in which an agent can work with a Buyer.
141. Provide Brokerage Disclosure to Buyer.
142. If Buyer’s offer is accepted, provide Buyer with a copy of executed contract and have Buyer sign disclosure documents.
143. Get Earnest Money check from Buyer and deliver it to title company.
144. Send fully executed contract and EM receipt to lender.

Title Work, HOA Docs, Due Diligence Docs

145. Obtain and review title documents from title company. Ensure there are no unusual liens, judgments or “clouds” on title.
146. Assist in solving any title problems such as boundary disputes, easements, liens, judgments, obtaining death certificate, etc.
147. Provide Seller’s loan payoff info to title company.
148. Provide HOA documents (if applicable) to Buyer/Buyer’s Agent such as bylaws, covenants, financial reports, etc.
149. Provide Due Diligence documents to Buyer/Buyer’s Agent such as survey, warranties, permits, receipts, etc.
150. Be available to answer any questions from Buyer/Buyer’s Agent about title, HOA, due diligence docs, etc. NOTE: If Buyer objects to any of these items, contract TERMINATES and Seller/Listing Agent has to start all over and find a new Buyer and start a new transaction from the beginning.

Inspection

151. Work with Seller, Buyer or Buyer’s Agent in scheduling an inspection.
152. Provide home inspector with info to access home (lockbox, garage door code, gate code).
153. Verify with Seller that inspector will be able to easily access the home’s crawl space, attic, sump pit, furnace, water heater, roof, etc.
154. Coordinate with Seller & Inspector on any Radon testing that is to occur.
155. Review Inspection Objection Notice, Radon test results, inspection report from Buyer/Buyer’s Agent and discuss with Seller.
156. Negotiate with Buyer/Buyer’s Agent on inspection items. (This could go back & forth several times). NOTE: If Buyer & Seller cannot come to an agreement, contract TERMINATES and Seller/Listing Agent has to start all over and find a new Buyer and start a new transaction from the beginning.

157. Provide an Inspection Resolution notice to Buyer/Buyer’s Agent detailing what the Seller is or isn’t willing to correct.
158. Provide fully executed Inspection Resolution or Amend/Extend to Buyer, Buyer’s Agent, title company and lender.
159. Recommend or assist Seller with identifying and negotiating with trustworthy contractors to perform any required repairs.
160. Order Home Warranty if Buyer requested one, and if not previously ordered.
161. Be available to answer Seller’s questions or concerns 24/7 (or at least from 7:00 am to 10:00 pm, 7 days a week).
162. Always promote the interests of Seller with the utmost good faith, loyalty and fidelity.
163. Act as Seller’s therapist, marriage counselor, psychologist, friend, confidant, and shoulder to cry on, when needed.

Appraisal

164. Work with lender on scheduling the appraisal.
165. Meet with appraiser at subject property with most recent comps and a list of all upgrades to the home.
166. Follow-Up with lender on appraisal results.
167. If applicable, explain Seller’s responsibilities with respect to VA & FHA appraisal requirements.
168. If appraisal comes in low, negotiate with Seller, Buyer/Buyer’s Agent on how this will be resolved. (This could go back & forth several times). NOTE: If Buyer & Seller cannot come to an agreement, contract TERMINATES and Seller/Listing Agent has to start all over and find a new Buyer and start a new transaction from the beginning.

169. If VA or FHA appraisal identifies items to be corrected, work with Seller to have these items corrected in a timely manner.
170. If Seller is unable to correct these issues, go out and do the work yourself. (I have been known to scrape & touch up peeling paint and make deck repairs per FHA requirements).
171. Once FHA/VA appraisal items are corrected, work with lender to get appraiser back out home to re-inspect for final approval.
172. Draft an Amend/Extend if necessary and obtain signatures from Buyer and Seller.
173. Submit fully executed Amend/Extend to Seller, Buyer, Buyer’s Agent, lender and title company.
174. Be available to answer Seller’s questions or concerns 24/7 (or at least from 7:00 am to 10:00 pm, 7 days a week).
175. Always promote the interests of Seller with the utmost good faith, loyalty and fidelity.

Final Loan Approval & Closing

176. Contact lender on a weekly basis to ensure loan processing is on track.
177. Contact Buyer/Buyer’s agent on a weekly basis to ensure Buyer is providing lender with necessary documents, if needed.
178. Provide lender with any necessary documents such as HOA insurance documentation, owner occupancy data, etc.
179. Update Seller on Buyer’s loan approval on a regular basis.
180. Ensure that Seller has completed the work required under the Inspection Resolution and provide receipts to Buyer/Buyer’s Agent. If Seller has NOT completed inspection repairs, find out why and make sure it gets completed prior to closing. Assist in finding a contractor (again) if necessary.
181. If loan approval is not obtained by loan approval deadline, find out why.
182. Create an Amend/Extend to push loan approval and closing date out, if necessary. (This could happen several times). NOTE: If Buyer cannot obtain loan approval, contract TERMINATES and Seller/Listing Agent has to start all over and find a new Buyer and start a new transaction from the beginning.

183. Act as Seller’s therapist, marriage counselor, friend, confidant, and overall shoulder to cry on (again).
184. Once final loan approval is obtained, ensure lender submits Buyer’s Closing Disclosure in a timely manner (under new TILA-RESPA guidelines).
185. Utility Transfer -- Remind Seller to contact utility companies to have service discontinued in their name effective on closing date. Remind Buyer/Buyer’s Agent to call utility companies to have service put into their name.
186. Review final Seller’s Settlement Statement and Closing Disclosures from title company.
187. Schedule a closing day & time with Seller, Buyer, Buyer’s Agent, lender and title company.
188. Coordinate with Seller, Buyer, and Buyer’s Agent the Buyer’s Final Walk-Thru prior to closing. Ensure the Buyer is satisfied with any inspection repair items made. If there are any outstanding issues, work with Seller, Buyer and Buyer’s agent to arrive at a mutually agreed upon resolution.
189. Confirm Seller & Buyer know when & where closing is to occur.
190. Possession -- Ensure that Seller will be able to give possession to Buyer at agreed upon possession date. If Seller cannot give possession to Buyer on Possession Date, help negotiate an alternative resolution. Do whatever it takes to help Seller get packed and moved, even though this isn’t necessarily your job.
191. Make sure all parties know to bring photo ID to closing.
192. Make sure Seller brings wire instructions in order to have Net Proceeds wired to their bank account.
193. Make sure Seller brings house keys, garage door openers, mail keys, etc. to closing. If keys or garage door remotes are not made available, work with Seller, Buyer, Buyer’s Agent to arrive at a mutually agreed upon resolution.
194. Provide Home Warranty documentation to Buyer at closing.
195. Coordinate this closing with Seller’s next purchase and resolve any timing problems (if applicable).
196. Attend closing with Seller, sign necessary documents and be available to answer questions.
197. Ensure title company provides copies of all signed closing documents to all parties.
198. Update MLS broker remarks pertaining to number of offers, any appraisal issues, etc. for the benefit of other agents or appraisers in the future.
199. Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.

For more information about Selling (or Buying) a home, please do not hesitate to contact me!

Sally Grenier
Broker Owner
Grenier Real Estate
303.475.4508 cell
sally@sallygrenier.com