The Magic Behind the Scenes of Trading in Real Estate

Posted by Jeanine B. Osborne on Tuesday, June 23rd, 2015 at 6:26pm.

 “By all accounts, 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.” said Pat Vredevoogd-Combs, past president of the National Association of REALTORS, as she testified before the House Financial Services Committee on Housing to blunt government complaints about industry pricing.

Pat submitted a list of 184 things that listing agents do in every real estate transaction to get the job done. I thought this was awesome, a complete audit of a Real Estate Agent.  I wanted to know how it stacked up to my own systems in place and so I audited my standard operating procedure manual for trading real estate in Edmonton, Alberta.

How much did I do behind the scenes? ...The magical part of real estate...

Pre-Listing Activities
1. Make appointment with seller for listing presentation.
2. Send a written or e-mail confirmation of appointment and call to confirm.
3. Review appointment questions.
4. Research all comparable currently listed properties.
5. Research sales activity for past 18 months from Edmonton MLS and public databases.
6. Research “average days on market” for properties similar in type, price and location.
7. Download and review City of Edmonton property tax roll information.
8. Prepare “comparable market analysis” (CMA) to establish market value.
9. Research property’s ownership and deed type.
10. Research property’s public record information for lot size and dimensions.
11. Verify legal description.
12. Research property’s land use coding and deed restrictions.
13. Research property’s current use and zoning.
14. Verify legal names of owner(s) in Alberta Registries.
15. Prepare listing presentation package with above materials.
16. Compile and assemble formal file on property.
17. Review listing appointment checklist to ensure completion of all tasks.

Listing Appointment Presentation
18. Give seller an overview of current market conditions in the Edmonton area.
19. Submit my profile and Remax Real Estate credentials and accomplishments.
20. Present Remax Real Estates’ profile and #1 placement in the Edmonton market.
21. Present CMA results, including comparables, solds, current listings and expireds.
22. Offer professional pricing strategies based on the needs of the Edmonton seller and time frame preferences.
23. Explain market power and benefits of the Edmonton Real Estate Boards’ Multiple Listing Service.
24. Explain market power of Web marketing, IDX and REALTOR.com.
25. Explain REALTORS role in screening qualified buyers.
26. Present and discuss my Pro-Active Approach Marketing Plan.
27. Explain Agency Relationships and establish written approval.
28. Review all clauses in listing contract and obtain written approval.

After Listing Agreement is Signed
29. Review current title information.
30. Confirm lot size via City of Edmonton Public records.
31. Note any and all unrecorded property lines, agreements, easements.
32. Obtain house plans, if applicable and available.
33. Review house plans, make copy.
34. Prepare showing instructions for agents and agree on showing time with seller.
35. Review current appraisal if available.
36. Identify Condo or Home Owner Association manager if applicable.
37. Verify Condo or Home Owner Association fees, if applicable.
38. Order copy of Condo or Home Owner Association bylaws, if applicable.
39. Research electricity availability and supplier’s name and phone number.
40. Research/verify natural gas availability, supplier’s name and phone number.
41. Verify security system, term of service and whether owned or leased.
42. Ascertain need for material latent defect disclosure.
43. Prepare detailed list of property’s “Inclusions & Conveyances with Sale.”
44. Send “Vacancy Checklist” to seller if property is vacant.
45. Explain benefits of Home Owner Warranty to seller.
46. Assist sellers with completion and submission of Home Owner Warranty application.
47. When received, place Warranty in property file for conveyance at time of sale.
48. Verify if property has rental units involved. And if so:
49. Make copies of all leases for retention in listing file.
50. Verify all rents and deposits.
51. Inform tenants of listing and discuss how showings will be handled.
52. Arrange for yard sign installation.
53. Complete “new listing checklist.”
54. Review with seller and suggest improvements for salability.
55. Review Interior Decor Assessment and suggest changes to shorten time on market.

Entering Property in MLS Database
56. Prepare MLS Profile Sheet–I am responsible for QC and accuracy of listing data.
57. Enter property data from Profile Sheet into MLS listing database.
58. Proofread MLS database listing for accuracy, including property placement in mapping function.
59. Add property to Remax Real Estates’ Active Listings.
60. Provide seller with signed copies of Listing Agreement and MLS report.
61. Take more photos for upload into MLS and use in flyers.

