The Value of a Real Estate Agent

What does a Real Estate Agent do? Why is it important to invest in a strong Agent?

Below is an overview of the services I provide operating as either a Seller's Agent or a Buyer's Agent. Hint, it isn't just fluffing pillows. :)

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The Responsibilities and Duties of a Buyer's Agent

Understanding The Market

01 Research and review current and recent past market inventory.

02 Monitor the market and listing activity on a daily basis for new listings and updates on already listed properties.

03 Check Compass Coming Soon and Private Exclusive listings to see new-to-market listings exclusive to Compass.

04 Participate in office Sales Meetings and network with other agents to understand more about properties coming to market soon.

05 Participate in broker tours to preview properties and network with community agents.

06 Attend public open houses to understand on-market inventory and the activity at the open houses.

Preparing to Buy

07 Establish a communication plan that suits the buyers preferences.

08 Share market trends and data with client so they understand the current state of the market.

09 Understand financial goals and timeline.

10 Learn goals, needs and preferences on home attributes, locations, schools, etc.

11 Share insight on pricing and availability of preferences in the current market.

12 Suggest pre-approval for a mortgage/lender, if needed.

13 Collect lender commitment or pre-approval letter.

14 Walk client through sample purchase agreement and outline process.

15 Gather client signature on any required agency engagement forms.

Refining Home Search

16 Search listings that match client preferences.

17 Set up a Collection of property listings so client has an auto-update of all new and relevant listings.

18 Gather client feedback on listings.

19 Revisit budget or search criteria, if necessary.

20 Curate search and initial showing list.

21 Share updated listings with client as they become available.

22 Monitor relevant listings for changes in price and status.

23 Review client notes on properties in the Collection and understand which homes to remove from consideration.

Viewing Properties

24 Understand the client’s availability for seeing homes.

25 Coordinate showings with the client and listing agent.

26 Obtain showing information about the property, including how to access the property.

27 Create and share tour sheets with itinerary and listing information with the client and all showing attendees.

28 Tour listings with client.

29 Understand and accommodate unique client needs for tours.

30 Capture client’s feedback about each property visited.

31 Share the client’s feedback with listing agent.

32 Send client a tour recap email.

33 Contact the listing agent for more information on disclosures and timelines.

34 Understand if the client wants to submit an offer on a home.

35 Repeat these steps until client is ready to make an offer.

Preparing & Presenting an Offer

36 Provide insight to the client as they consider an offer decision.

37 Create offer package, including all relevant forms.

38 Collect and add client’s documentation to offer package.

39 Strategize on how to best position the offer with regards to terms and conditions.

40 Send offer package to client for review and signing.

41 Contact listing agent to inform them of the offer.

42 Submit completed offer package to the listing agent and confirm receipt.

Negotiating an Offer

43 Communicate progress of offer to client.

44 Review any received counter offers from seller.

45 Strategize with client on response to counter offer.

46 Add and fill counter offer and relevant forms.

47 Send counter offer package to client for review.

48 Collect all required signatures for counter offer.

49 Submit completed counter offer package to listing agent and confirm receipt.

50 Receive executed offer package from listing agent.

51 Contact client to inform them the offer was accepted!

Initiating The Transaction

52 Provide a list of qualified home inspectors that service the area.

53 Confirm date and time of inspection with listing agent.

54 Share offer package with lender, if applicable.

55 Introduce any assistants or brokerage staff who will help with the closing.

56 Send contracts to Title & Escrow.

57 Communicate earnest money, down payment and contingencies with all parties.

58 Arrange earnest money delivery.

59 Create closing timeline and transaction overview.

60 Track closing progress and provide regular updates with client.

Managing Contingencies & Transaction

61 Review and sign seller disclosures.

62 Ensure funds are submitted to the brokerage and that funding conditions are satisfied.

63 Coordinate inspectors and vendors.

64 Coordinate to remove inspection contingency.

