184 Ways Realtors Are Worth Every Penny of Their Commission

1. Make an appointment with the seller for the listing presentation

2. Send the seller a written or e-mail confirmation of the listing appointment and call to confirm 

3. Review pre-appointment questions

4. Research all comparable currently listed properties

5. Research sales activity for the past 18 months from MLS and public records databases

6. Research Average Days on the 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 a copy of the subdivision plat/complex lay-out

10. Research property’s ownership and deed type

11. Research the 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 the property’s current use and zoning

15. Verify legal names of owner(s) in county’s public property records

16. Prepare a listing presentation package with the above materials

17. Perform exterior Curb Appeal Assessment of the subject property

18. Compile a formal file on the property

19. Confirm current public schools and explain the impact of schools on market value

20. Review the listing appointment checklist to ensure all steps and actions are completed

21. Give the seller an overview of current market conditions and projections

22. Review agent’s and company’s credentials and accomplishments in the market

23. Present the company’s profile and position or niche in the marketplace

24. Present CMA to the seller, including comparable properties, sold properties, current listings, and expired listings

25. Offer pricing strategy based on professional judgment and current market conditions

26. Discuss goals with the seller to market effectively

27. Explain the market power and benefits of Multiple Listing Service

28. Explain the market power of web marketing, IDX, and REALTOR.com

29. Explain the work you do behind the scenes and your availability on weekends

30. Explain the role in screening for qualified buyers and protecting sellers from curiosity seekers

31. Present and discuss the strategic master marketing plan

32. Explain the transaction brokerage relationship

33. Review and explain all clauses in the listing contract and addendum, then obtain the seller’s signature once the property is under the 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 the certified survey, if available

