When homeowners want to sell their home, they may look at what they see agents doing and think they can do it themselves. This may be true, but there’s a lot going on “behind the scenes” that you simply can’t know about unless you’ve sold a previous home or worked closely with a real estate agent on some aspect before. Even then, there is much more to selling a home than meets the eye. Below are details of the enormous role of an agent in selling a home.
Even before a home is listed on the market, the agent is working hard to make it a quick and worthwhile sale for the owner. Before the home is listed, the agent will: Research current properties on the market Look at sales activity taken from MLS and other sources that a private seller may not have available Tell the owner how long to wait get your home on the market, discuss property tax registration, create a comparable market analysis to allow the seller to see where your home fits on the market, verify ownership and deed type, as well as records publicly owned, do an appraisal of the home based on the curb appeal, explain the value of the public school, and then give homeowners a listing presentation. This presentation will review the listing contract with the owners and point out areas of interest in your home, as well as areas that will need improvements.
It is at the listing presentation that the agent will also bring the results of the comparable market analysis, review the condition of the market, provide their own credentials, discuss the details that will need to be put in place to sell the home, such as holding open houses, other miscellaneous advertising as well as other strategies. They will then explain the owner’s warranty and begin screening calls from potential buyers and other agents.
Once the property is actively trying to sell, the agent’s role and responsibilities become even greater. The agent will review the property title; Obtain a flat map, which will show the different divisions of a particular piece of land, speak to the seller for viewing instructions, request mortgage information, discuss HOA fees and bylaws, fill out and submit information about the owner’s warranty, list owner’s warranty information on MLS, and review utilities and obtain appropriate inspections. The agent will then proceed to obtain any information on a security system, termite bond status, and lead-based paint status, and prepare disclosure packets.
The agent will then prepare a list of the property’s amenities. For example, if the home has a pool, that would be included in the amenities, or if the home is a condominium in a gated community, there could be many amenities such as pools, community media rooms, and clubhouses, to name just a few. few. Along with the amenities, the agent will also prepare a list of what is included in the sale, such as kitchen appliances or a washer and dryer. They will then prepare a list of repairs for the seller that need to be done on the home and give the seller a vacancy checklist. The agent will then arrange for a lockbox to be placed on the property so that it can be shown to prospective buyers, and will assess the interior and exterior of the home and place a yard sign, advertising the home in sale.
If the home has rental units, such as a walkout basement, the agent has even more to do. In this case, the agent will prepare copies of the rental agreements and determine the rental costs, including utilities and deposits, and will speak with the current tenants to discuss the list and show the details.
Then comes the advertising, which is the part usually seen by homeowners who want to sell their home. This includes listing the property on MLS, giving the seller copies of the MLS agreement, taking photos of the property for MLS and general advertising purposes, determining showing hours and working with other agents and buyers to arrange appropriate hours, creating a property-related brochure, create and distribute flyers, compare property to other MLS listings, notify the Network Referral Program, create feature cards highlighting major points of interest in and around the property, and receive and answer emails and faxes.
Once offers for the property start coming in, the agent handles these contracts and provides information to the seller and buyer, or to the buyer’s agent. Once an offer is received, the seller’s agent will review the net sheet and offer advice on the offer. They will then provide the buyer with the seller disclosure sheet and obtain a prequalification letter from the buyer. They will work with the seller and the buyer on counter offers and modifications, and will deliver purchase offers. They will provide advice and support with escrow accounts and update the listing with a “sale pending” status.
They will also review credit reports and turn over any property information that has not yet been shown. If necessary, they will order inspections related to well flow, termites, and mold. They will work with any lender to confirm the loan agreement, buyer’s employment, and loan approval. They will then remove any loan contingencies from the purchase offer.
The agent will then work to coordinate inspections to be performed on the property. They will arrange for a home inspector to come and then review the report with the seller and buyer. They will also confirm that any repairs that are still needed have been made and meet with the appraiser, who will then come in for another inspection. They will provide both the buyer and seller with the appraiser’s report and then remove any contingencies in the offer related to home inspection and appraisal.
Once the home has been sold and all inspections are complete and financing is in place, the agent still has a few more things to do. They will make sure the contract is sealed and organize the closing procedures. They will do one last tour of the property to ensure it can be delivered to the new owners and the owner’s warranty is available. They will coordinate any final deposits that need to be made, update the MLS listing as “sold”. They will finish the details left in the paperwork and eventually hand over the keys to the property to the new owner.