When homeowners want to sell their home, they may look at what they see agents doing and think that they can do it themselves. This may be true but there is a lot going on "behind the scenes" that you simply can't know about unless you have sold a previous home or have worked closely with a real estate agent in some regard before. Even then, selling a home involves much more than meets the eye. Below are details of an agent's huge role in selling a home.
Before a house is even listed on the market, the agent is working hard to make it a quick and worthwhile sale for the owner. Before the house 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 to them, tell the homeowner how long they can expect their house to be on the market, discuss property tax roll, create a comparable market analysis to allow the seller to see where their house fits in to the market, verify ownership and deed type as well as public property records, make an assessment of the house based on curb appeal, explain the public school value, and then give the homeowners a listing presentation. This presentation will review the listing contract with the homeowners and point out areas of interest in their home as well areas that will need improvement.
It is at the listing presentation that the agent will also bring the results of the comparable market analysis, review the condition of the marketplace, provide their own credentials, discuss the details that will need to be put into place to sell the home such as holding open houses, other various advertising, as well as other strategies. They will then explain the homeowner's warranty and begin to screen calls from prospective buyers and other agents.
Once the property is trying to be actively sold, the agent's role and responsibilities become even greater. The agent will review the property title; obtain a plat map, which will show the different divisions of a particular piece of land, speak with the seller to obtain showing instructions, ask for mortgage information, analyze any homeowner association fees as well as bylaws, complete and send homeowner warranty information, place homeowner warranty information to the MLS listing, and review utilities and get appropriate inspections. The agent will then move on to get any information regarding a security system, termite bond status, and lead-based paint status, and prepare disclosure packages.
The agent will then prepare a list of the property's amenities. For instance, if the home has a pool, that would be included in the amenities or, if the home is a condo in a gated community, there could be many amenities such as pools, community media rooms, and clubhouses, to name just a 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 made in the home and they will 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 they will assess the interior and exterior of the home and place a sign in the yard, advertising the home for sale.
If the home has any rental units, such as a walkout basement, the agent has even more to do. In this case, the agent will prepare copies of any rental agreements, and determine the rental costs including utilities and deposits, and speak with any current renters to discuss the listing and showing details.
Then comes the advertising, which is the part that is generally seen by homeowners who wish 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 for general advertising purposes, determine showing times and working with other agents and buyers to arrange for appropriate times, create a brochure pertaining to the property, create and distribute flyers, compare the property with other MLS listings, notify the Network Referral Program, create feature cards highlighting the main points of interest in and around the property, and receive and respond to emails and faxes.
Once offers start to come in for the property, the agent handles these contracts and provides information to the seller and the buyer, or the buyer's agent. Once an offer is received, the seller's agent will analyze the net sheet, and offer advice on the offer. They will then provide the buyer with the seller's disclosure sheet and get a pre-qualification letter from the buyer. They will work with the seller and buyer regarding counteroffers and amendments, and they will deliver offers of purchase. 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 deliver any property information that has not yet been shown. If needed, they will order inspections pertaining to well flow, termites, and mould. They will work with any lender's to confirm the loan agreement, the buyer's employment, and loan approval. They will then remove any loan contingencies from the offer to purchase.
The agent will then work to coordinate any inspections that will be done on the property. They will arrange for a home inspector to come in and then review the report with the seller and buyer. They will also confirm that any repairs still needed have been done and meet with the appraiser who will then come to perform another inspection. They will provide both the buyer and seller with the appraiser's report and then remove any contingencies on the offer relating to the home inspection and the appraisal.
Once the house 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 ensure that the contract is sealed and organize closing procedures. They will make one last walk-through of the property to ensure that it can be turned over to new owners, and make homeowner warranty available. They will coordinate any final deposits that need to be made, update the MLS listing as "sold." They will finish any details left on paperwork and finally, give the new owner the keys to the property.