65 Send inspection response to Escrow.

66 Run updated title.

67 Confirm with Escrow that all liens in title report have been cleared.

68 Provide homeowner insurance recommendations.

69 Confirm client has proof of homeownership.

70 Sign request for contingency removal.

71 Ensure seller contingencies are removed and all contingencies have been cleared.

Filing Closing Documents

72 Submit closing stage documentation.

73 Confirm escrow has prepared and sent recording package.

74 Submit transaction-stage documentation to compliance.

75 Ensure documents are recorded.

Preparing for Closing

76 Communicate buyer and seller signatures.

77 Verify closing date with Lender and Title company.

78 Confirm closing with Attorney/Title company.

79 Send client’s transaction summary and communicate next steps.

80 Inform client on checks to be made or funds be wired.

81 Confirm funding packet sent to confirm wire amount needed to close.

82 Ensure copy of signed closing documents is shared with agent, client, mortgage, etc.

83 Schedule and complete final walkthrough.

84 Obtain proof of funds.

85 Send contract to Lenders.

86 Confirm date of Lender certification.

87 Obtain closing disclosure from Lender.

88 Send estimated settlement statement to buyer.

89 Ensure estimated Title & Escrow settlement statement is correct.

90 Confirm loan documents have been sent to Title & Escrow.

Presenting The Homes

91 Confirm final walk-through date and time with listing agent and client.

92 Coordinate delivery of home keys to buyers.

93 Share utilities guide with client.

94 Remind client to notify utility service about transfer.

95 Remind client to update USPS mailing address.

96 Recommend movers and design/construction vendors, if applicable.

Celebrating the Sale

97 Send thank you note to closing team.

98 Send out recorded and closed emails.

99 Congratulate client on their new home!

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The Responsibilities and Duties of a Seller's Agent

Understanding the Market

01 Collect the prices for comparable homes sold or on the market currently to prepare a Comparative Market Analysis.

02 Gather information on neighborhoods and surrounding properties.

03 Pull market trend data to understand what’s happening within the broader region and neighborhood.

04 Attend broker tours to see other available properties on the market.

05 Stay connected to local buyers, sellers and other agents to maintain a constant view into what is driving the market.

06 Prepare a Comparative Market Analysis (CMA).

Researching the Property

07 Understand the full history of the property, including any changes and improvements made.

08 Determine any geographic risks for the property and the surrounding area.

09 Assess the current condition of the property.

10 Develop proposal for property improvements, remodeling and staging.

11 Learn all relevant details and attributes of the property, including number of bedrooms, bathrooms, square footage, acreage, etc.

12 Look up the property’s tax information.

13 Research any localized rules and regulations applicable to property.

14 Collect maps, surveys and reports associated with the property.

15 Obtain proof of ownership.

16 Run the title to provide a preliminary report.

17 Develop a comprehensive listing marketing strategy.

Strategize With The Seller

18 Understand the client’s interest in investment, risk and monetary return.

19 Learn personal details about the seller and what is motivating them to sell their property.

20 Provide pricing for current condition versus improved condition.

21 Create presentation materials regarding the property.

22 Advise the client about potential pricing strategies reflecting the current market.

23 Create a communication plan with the client.

Documentation

24 Create and complete a listing agreement package for the client.

25 Prepare and produce other relevant buyer and seller protection forms.

26 Set up pre-title and pre-escrow documents.

27 Invite the client to navigate through all documents together.

28 Run title and provide preliminary report.

29 Review all forms in disclosure package.

30 Order reports from third-parties (e.g. preliminary title).

Preparation Of The Property

31 Determine when property can be accessed.

32 Schedule all media appointments, including photographer, videographer, aerial photographer, staging and or cleaning services.

33 Order and install “For Sale” sign and any other relevant signage.

34 Secure and register electronic key box and deliver to property.

35 Recommend vendors to client for improvements prior to listing.

36 Schedule and order pre-inspection

37 Advise on all agreed upon improvements including landscaping, painting, fixture updates, minor and major renovations, etc.

