For this week’s column I’ve gone to the National Association of Realtors® (NAR) list showing why Realtors® are worth every cent they’re paid. It’s a long list, but one the has several potential uses. It’s a helpful reality check for consumers and a great review for both new agents about the things that are expected of them.

With that said, Realtors® are worth every cent because here’s what they do:.

Pre-Listing Activities:

1. Make appointment with seller for listing presentation

2. Send seller a written or e-mail confirmation of listing appointment and call to confirm

3. Review pre-appointment questions

4. Research all comparable currently listed properties

5. Research sales activity from Local MLS Broker Marketplaces and public records databases

6. Research Average Days on Market for property of this type, price range, and location

7. Download and review property tax roll/assessor information

8. Prepare preliminary Comparable Market Analysis (CMA) to establish fair market value

9. Obtain copy of subdivision plat/ complex lay-out

10. Research property’s ownership and deed type

11. Research property’s public record information for lot size and dimensions

12. Research and verify legal description

13. Research property’s land use coding and deed restrictions

14. Research property’s current use and zoning

15. Verify legal names of owner(s) in county’s public property records

16. Prepare listing presentation package with above materials

17. Perform exterior Curb Appeal Assessment of subject property

18. Compile a formal file on property

19. Confirm current public schools and explain impact of schools on market value

20. Review listing appointment checklist to ensure all steps and actions are completed

21. Review Obsolete Property Rehabilitation Act (OPRA) Report from Township for all permitted records

22. Add client into your database

Listing Appointment Presentation:

23. Give seller an overview of current market conditions and projections

24. Tour property

25. Review agent’s and company’s credentials and accomplishments in the market

26. Present company’s profile and position or niche in the marketplace

27. Present preliminary CMA to seller, including comparable properties, sold properties, current listings, and expired listings

28. Offer pricing strategy with updates to CMA based on tour of home and updates, upgrades professional judgment, and current market conditions

29. Discuss goals with seller to market effectively

30. Explain market power and benefits of Local MLS Broker Marketplaces

31. Explain market power of web marketing, IDX and REALTOR.com

32. Explain the work you do behind the scenes and your availability on weekends

33. Explain role in screening for qualified buyers and protect seller from curiosity seekers

34. Present and discuss strategic master marketing plan

35. Explain transaction/agency brokerage relationship

36. Review and explain all clauses in listing contract and addendum, then obtain seller’s signature once property is under listing agreement

37. Review current title information

38. Gather square footage/measure overall and heated square footage as required

39. Measure interior room sizes

40. Confirm lot size via owner’s copy of certified survey, if available

41. Note all unrecorded property liens, agreements, easements

42. Obtain house plans, if applicable and available

43. Review house plans and make copy

44. Prepare showing instructions for buyers’ agents and showing times with seller

45. Discuss possible buyer financing alternatives and options with seller

46. Review current appraisal if available

47. Identify Homeowner Association manager if applicable

48. Verify Homeowner Association Fees with manager—mandatory or optional, plus fees

49. Order copy of Homeowner Association bylaws, if applicable

50. Research electricity availability, supplier’s name, and phone number

51. Have utility companies provide average utility usage from last 12 months of bills

52. Research and verify city sewer/septic tank system

53. Calculate average water fees or rates from last 12 months of bills

54. Confirm well status, depth and output from Well Report

55. Natural Gas: Research/verify availability, supplier’s name, and phone number

56. Verify security system, current terms of service and whether owned or leased

57. Verify if seller has transferable Termite Bond

58. Ascertain need for lead-based paint disclosure

59. Prepare detailed list of property amenities and assess market impact

60. Prepare detailed list of property’s inclusions and conveyances with sale

61. Compile list of completed repairs and maintenance items

62. Send vacancy checklist to seller if property is vacant and register the property with the township if it is vacant or a rental home

63. Explain benefits of Homeowner Warranty to seller

64. Assist sellers with completion and submission of Homeowner Warranty Application

65. Place Homeowner Warranty in property file for conveyance at time of sale

66. Have extra key made for lockbox and one for your file

67. Verify if property has rental units involved.

68. If the property does have rental units, make copies of all leases for retention in listing file

69. Verify all rents and deposits

70. Inform tenants of listing and discuss how showings will be handled

71. Arrange for installation of yard sign

72. Complete new listing checklist

73. Review curb appeal assessment and provide suggestions to improve saleability

74. Review interior décor assessment and suggest changes to shorten time on market

75. Load listing into transaction management software program

76. Prepare Local MLS Broker Marketplaces Profile Sheet

77. Enter property data from Profile Sheet into Local MLS Broker Marketplaces Database

78. Proofread Local MLS Broker Marketplaces database listing for accuracy— including proper placement in map

79. Add property to company’s active listings list

80. Provide seller copies of the listing agreement and Local MLS Broker Marketplaces Profile Sheet within 48 hours or within the time period of Local MLS Broker Marketplace guidelines