Marketing the Listing
62. Create print and Internet ads with seller’s input.
63. Coordinate showings with owners, tenants and other agents. Return all calls–weekends included.
64. Install electronic lockbox. Program with agreed-upon showing time windows.
65. Place New Listing directional signage around home.
66. Prepare mailing and contact list.
67. Order “Just Listed” postcards.
68. Prepare postcards for Canada Post Admail campaign.
69. Delivery of Admail campaign to Canada Post facility.
70. Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability.
71. Prepare property marketing brochure.
72. Arrange for printing or copying of supply of marketing brochures or flyers.
73. Place marketing brochures in all Remax Real Estate agent mailboxes.
74. Upload listing to Remax Real Estate, Purrfect-Properties.com, EdmontonRealEstateSells.com and Realtor.com Internet sites.
75. Mail “Just Listed” notice to all neighborhood residents.
76. Provide marketing data to buyers from international relocation networks.
77. Provide marketing data to buyers coming from referral network.
78. Submit ads to Remax participating Internet real estate sites.
79. Convey price changes promptly to all Internet groups.
80. Reprint/supply brochures promptly as needed.
81. Send feedback requests to agents after showings.
82. Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.
83. Promptly enter price changes in MLS listings database.

The Offer and the Contract
84. Receive and review all Offer to Purchase contracts submitted for consideration.
85. Evaluate offer(s) and prepare “net sheet” on each for owner to compare.
86. Counsel seller on offers. Explain merits and weakness of every offer.
87. Contact buyers’ agents to review buyer’s qualifications and discuss offer.
88. Fax/deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible.
89. Request pre-qualification letter on buyer, if applicable.
90. Negotiate all offers on seller’s behalf, settling time limit for due diligence and closing date.
91. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.
92. Communicate copies of contract and all addendums to closing attorney.
93. Communicate final acceptance under correct protocol.
94. Record and promptly deliver buyer’s deposit money into trust account.
95. Deliver copies of fully signed Offer to Purchase contract to sellers.
96. Fax copies of Offer to Purchase contract to lender.
97. Provide copies of signed Offer to Purchase contract for office file.
98. Advise seller in handling additional offers to purchase submitted between contract and closing.
99. Change MLS status to “Sale Pending.”
100. Update transaction management program to show “Sale Pending.”
101. Assist buyer with obtaining financing and follow up as necessary.
102. Deliver unrecorded property information to buyer.
103. Verify mold inspection ordered, if required.

The Loan Process
104. Request and receive written loan approval from financer.

Home Inspection
105. Coordinate buyer’s professional home inspection with seller.
106. Review home inspector’s report.
107. Enter completion into transaction management tracking software program.
108. Ensure seller’s compliance with home inspection clause requirements.
109. Assist seller with identifying and negotiating with trustworthy contractors for required repairs.
110. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.

The Appraisal
111. Coordinate appraisal with Seller.
112. Follow up on appraisal.
113. Enter completion into transaction management program.
114. Assist seller in questioning appraisal report if it seems too low.

Closing Preparations and Duties
115. Make sure contract is signed by all parties.
116. Coordinate closing process with buyer’s agent.
117. Update closing forms and files.
118. Ensure all parties have all forms and information needed to close the sale.
119. Review title insurance from First Canadian Title with Buyer.
120. Coordinate closing with seller’s next purchase, resolving timing issues.
121. Refer sellers to one of the best agents at their destination, if applicable.
121. Coordinate key release meeting.
122. Change MLS status to Sold. Data Entry of all information.

Follow Up After Closing
123. Attempt to clarify and resolve any repair conflicts if buyer is dissatisfied.
123. Follow up regarding transitional items, like mail.
124. Respond to any follow-up calls and provide any additional information required from office files.

My list came up with 124.  The 124 items, that I do, acting as your Remax Real Estate Agent and done for every purchase or sale of a home in Edmonton, for you the buyer or you, the Seller.  Our Edmonton real estate market moves quickly and is always changing. There is only a 1% vacancy rate in Edmonton. This industry is almost always awake. Quick solutions for an Edmonton Home Buyer or Seller are available, and the solution is the Experience, Comprehension, Clarity and Efficiency that REALTORS, bring to your transaction.

Now that’s the Cats Meow in Real Estate.

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6 Responses to "The Magic Behind the Scenes of Trading in Real Estate"

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