38 Plan listing date.

39 Input listing into MLS.

40 Gather price opinions from other Agents.

41 Create pre-marketing collateral.

42 Write listing description.

43 Create and execute open house and showings schedule and update MLS listing with corresponding times.

44 Update MLS with corresponding times and client preferences for appointments.

45 Maintain consistent communication with seller to provide ongoing updates on progress.

46 Submit finalized listing documents for compliance review.

Prepare Marketing

47 Design materials that showcase the property, such as emails, brochures, social media posts, Workplace posts, digital white board, etc.

48 Expose property internally to over 28,000 Compass agents.

49 Create a “Just Listed” video to post on social media.

50 Print materials for open houses and showings.

51 Post listing on social media as a new listing.

52 Conduct & create a reverse prospect campaign.

53 Create QR codes for the property.

Activate & Market Listing

54 Make disclosure package accessible by adding to MLS.

55 Publish listing to MLS and IDX to third party sites.

56 Create Collections to show comps related to the property.

57 Broadcast listing to personal and professional networks through social media posts and email blasts.

58 Share property with Compass network and other agents at Sales Meetings and via personal outreach.

59 Create and run digital ads to target buyers and markets.

60 Monitor any changes in the market to refine listing strategy and make needed updates (revising price, terms, etc.) accordingly.

61 Refine listing marketing strategy based on feedback.

62 Communicate progress of listing.

Show The Property

63 Communicate with the client to confirm schedule and preparation.

64 List the open house to the MLS and verify times are correct.

65 Coordinate and host private tours and open houses.

66 Organize specific marketing campaign for the open house.

67 Arrive at the property in advance of scheduled open houses to turn on lights and verify show readiness.

Offers & Negotiation

68 Compile, organize and communicate any received offers to seller.

69 Advise and strategize with client on actioning offers and creating and approving any counter-offers.

70 Present counter-offer to buyer’s agent.

71 Complete all relevant documentation for counter offer.

72 Liaise between seller and buyer’s agent for any additional counter-offers, advising the seller along the way to secure the most advantageous price and terms.

73 Update finalized offer package and coordinate signatures of both parties.

74 Notify client when terms are agreed upon.

75 Share disclosure package.

76 Attach all completed documents to compliance checklist.

77 Update MLS listing status.

Initiate Transaction

78 Send executed offer package, receipt of purchase and sale contract to Title & Escrow.

79 Create mutual overview.

80 Arrange and track earnest money, and send earnest money receipt.

81 Create and execute closing timeline and transaction review.

82 Stay in close contact with all relevant parties through next steps.

Manage Disclosure & Contingencies

83 Share disclosure package.

84 Share estimated all documents with client.

85 Communicate earnest money, down payment and contingencies with all parties.

86 Coordinate and confirm inspection if not pre-inspected.

87 Coordinate and confirm appraisal.

88 Submit required title forms.

89 Ensure buyer funds are collected in full.

90 Complete contingency removal documents.

91 Ensure client understands contractual expectations in preparation for vacating the property.

Final Documents & Prepare For Closing

92 Confirm loan documents are received.

93 Confirm funding packet sent to confirm wire amount needed to close.

94 Prepare and submit recording package and final documents.

95 Send utility information to buyer’s agent.

96 Ensure documents are recorded.

97 Set up form packages for compliance requirements.

98 Ensure estimated settlement statement from Title & Escrow is correct.

99 Confirm escrow has scheduled seller signing appointment.

100 Schedule closing appointment.

101 Final property walk-through.

102 Assistance with last min item removal or cleaning.

103 Communicate seller signatures to other party.

104 Coordinate key exchange with buyer’s agent.

105 Send out recorded and closed emails.

106 Ensure copies of signed closing documents are shared with buyer’s agent, seller, mortgage company, etc.

107 Update MLS listing status.

108 Ensure funds are submitted and allocated appropriately.

109 Remove signage.

110 Congratulate client on a smooth and successful process!