38. Note all unrecorded property lines, agreements, easements

39. Obtain house plans, if applicable and available

40. Review house plans and make a copy

41. Order plat map for retention in property’s listing file

42. Prepare to show instructions for buyers’ agents and showing times with the seller

43. Obtain current mortgage loan(s) information: companies & loan account numbers

44. Verify current loan information with lender(s)

45. Check assumability of loan(s) and any special requirements

46. Discuss possible buyer financing alternatives and options with the seller

47. Review current appraisal if available

48. Identify the Homeowner Association manager if applicable

49. Verify Homeowner Association Fees with the manager—mandatory or optional, plus fees

50. Order copy of Homeowner Association bylaws, if applicable

51. Research electricity availability, supplier’s name, and phone number

52. Calculate average utility usage from the last 12 months of bills

53. Research and verify city sewer/septic tank system

54. Calculate average water fees or rates from the last 12 months of bills

55. Confirm well status, depth, and output from Well Report

56. Natural Gas: Research/verify availability, supplier’s name, and phone number

57. Verify security system, current terms of service, and whether owned or leased

58. Verify if the seller has transferable Termite Bond

59. Ascertain need for lead-based paint disclosure

60. Prepare a detailed list of property amenities and assess market impact

61. Prepare a detailed list of the property’s inclusions and conveyances with the sale

62. Compile a list of completed repairs and maintenance items

63. Send vacancy checklist to seller if the property is vacant

64. Explain the benefits of Homeowner Warranty to the seller

65. Assist sellers with the completion and submission of the Homeowner Warranty Application

66. Place Homeowner Warranty in the property file for conveyance at the time of sale

67. Have an extra key made for the lockbox

68. Verify if the property has rental units involved.

69. If the property does have rental units, make copies of all leases for retention in the listing file

70. Verify all rents and deposits

71. Inform tenants of the listing and discuss how showings will be handled

72. Arrange for the installation of yard sign

73. Assist seller with completion of Seller’s Disclosure form

74. Complete the new listing checklist

75. Review curb appeal assessment and provide suggestions to improve salability

76. Review interior decor assessment and suggest changes to shorten time on the market

77. Load listing into transaction management software program

78. Prepare MLS Profile Sheet

79. Enter property data from the Profile Sheet into the MLS Listing Database

80. Proofread MLS database listing for accuracy— including proper placement on the map

81. Add property to the company’s active listings list

82. Provide seller copies of the listing agreement and MLS Profile Sheet within 48 hours

83. Take additional photos for upload into MLS and use in fliers

84. Create print and internet ads with the seller’s input

85. Coordinate showings with owners, tenants, and other REALTORS®. Return all calls

86. Install an electronic lock box if authorized. The program agreed to show times

87. Prepare mailing and contact list

88. Generate mail-merge letters to contact list

89. Order Just Listed labels and reports

90. Prepare fliers and feedback reports

91. Review comparable MLS listings regularly to ensure the property remains competitive

92. Prepare a property marketing brochure for the seller’s review

93. Arrange for printing or copying of marketing brochures or fliers

94. Place marketing brochures in all company agent mailboxes

95. Upload listing to company and agent Internet site, if applicable

96. Mail Out Just Listed notice to all neighborhood residents

97. Advise network referral program of listing

98. Provide marketing data through international relocation network buyers

99. Provide marketing data to buyers coming from referral network

100. Provide Special Feature cards for marketing, if applicable

101. Submit ads to the company’s participating Internet real estate sites

102. Price changes conveyed promptly to all Internet groups

103. Reprint/supply brochures promptly as needed

104. Loan information reviewed and updated in MLS as required

105. Feedback e-mails sent to buyers’ agents after showings

106. Review of weekly market study

107. Discuss with sellers any feedback from showings to determine if changes are needed

108. Place regular weekly update calls to the seller to discuss marketing and pricing

109. Promptly enter price changes in the MLS listing database

110. Receive and review all Offer to Purchase contracts submitted by buyers' agents.

111. Evaluate offer(s) and prepare a net sheet for the owner for comparison purposes

112. Explain the merits and weaknesses of each offer to sellers

113. Contact buyers’ agents to review buyer’s qualifications and discuss the offer

114. Deliver Seller’s Disclosure to the buyer upon request and before the offer if possible

115. Confirm buyer is pre-qualified by calling the loan officer

116. Obtain buyers’ pre-qualification letter from loan officer

117. Negotiate all offers on the seller’s behalf, set a time limit for loan approval and closing

118. Prepare and convey counteroffers, acceptance, or amendments to the buyer’s agent

119. Email or send copies of the contract and all addendums to the closing attorney or title company

120. When the Offer to Purchase the contract is accepted, deliver it to the buyer’s agent

121. Record and promptly deposit the buyer’s earnest money in an escrow account

122. Disseminate under-contract showing restrictions as the seller requests

123. Deliver copies of the fully signed Offer to Purchase contract to the seller

124. Deliver copies of the Offer to Purchase contract to the selling agent

125. Deliver copies of the Offer to Purchase contract to lender

126. Provide copies of the signed Offer to Purchase contract for office file

127. Advise seller of additional offers submitted between contract and closing

128. Change status in MLS to Sale Pending

129. Update transaction management program show Sale Pending

130. Review the buyer’s credit report. Advise seller of worst- and best-case scenarios

131. Provide credit report information to the seller if the property will be seller-financed

132. Assist buyer with obtaining financing, if applicable, and follow up as necessary

133. Coordinate with lender on discount points being locked in with dates

134. Deliver unrecorded property information to the buyer

135. Order septic system inspection, if applicable

136. Receive and review the septic system report, and assess any possible impact on the sale

137. Deliver a copy of the septic system inspection report lender and buyer

138. Deliver Well Flow Test Report copies to lender and buyer, and property listing file

139. Verify termite inspection ordered

140. Verify mold inspection ordered if required

141. Confirm verifications of deposit and buyer’s employment have been returned

142. Follow loan processing through to the underwriter

143. Add lenders and other vendors to your management program so agents, buyers, and sellers can track the progress of the sale

144. Contact lender weekly to ensure processing is on track

145. Relay final approval of buyer’s loan application to seller

146. Coordinate with seller for buyer’s professional home inspection

147. Review the home inspector’s report

148. Enter completion into the transaction management tracking program

149. Explain the seller’s responsibilities, and recommend an attorney interpret any clauses in the contract

150. Ensure seller’s compliance with Home Inspection Clause requirements

151. Assist seller with identifying contractors to perform any required repairs

152. Negotiate payment, and oversee all required repairs on the seller’s behalf, if needed

153. Schedule appraisal

154. Provide to the appraiser any comparable sales used in market pricing

155. Follow-up on appraisal

156. Enter completion into a transaction management program

157. Assist seller in questioning appraisal report if it seems too low

158. Get the contract signed by all parties

159. Coordinate closing process with buyer’s agent and lender

160. Update closing forms and files

161. Ensure all parties have all forms and information needed to close the sale

162. Select the location where closing will be held

163. Confirm closing date and time, and notify all parties

164. Assist in solving any title problems or in obtaining death certificates

165. Work with the buyer’s agent in scheduling the buyer’s final walk-thru before closing

166. Research all tax, homeowners’ association dues, utility, and applicable prorations

167. Request final closing figures from the closing agent (attorney or title company)

168. Receive and carefully review closing figures to ensure the accuracy of preparation

169. Forward verified closing figures to the buyer’s agent

170. Request copy of closing documents from closing agent

171. Confirm buyer and buyer’s agent have received the title insurance commitment

172. Provide homeowners warranty for availability at closing

173. Review all closing documents carefully for errors

174. Forward closing documents to absentee seller as requested

175. Review documents with closing agent (attorney)

176. Provide earnest money deposit check from escrow account to closing agent

177. Coordinate closing with the seller’s next purchase, and resolve any timing problems

178. Have a no-surprises closing so the seller receives a net-proceeds check at closing

179. Refer sellers to one of the best agents at their destination, if applicable

180. Change MLS status to Sold. Enter the sale date, price, selling broker, etc.

181. Close out listing in your management program

182. Provide answers about filing claims with the homeowner warranty company if requested

183. Attempt to clarify and resolve any conflicts about repairs if the buyer is not satisfied

184. Respond to any calls and provide any information required from office files

Print this out and use it in your listing presentation to show prospective sellers all that you do to earn your commission.

Reprinted with permission of the National Association of Realtors®