Role of a REALTOR®

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REALTORS® are members of the National Association of REALTORS® and pledge to uphold the stringent, enforceable tenets of the REALTOR® Code of Ethics in their professional dealings with the public.

Seller(s)’ Representation

Pre-listing Activities

1. Contact property owner(s) and make an appointment with seller(s) for a listing presentation.
2. Send seller(s) confirmation of listing appointment and call to confirm.
3. Review pre-appointment questions.
4. Research appropriate sampling of currently listed comparable properties (i.e., appropriate by property type, price range, and location).
5. Research trends and sales activity for an appropriate period (past three to six months is recommended) from MLS and public records databases.
6. Research “average days on the market” for the property type, price range, and location.
7. Download and review property tax roll information.
8. Research property’s public record information for ownership and deed type.
9. Research property’s public record information for lot size and dimensions.
10. Research and verify legal description.
11. Research property’s land use coding and deed restrictions.
12. Research the property’s current use and zoning.
13. Ascertain the need for lead-based paint disclosure.
14. Prepare market analysis to establish broker opinion of value.
15. Prepare a listing-presentation package with the above materials.
16. Perform exterior “curb-appeal assessment” of the subject property.
17. Verify the public school zoning and discuss with the seller(s) the impact of school districts on market value determination.
18. Review the listing-appointment checklist to verify that all steps and actions have been completed.

Listing-appointment Presentation Activities

19. Review broker’s and company’s credentials and accomplishments in the market with seller(s).
20. Present the company’s profile and position of “niche” in the marketplace.
21. Give seller(s) an overview and projections of current market conditions.
22. Present market analysis results to the seller(s), including sold comparables, current listings, and expired.
23. Offer pricing strategy based on professional judgment and interpretation of current market conditions.
24. Discuss goals with seller(s) to market effectively.
25. Explain the marketing power and benefits of the MLS.
26. Explain the different marketing options and their effectiveness.
27. Explain the work the brokerage does “behind the scenes” and the broker’s availability on weekends.
28. Explain the brokerage’s role in taking calls to screen for qualified buyers and to protect seller(s) from curiosity seekers.
29. Present and discuss strategic master marketing plan.
30. Review results of curb-appeal assessment with seller(s) and provide suggestions to improve saleability.
31. Research and verify city sewer/septic tank systems. Verify when the property’s septic system was last pumped or inspected.
32. Well water: Confirm well status, depth, and output from the third-party well report.
33. Natural gas: Research/verify the availability of natural gas and the supplier’s name and phone number.
34. Verify the security system, current term of service, and determine if it’s owned or leased.
35. Verify if the seller(s) has a transferable termite bond – obtain a copy of the terms and conditions of the bond that may be available to buyer(s).
36. Discuss the home-warranty program with the homeowner.
37. Verify if the property has rental units involved.
38. Make copies of all leases for retention in the listing file.
39. Verify all rents and all deposits.
40. Assess interior décor and suggest changes.
41. Prepare a net sheet for the seller(s).
42. Review the accuracy of current title information with sellers. (If possible, obtain copies of the seller(s)’ deed, owner’s title insurance policy, and most-recent survey.)
43. Verify the names of owner(s) as they appear in the county’s public property records.
44. Verify with the seller(s) if there are any outstanding or expired construction permits or if any changes have been made to the property since the seller(s) purchased the property.
45. Obtain a copy of the current Title Insurance Policy.
46. Complete the listing contract and addenda (using the names of the seller(s) as they appear on the deed or title policy). Obtain the seller(s)’ signature(s) on the listing agreement and return a signed copy of the listing contract to the seller(s). (If the property is jointly owned, all owners should sign a listing agreement.)
47. Review with seller(s) the standard closing costs and pro-rations typical to the HUD statements.
48. Obtain the seller(s)’ permission to use a lock box.
49. Measure interior room sizes.
50. Confirm lot size via owner’s copy of the certified survey, if available.
51. Note any and all unrecorded property lines, agreements, and easements that are known to the seller if they are not otherwise noted.
52. Obtain house plans, if applicable and available.
53. Review house plans and make a copy.

Post-listing Activities

54. Compile and assemble formal files on the property.
55. Obtain a copy of the subdivision plat/complex layout.
56. Verify with the seller(s) if there are any outstanding or expired construction permits or if any changes have been made to the property since the seller(s) purchased the property.
57. Obtain a copy of the current title insurance policy.
58. Provide seller(s) with a copy of a blank sales contract to review in preparation of their receipt of an offer.
59. Inform tenants of the listing and discuss how showings will be handled.
60. Arrange for installation of yard sign.
61. Have the seller(s) complete the seller(s)’ disclosure form.