81. Take additional photos for upload into Local MLS Broker Marketplaces and use in fliers

82. Create print and internet ads with seller’s input

83. Coordinate showings with owners, tenants, and other agents.

84. Return all calls

85. Install electronic lock box if authorized. Program agreed-to showing times

86. Prepare mailing and contact list

87. Generate mail-merge letters to contact list

88. Order Just Listed labels and reports

89. Prepare fliers and feedback reports

90. Review comparable Local MLS Broker Marketplaces regularly to ensure property remains competitive

91. Prepare property marketing brochure for seller’s review

92. Arrange for printing or copying of marketing brochures or fliers

93. Place marketing brochures in all company agent mailboxes

94. Upload listing to company and agent Internet site, if applicable

95. Mail out Just Listed notice to all neighborhood residents

96. Advise network referral program of listing

97. Provide marketing data to buyers through international relocation network buyers

98. Provide marketing data to buyers coming from referral network

99. Provide Special Feature cards for marketing, if applicable

100. Submit ads to company’s participating internet real estate sites

101. Price changes conveyed promptly to all internet groups

102. Reprint/supply brochures promptly as needed

103. Feedback e-mails sent to buyers’ agents after showings

104. Review weekly market study

105. Discuss with sellers any feedback from showings to determine if changes are needed

106. Set up marketing reports on showing-time application and company website

107. Place regular weekly update calls to seller to discuss marketing and pricing

108. Promptly enter price changes in the Local MLS Broker Marketplaces database

Offers:

109. Receive and review all Offer to Purchase contracts submitted by buyers’ agents

110. Evaluate offer(s) and prepare a net sheet for the owner for comparison purposes

111. Explain merits and weakness of each offer to sellers

112. Contact buyers’ agents to review buyer’s qualifications and discuss offer

113. Deliver Seller’s Disclosure to buyer upon request and prior to offer if possible. Upload to the Local MLS Broker Marketplaces additional documents at time of listing

114. Confirm buyer is pre-qualified by calling loan officer

115. Obtain buyers’ pre-qualification letter from loan officer if not submitted with offer

116. Negotiate all offers per seller’s direction on seller’s behalf, set time limit for loan approval and closing

117. Prepare and convey counteroffers, acceptance or amendments to buyer’s agent

118. Create excel spreadsheets for easy review on multiple bids

119. Email or send copies of contract and all addendum’s to the closing attorney or title company

120. When Offer to Purchase contract is accepted, deliver to buyer’s agent

Contracts:

121. Record and promptly deposit buyer’s earnest money in escrow account

122. Disseminate under-contract showing restrictions as seller requests

123. Deliver copies of fully signed Offer to Purchase contract to seller

124. Deliver copies of Offer to Purchase contract to lender

125. Provide copies of signed Offer to Purchase contract for office file

126. Advise seller of additional offers submitted between contract and closing

127. Change status in Local MLS Broker Marketplaces to Sale Pending

128. Update transaction management program to show Sale Pending

129. Provide credit report information to seller if property will be seller- financed

130. Assist buyer with obtaining financing, if applicable, and follow-up as necessary

131. Coordinate with lender on discount points being locked in with dates

Inspections:

132. Deliver unrecorded property information to buyer

133. Order septic system inspection, if applicable

134. Receive and review septic system report, and assess any possible impact on sale

135. Deliver copy of septic system inspection report lender and buyer

136. Deliver Well Flow Test Report copies to lender and buyer, and property listing file

137. Verify termite inspection ordered

138. Verify mold inspection ordered, if required

139. Confirm verifications of deposit and buyer’s employment have been returned

140. Follow loan processing through to the underwriter

141. Add lender and other vendors to your management program so agents, buyer, and seller can track progress of sale

142. Contact lender weekly to ensure processing is on track

143. Relay final approval of buyer’s loan application to seller

Home Inspections:

144. Coordinate with seller for buyer’s professional home inspection

145. Review home inspector’s report

146. Enter completion into transaction management tracking program

147. Explain seller’s responsibilities, and recommend an attorney interpret any clauses in the contract

148. Ensure seller’s compliance with Home Inspection Clause requirements

149. Assist seller with identifying contractors to perform any required repairs

150. Negotiate payment, and oversee all required repairs on seller’s behalf, if needed

The Appraisal:

151. Schedule appraisal

152. Provide to appraiser any comparable sales used in market pricing

153. Follow-up on appraisal

Processing for Closing:

