Activities in Selling a Home

Posted by David Bennett Sat, 17 Jun 2006 16:36:00 GMT

 
1.     RESEARCH
 
  • Understands the market and how current activity affects a specific property
  • Researches your property in the public records, MLS and other resources
  • Researches data on nearby homes that have sold (or failed to sell) recently
  • Creates a comparative market analysis
  • Prepares a property profile
  • Validates the accuracy of the information in the property profile.
2.     SELLER CONSULTATION SERVICES
 
  • Analyzes the needs and goals of the sellers
  • Prepares and delivers a pre-listing package
  • Determines the pricing strategy with the sellers
  • Provides a seller’s net sheet
  • Advises on information regarding local customs and regulations
  • Educates the sellers on the home selling process
  • Provides broker representation disclosure
  • Obtains property disclosure form is completed
  • Educates sellers on forms of brokerage relationships and how real estate professionals cooperate
  • Provide seller with all transaction documents
3. MARKETING
 
  • Tours the property from the buyer’s standpoint. 
  • Establishes a marketing plan
  • Advises on how to prepare and stage the home for the market
  • Arranges for signs
  • Arranges for the lockbox
  • Sets up showing procedures
  • Advises on home warranty coverage
  • Takes or arranges for photographs
  • Enters property information and photographs in the multiple listing services
  • Arranges for Internet listing displays
  • Arranges for a virtual tour
  • Adds virtual tour links to the MLS and other websites
  • Provides features of the home sheets
  • Arranges for flyers and marketing materials
  • Arranges for an office tour
  • Arranges for a broker’s open house
  • Develops a targeted marketing campaign that maximizes the home’s value.
  • Sends just listed mailings or makes just listed calls
  • Holds open houses
  • Provides feedback from showings
  • Advises on price changes
  • Updates the MLS and websites
4.   BUYER PROSPECTING AND SERVICING
 
  • Develops a buyer prospect list
  • Responds to calls, email, Internet requests for showings or information
  • Follows up on buyer leads
  • Screens out unqualified buyers
  • Sets buyer appointments
  • Provides appropriate disclosure forms.
  • Ensures buyer obtains pre-approval for financing
  • Shows the property to qualified buyers
  • Evaluate offers
5. NEGOTIATING
 
  • Negotiates the purchase contract
  •  Helps you write a legally binding, win-win agreement that will be more likely to make it through the process.
  • Alerts you to potential risks
  • Provides an estimate of the closing costs   
 
6. TRANSACTION AND CLOSING SERVICING
 
  • Educates the seller about the closing process
  • Establish contract to closing file (may be electronic)
  • Establish communication with all parties
  • Advise all parties on timetable to closing
  • Ensures disclosures required by law are completed
  • Assists in selection of service providers
  • Initiates the title/closing process
  • Coordinates with home inspector
  • Advise on repairs
  • Assist with appraisals
  • Coordinates with the lender and maintains close contact
  • Coordinate all aspects of closing process
  • Protect and negotiate for the seller’s interest during this phase
  • Provide moving and relocation information
  • Schedule the closing
  • Confirm the distribution authorization
  • Review the closing paperwork (HUD-1)
  • Attend the closing
 
7. POST CLOSING SERVICES
 

·         Maintain archive copy of file

·         Provide post closing information
·         Insure all filings and notifications are done
·         Assist with relocation

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Explain why you are worth your commission

Posted by David Bennett Sat, 17 Jun 2006 16:50:00 GMT

Create Value In The Eyes Of Your Consumers:
 
Most home buyers and sellers throughout the country believe that real estate agents and brokers do little to earn their commissions. This is our fault because we should be educating them about how hard we work before ever accepting them as clients or customers.
 
Keeping my commission firm was a problem until 1983 when I started tracking of all the different duties required to earn my commissions. Then, I developed four separate lists of over 100 activities I do to close transactions for sellers, buyers, expired listings and FSBO’s. This literally astounds clients because most have no idea how complicated a real estate transaction really is.
My list for sellers runs 120 items and makes it clear that it takes a lot more than just putting a sign on the lawn and an ad in the paper to sell a house. It includes such activities as:
 
  • Order and review a property profile.
  • Develop a targeted marketing campaign that maximizes your home’s value.
  • Tour your property from the "buyer’s standpoint."
  • Develop "just listed" postcards.
  • Reduce your liability by providing appropriate disclosure forms.
  • Implement marketing activities.
  • Respond to buyer questions about the property.
  • Screen-out unqualified buyers.
  • Negotiate on your behalf with agents and potential buyers.
  • 111 other activities to get your house sold.
 
My list of value-building activities to help buyers purchase the home of their dreams is even longer because it’s more complicated than selling. This list includes:
 
  • Explain the benefits of a Buyer-Broker Agreement to you.
  • Provide a list of loan brokers who can get you qualified for a loan.
  • Explain all the steps in the home buying process.
  • Save you time by helping to narrow your search parameters.
  • Locate appropriate properties for you to view.
  • Act as a "sounding board" in your decision-making process.
  • Write an offer which meets your needs and protects your interests.
  • Negotiate on your behalf with listing agents and sellers.
  • Obtaining the inspections you want and need for your home.
  • 116 other activities to help you own the home of your dreams.
  •  
My FSBO list shows owners the many things agents do that would be difficult for them to do themselves. My list for owners whose listings have expired shows them how to get their home sold faster and at a higher price.
 
When you create your own list, if a seller or buyer asks for a discount, simply show them the appropriate list and say, "Here are just some of the activities I must complete to earn my money. Why don’t you point out the things that you’d be willing to do instead of me. If you save me time then we can talk about saving you money because I earn every penny I get."
 
When confronted with a list that runs nearly ten pages long their eyes glaze over and they usually respond with something like, "You’re the real estate professional I expect you to do this work!" To which I simply say, "If you want me to do all of these activities on your behalf then you need to pay me what I’m worth. If you want to pay less, I’ll see if I can find someone who will do less and maybe they can save you some money."

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Internet research

Posted by David Bennett Wed, 14 Jun 2006 17:35:00 GMT

On the Internet, you can set up surveys on your website to gauge what consumers think. If you do not have a website, go to websites that aggregate customer experiences and reviews, like Homethinking.com and others to see what consumers say when they rate agents. 
 
One company set up a discussion list at Topica.com. The results were excellent. Their users had a place in which to share their problems and solutions. And the company had a place where they could listen to their customers and REALLY find out what they wanted. But even without a listserv, there are still many places online where you can listen in to what your customers are saying, thinking and feeling.

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