Surveys show that many home owners and home Buyers are not aware of the true value they receive in the services a REALTOR® provides during the course of a real estate transaction.

The REALTOR® Commitment

A REALTORS® personal and professional commitment is to ensure that a Seller and Buyer are brought together in an agreement that provides each of them a "Win" that is fair and equitable. Some brokerages offer "Limited services" in exchange for an upfront flat fee or offer a menu of "a la carte" services.

The age - old market adage rings true, "you get what you pay for"

REALTORS® have taken an oath to subscribe to a stringent, enforceable Code of Ethics with Standards of Practice that promote fair, ethical and honest treatment of all parties in a real estate transaction.

The REALTORS® Role

There are nearly 200 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are provided by full services brokerages in return for their sales commission.

The following lists are quite comprehensive and because every transaction is unique, not every action listed may necessarily apply to your particular transaction.

Pre-Listing Activities

  • Make appointment with Seller for listing consultation
  • Review pre appointment questions
  • Research all comparable currently listed properties
  • Research sales activity for the past 12 months from MLS® system and public records
  • Research average days on market for the property of this type, price range and location
  • Download and review property tax information
  • Prepare CMA - Comparable Market Analysis
  • Help establish fair market value
  • Establish fair market value
  • Obtain copy of subdivision or complex layout as required
  • Research property ownership
  • Research property's Real Property Report (required) for lot size and dimensions
  • Pull title and verify home owner(s) and legal name(s)
  • Research property's land restrictions
  • Research property's current use and zoning
  • Prepare listing consultation package
  • Perform exterior "Curb Appeal Assessment"
  • Confirm public and private schools and explain the impact of schools on market value
  • Review listings appointment checklist to ensure all steps and actions have been completed

 

Listing Appointment Consultation

  • Give Seller an overview of current market conditions and projections
  • Review REALTORS® and company credentials and accomplishments in the marketplace
  • Present CMA results to Seller, including current active, sold, pending, terminated and expired comparable properties
  • Offer pricing strategy based on professional judgment and interpretation of current market conditions
  • Discuss Sellers goals and expectations
  • Explain marketing plan and Multiple Listing Service® (MLS® system)
  • Explain the work the brokerage and REALTOR® do "behind the scenes" and REALTORS® availability on weekends
  • Explain REALTORS® role in taking calls on the property, screening potential Buyers and protecting the Seller from curiosity seekers
  • Explain different agency relationships and determine Sellers preference
  • Review and explain clauses in the Seller Brokerage Agreement

 

Once the Property is Listed For Sale

  • Review current title information
  • Accurately measure the property
  • Measure interior room sizes
  • Confirm lot size and dimensions via Real Property Report (RPR)
  • Note and disclose and encumbrances on title
  • Obtain and review house plans, if applicable and available
  • Prepare showing instructions for Buyers and Buyers REALTORS® along with a showing plan with the Seller
  • Verify current amounts of loans and mortgages registered against the property
  • Determine if outstanding loans and mortgages are assumable and under what terms
  • Discuss possible Buyer financing alternatives and options with the Seller
  • Review current appraisal, if applicable
  • Verify Home Owner Association fees and order documents, if applicable
  • Order condo documents, if applicable
  • Research sewer/septic, water systems, wells, electricity and gas availability, etc and any associated fees
  • Verify security system, current term of service and whether owned or leased
  • Ascertain the need for disclosure of items such as lead paint or asbestos (material latent defects)
  • Prepare a detailed list of the properties features and amenities along with a list of inclusions
  • Place a lockbox with key inside on the property
  • Verify any rental information that pertains to the property such as rents, deposits, terms, etc
  • Arrange for the installation of a yard sign
  • Review the property and with the Seller make recommendations to help improve the salability
  • Accurately enter the property onto the MLS® system
  • Provide Seller with signed copies of the Seller Brokerage Agreement
  • Take additional photos for upload onto the MLS® system and marketing 

 

 Marketing the Listing

  • Create print and internet ads
  • Coordinate showings with owners, tenants and other REALTORS®
  • Return calls (weekends and evening included)
  • Install lockbox with Seller authorization
  • Prepare and mail print advertising such as "Just Listed" cards
  • Review comparable MLS® system listings regularly to ensure the property remains competitive in price, terms, conditions and availability
  • Prepare and deliver marketing brochure to property
  • Provide "Special Feature" cards for marketing, if applicable
  • Reprint and supply brochures promptly as required
  • Submit ads to brokerage internet site
  • Obtain and discuss feedback with the Seller, determine if changes will accelerate the dale

 

The Offer and Contract

  • Receive and review all Offers to Purchase contracts submitted by Buyers or Buyers REALTORS®
  • Counsel Seller on offers, explain merits and weakness of each component of each offer
  • Contact Buyers REALTOR® to review Buyers qualifications and discuss offer
  • Confirm the Buyer is preapproved
  • Negotiate all offers on Sellers behalf
  • Prepare and convey any counter offers, acceptance or amendments to Buyers REALTOR®
  • Listing brokerage conveys all executed documents to the lawyers
  • Listing brokerage records and promptly deposits cheque into trust account
  • Disseminate "Conditionally Sold Showing Restrictions" as Seller requests
  • Deliver copies of fully signed Offer to Purchase contract to the Seller
  • Convey documents to the mortgage broker or lender
  • Advise the Seller in handling any additional offers to purchase that may be submitted between the house going conditionally sold and firm sale
  • Change status on MLS® system to "Pending"
  • Provide Seller with Buyers credit report information if the property will be Seller financed
  • Coordinate inspections such as home inspections, septic inspections, water well testing, environmental reports, etc., as required
  • Schedule appraisal and provide comparable sales if requested and if applicable
  • Track the transaction through its conditional phase and assist as necessary
  • Complete waiver of conditions and convey, if applicable
  • Review and interpret all clauses in the contract
  • Closing preparations and duties
  • Ensure the contract is signed and conveyed to all parties, lenders, brokerages and lawyers
  • Coordinate closing with the Buyers REALTOR®
  • Work with the Buyers REALTOR® in scheduling and conducting Buyers final walkthrough, if applicable
  • Coordinate the closing with Sellers next purchase and resolve ant timing problems
  • Refer Sellers to a professional REALTOR® at the Sellers destination should they be transferring
  • Change the listing status on the MLS® system to "Sold"

 

 Follow up After Closing

  • Attempt to clarify and resolve and conflicts that may arise
  • Respond to any follow up calls and provide and additional information required

There are over five thousand REALTORS® in Calgary and surrounding communities in business today. If you are searching for that REALTOR® with the competitive edge, look no further than a MaxWell Capital REALTOR®.

 

This information is meant as a guide. Although deemed reliable, information may not be accurate.

Please consult a MaxWell Capital REALTOR® for more information.

 

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