Listing Activities

62. Order plat map for retention in the property’s listing file.
63. Prepare the showing instructions for the buyer(s)’ broker and agree on the showing-time window with the seller(s).
64. Install an electronic lock box and program the lock box with agreed-upon showing-time windows.
65. Obtain current mortgage loan(s) information: companies and loan account numbers.
66. Verify current loan information with lender(s).
67. Identify the homeowner association manager, if applicable.
68. Verify homeowner association fees and pending or unpaid assessments with the homeowner association manager.
69. Research electricity availability and supplier’s name and phone number.
70. Prepare a detailed list of property amenities and assess market impact.
71. Prepare a detailed list of the property’s “inclusions and conveyances with the sale.”
72. Compile a list of completed repairs and maintenance items.
73. Explain the benefits of the homeowner warranty to the seller(s).
74. Assist sellers with the completion and submission of homeowner-warranty applications.
75. Place homeowner warranty in property file for conveyance at time of sale.
76. Make an extra key for the lockbox.
77. Place a copy of the seller(s)’ completed disclosure form in the property file.
78. Arrange for interior and exterior photos to be taken for MLS listing.
79. Arrange for the creation of a virtual tour if one will be used in marketing the property.
80. Complete a new-listing checklist.
81. Enter the listing into office records and/or create the listing file.

MLS-related Activities

82. Prepare an “MLS profile sheet.” (the listing broker is responsible for “quality control” and accuracy of listing data).
83. Enter property data from the profile sheet into the MLS listing database.
84. Proofread MLS database listing for accuracy, including proper placement in the mapping function.
85. Take additional photos of the property to upload into MLS and for use in flyers.
86. Provide seller(s) with a copy of the MLS profile sheet data form.
87. Add property to the company’s active listings list.

Marketing and Showing Activities

88. Create print and Internet ads with the seller(s)’ input and approval.
89. Provide “special feature” cards for marketing, if applicable.
90. Submit ads to the company’s participating Internet real estate sites
91. Reprint/supply brochures promptly as needed.
92. Create QR codes.
93. Prepare mailing and contact list.
94. Generate mail-merge letters to the contact list.
95. Order “just listed” labels and reports.
96. Prepare flyers.
97. Prepare a property marketing brochure for seller(s)’ review.
98. Order an appropriate quantity of marketing brochures or flyers.
99. E-mail marketing material to brokers and agents with marketing material.
100. Upload listing to company and broker’s Internet site, if applicable.
101. Mail out a “just listed” notice to all neighborhood residents.
102. Inform Network Referral Program of listing.
103. Coordinate showings with owners, tenants, and other REALTORS®. Return all calls promptly (weekends included).
104. Provide showing time comments and feedback to the seller(s) and recommend changes according to potential buyer comments.
105. Review comparable MLS listings and new trends regularly to verify property remains competitive in price, terms, conditions, and availability.
106. Provide marketing data to buyers coming through international relocation networks.
107. Provide marketing data to buyers coming from referral networks.
108. Convey price changes promptly to all Internet groups.
109. Request feedback from buyers’ brokers after showings.
110. Review weekly market study reports.
111. Discuss feedback from showing sales associates with seller(s) to determine if changes will accelerate the sale.
112. Call seller(s) weekly to discuss marketing and pricing.
113. Promptly enter price changes in the MLS listing database.

Offer and Contract Activities

114. Verify proper licensure of buyer’s broker and salesperson.
115. Obtain a signed and dated verification that the escrow deposit was delivered to the escrow agency.
116. Receive and review all offer-to-purchase contracts submitted by buyers or buyers’ brokers.
117. Evaluate offer(s) and prepare a “net sheet” on each offer, for the seller(s) to make comparisons.
118. Review offers with seller(s) and review the merits and weaknesses of each component of each offer.
119. Contact buyers’ broker to review buyer(s)’ qualifications and discuss the offer.
120. Provide seller(s)’ disclosure to the buyer(s)’ broker or buyer upon request (prior to offer if possible).
121. Confirm buyer(s) are pre-approved by contacting the lender.
122. Obtain a copy of the buyer(s)’ pre-approval letter from the lender.
123. Negotiate all offers and counteroffers on the seller(s)’ behalf.
124. Prepare and convey any counteroffers, acceptance, or amendments to the buyer(s)’ broker.
125. When an offer to purchase is accepted and signed by the seller(s) (“contract”), deliver the contract to the selling/buyer(s)’ broker or if none, to the buyer(s).
126. Verify contract is signed by all parties.
127. Provide copies of the contract and all addenda to the closing attorney and the title company.
128. Record and promptly deposit buyer(s)’ earnest money with the escrow agent.
129. Disseminate “under-contract showing restrictions” as the seller(s) requests.
130. Deliver copies of the signed contract to the seller(s).
131. Provide copies of the contract to the lender.
132. Inform seller(s) how to handle additional offers to purchase submitted between the effective date of the contract and closing.
133. Change status in MLS to “sale pending”.
134. Update the listing file to show “sale pending”.

Loan-process Activities

135. Contact the buyer(s)’ lender weekly to verify processing is on track.
136. Follow buyer(s)’ loan processing through to the underwriter.
137. Relay final approval of buyer(s)’ loan application to the seller(s).

Home-inspection Activities

138. Coordinate buyer(s)’ professional home and termite (WDO) inspections with seller(s).
139. If the property is vacant, arrange for power and water to be turned on.
140. Review the home inspector’s report and WDO report with the seller(s) and discuss issues and options, if needed.
141. Enter home inspection WDO inspection completion into the listing file.
142. Verify seller(s)’ compliance with the home inspection report and WDO report repair requirements.
143. Recommend or assist seller(s) with identifying trustworthy contractors to perform any required repairs.
144. Obtain copies of repair bills showing seller(s) has made required repairs.
145. Coordinate entry into the property and buyer’s review of completed repairs, if needed.

Appraisal Activities

146. Make arrangements for an appraiser to enter the property.
147. Follow-up on appraisal.
148. Enter appraisal completion into the listing file.
149. Discuss appraisal report with seller(s) and suggest options, if necessary.

Closing-preparation Activities

150. Distribute signed contracts to all involved parties (buyer, seller(s), title company, lender, seller(s)/buyer(s) broker, closing agent) and provide contact information as needed.
151. Coordinate closing process with buyer(s)’ broker and lender.
152. Update closing forms and files.
153. Confirm the location, date, and time where closing will be held and notify all parties.
154. Confirm with the closing agent that all title problems have been resolved.
155. Confirm that the seller has the proper Power of Attorney or trust documents, as required.
156. Work with buyer(s)’ broker in scheduling and conducting buyer(s)’ final walk-through prior to closing.
157. Confirm with the closing agent that all tax, HOA, utility, and other applicable pro-rations have been resolved.
158. Request final closing figures from the closing agent.
159. Review closing figures on HUD statements with seller(s) to verify the accuracy of preparation.
160. Forward verified closing figures to the buyer(s)’ broker and confirm buyer(s)’ broker has received and reviewed closing figures.
161. Confirm buyer(s) and Buyer(s)’ broker has received the title insurance commitment.
162. Provide homeowners warranty for availability at closing.
163. Recommend a courtesy closing agent for the absentee seller(s), as needed.
164. Review closing documents with seller(s) and their counsel.
165. Provide earnest money deposit check from escrow account to closing agent. If the closing agent is holding escrow funds make sure it appears on the final HUD.
166. Coordinate this closing with the seller(s)’ next purchase and resolve any timing problems, if applicable.
167. Confirm seller(s)’ net proceeds check at closing.

After-closing Activities

168. Provide REALTOR® referral information for seller(s)’ relocation destination, if applicable.
169. Change MLS status to “sold.” Enter the sale date, price, selling broker, and listing broker’s ID numbers, etc.
170. Close out listing in company files.
171. Follow up with seller(s).

Buyers(s)’ Representation

Buyer(s)-presentation Activities

172. Respond to prospective buyer(s) inquiries.
173. Interview the buyer(s) prospect and obtain the buyer(s) personal information and explain the home buying process.
174. Determine if REALTOR® has a conflicting brokerage relationship or other conflict of interest with the buyer(s).
175. Discuss the pre-approval financial process with the buyer(s).
176. Suggest at least three mortgage lenders assist buyer(s) in becoming pre-approved.
177. Determine through discovery the buyer(s)’ preferences in a home as well as the location, price, size, type of home, special needs, ADA accommodations, etc.

Pre-contract Activities

178. Obtain and review the pre-approval letter from the lender.
179. Search the MLS for properties that meet the buyer(s)’ criteria.
180. Make appointments with the seller(s) or seller(s)’ listing broker to show the properties selected by the buyer(s).
181. Show the buyer(s) their selected properties.

Offer and Contract Activities

182. Obtain a “good faith estimate” from the buyer(s)’ lender for the target purchase price and review with the buyer(s).
183. Meet with the buyer(s) to preview the offer, contract form, addenda, and miscellaneous forms.
184. Complete offer to purchase and all addenda.
185. Provide seller(s)’ disclosure forms to the buyer(s).
186. Submit the offer to purchase signed by the buyer(s) to the seller(s)’ broker.
187. Provide credit report information to the seller(s) if the property will be seller-financed.
188. Provide buyer(s) a copy of all forms used in making the offer.
189. Negotiate all offers on the buyer(s)’ behalf.
190. Prepare and convey any counteroffers, acceptance, or amendments to the seller(s)’ broker.
191. Verify final offer is signed by all parties (“contract”), and that all necessary documents are attached.
192. Deliver a fully signed and initialed contract to the buyer.
193. Distribute signed contracts to all involved parties (buyer(s), seller(s), title company, lender, seller(s)/buyer(s) broker, and closing agent) and provide contact information as needed.
194. Record and promptly deposit buyer(s)’ earnest money in the escrow account or deliver to the closing agent and obtain a receipt.
195. Provide receipt of escrow deposit to seller(s)’ broker.
196. Place copies of the signed contract in the office file.
197. Inform buyer(s) of additional offers to purchase that are submitted between the effective date of the contract and closing.
198. Update the listing file to show “sale pending.”

Home and Termite Inspection Activities

199. Provide buyer(s) with at least three home inspection companies and three WDO inspection companies from which to select.
200. Coordinate buyer(s)’ professional home and WDO inspection with seller(s)’ broker
201. Review home and WDO inspection reports with the buyer.
202. Enter the completion of the home and WDO inspection reports into the listing file.
203. Order septic system, well, or mold inspections, if applicable.
204. Receive and review septic system, well, or mold reports with the buyer(s) and note any possible impact on the sale.
205. Provide a copy of the septic system, well, and mold inspection reports, if any, to the lender and seller(s).
206. Verify seller(s)’ compliance with all inspection repair requirements.

Tracking the Loan-process Activities

207. Coordinate with the lender on discount points being locked in with dates.
208. Confirm verifications of deposit and buyer(s)’ employment have been returned.
209. Contact the lender weekly to verify processing is on track.
210. Follow loan processing through to the underwriter.
211. Relay final approval of buyer(s)’ loan application to the seller(s).

Appraisal Activities

212. Schedule appraisal with seller(s) or seller(s)’ broker.
213. Inform buyer(s) of options if the appraisal report is different than the contract/purchase price.
214. Provide comparable sales used in market pricing to appraiser.
215. Follow-up on appraisal until completed.
216. Enter completion into the listing file.

Closing-preparation Activities

217. Coordinate closing process with seller(s)’ broker, lender, and closing agent.
218. Update closing forms and files.
219. Verify all parties have all forms and information needed to close the sale.
220. Assist in obtaining power of attorney or trust documents, as required.
221. Work with seller(s)’ broker in scheduling and conducting buyer(s)’ final walk-through prior to closing.
222. Confirm buyer(s) has received title insurance commitment.
223. Confirm the location, date, and time where closing will be held and notify all parties.
224. Confirm with the closing agent that all tax, HOA, utility, and other applicable pro-rations have been resolved.
225. Request final closing figures from the closing agent.
226. Review and verify closing figures on HUD statements with the buyer(s).
227. Forward verified closing figures to the seller(s)’ broker and confirm seller(s)’ broker has received and reviewed closing figures.
228. Verify that the seller(s)’ broker has provided a homeowners warranty, if purchased, at closing.
229. Forward closing documents to the absentee buyer(s) as requested, if applicable.
230. Provide earnest money deposit check from escrow account to closing agent. If the closing agent is holding escrow funds make sure it appears on the final HUD.
231. Confirm that collected funds from buyer(s) are available for closing.
232. Explain filing for homestead exemption.
233. Verify transfer of all keys (house, mailbox, and HOA/community), garage door openers, HOA/security/gate access codes, pool equipment, and appliance manuals.
234. Close out listing.

After-closing Activities

235. Assist with filing claims with the homeowner’s warranty company, if requested.
236. Respond to any follow-up calls and provide any additional information required from office files.
237. Follow up with buyer(s).

In addition to the above activities/services which may be performed by a REALTOR® during a real estate transaction, today’s real estate market requires REALTORS® to offer additional assistance when the transaction involves short sales, foreclosures, or bank-owned properties.

Also, during the marketing process, homeowners may be in need of property-management services which REALTORS® also perform. Whether you are buying, selling, or in need of a property manager, we encourage you to discuss with your REALTOR® in detail what additional services may be necessary for you to accomplish your objective.