154. Enter completion into transaction management program

155. Assist seller in questioning appraisal report if it seems too low

156. Get contract signed by all parties

157. Coordinate closing process with buyer’s agent and lender

158. Update closing forms and files

159. Ensure all parties have all forms and information needed to close the sale

160. Select location where closing will be held

161. Confirm closing date and time, and notify all parties

162. Assist in solving any title problems or in obtaining death certificates

163. Work with buyer’s agent in scheduling buyer’s final walk-thru prior to closing

164. Double check all tax, homeowners’ association dues, utility, and applicable prorations

165. Request final closing figures from closing agent (attorney or title company)

166. Receive and carefully review closing figures to ensure accuracy of preparation

167. Confirm buyer and buyer’s agent have received title insurance commitment

168. Provide homeowners warranty for availability at closing

169. Forward closing documents to absentee seller as requested

170. Review documents with closing agent (attorney)

171. Coordinate closing with seller’s next purchase, and resolve any timing problems

172. Have a no-surprises closing so seller receives a net-proceeds check at closing

173. Refer sellers to one of the best agents at their destination, if applicable

174. Change Local MLS Broker Marketplaces status to Sold. Enter sale date, price, selling broker, etc.

Follow-Up After Closing:

175. Share the warranty paperwork for claims in the future

176. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied

177. Respond to any calls and provide any information required from office files

178. If a rental, verify all deposits and prorated rents are reflected accurately on the closing statement

179. Close out listing in your management program

105 More Ways REALTORS® Are Worth Every Penny of Their Compensation

Counseling Session Activities:

1. Prepare the buyer for executing a buyer representation agreement

2. Explain agency relationships to the buyer and get state required legal consent to represent, if needed

3. Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies

Building a Relationship:

4. Learn the buyer’s wants and non-negotiable needs

5. Understand the buyer’s budget and what will be needed financially

6. Help the buyer understand what property their chosen budget will buy

7. Consider having the buyer fill out a homebuyer’s checklist

8. Assist the buyer in examining how much they can afford to spend

9. Provide quality lender resources

10. Partner with the buyer to locate suitable properties for consideration

11. Match the buyer’s needs with available property

12. Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs

13. After ensuring the buyer understands what is done for them, how it is done, and the benefit to them, obtain signatures on the buyer representation agreement

14. Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it

Educating the Buyer:

15. Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies

16. Explain Federal and State Fair Housing laws

17. Explain what to look for in applicable property disclosures

18. Reassure the buyer that their personal information will remain confidential

19. Inform the buyer that you will always disclose all known material defects

20. In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood

21. Discuss available resources that the buyer can check to learn more about prospective neighborhoods

Preparing the Buyer:

22. Explain the timeline for house hunting, mortgage approval, and closing

23. Explain the local market and how it impacts the buyer

24. Show statistics on what percentage of list price sellers in the area are currently receiving

25. Inform the buyer on what home features are popular

26. Identify current average days on market

27. Share the dangers of using the price per square foot to figure home values

28. Explain the concept of absorption rate and how it impacts the buying process

29. Indicate current listing months of market inventory

30. Share estimated potential out-of-pocket costs to complete the transaction

31. Assist the buyer in analyzing the loan estimates

32. Qualify the buyer for financial ability to purchase

33. Help the buyer account for the complete costs of homeownership

34. Prepare lender for listing agent calls

35. Assist in comparing different financing options

36. Help the buyer select for viewing only those homes that fit their needs

37. Proceed in showing homes that fit the buyer’s must-haves

38. Caution the buyer on posting information to social media

39. Review the sample sales contract so the buyer is prepared when it comes time to make an offer

Showing Properties:

40. Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces

41. Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites

42. Collaborate with the buyer on properties they may have learned about through their sphere contacts

43. Research and assist on all unlisted properties the buyer wishes to see

44. Preview properties prior to showing if needed

45. Network with other agents to source properties not yet in their local MLS broker marketplaces

46. Contact homeowners in focus areas to see if they are considering selling

47. Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements

48. Arrange a tour of areas, schools, and key points of interest

49. Provide resources containing neighborhood information on municipal services, schools, etc.

50. Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value

51. Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times

52. Check applicable zoning and building restrictions

53. Help the buyer decipher public property and tax information

54. Collect and share pertinent data on values, taxes, utility costs, etc.

55. Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for

56. Help the buyer narrow the search until the buyer identifies top choices

Negotiating Offers:

57. Assist the buyer in getting the best property at the best price

58. Suggest that the buyer learn more about the neighborhood prior to making an offer

59. Prepare a comparative market analysis (CMA) in advance of making an offer

60. Prepare the buyer to have the most attractive offer in the current marketplace

61. Explain common contract contingencies and include approved protective clauses in the purchase offer

62. Ensure that the buyer receives and understands all state and federally- required disclosure forms

63. Prioritize contract negotiation goals with the buyer

64. Help create a negotiating strategy

65. Use strategies such as an escalation clause to maintain a competitive offer

66. Prepare the buyer for a multiple offer situation and develop negotiation strategies

67. Write an offer that has a reasonable chance of being accepted

68. Recommend optional contingencies and explain the pros and cons of using them

69. Provide information on purchasing incentives that may be available

70. Discuss financing alternatives

71. Negotiate the buyer’s offers to arrive at the best price and terms

72. Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer

Advocating for the Buyer and Facilitating the Close:

73. Advocate for the buyer throughout the entire process

74. Encourage the buyer to fully investigate their options in terms of a home inspector, title company, appraiser, mortgage lender, and other services

75. Present a list of the types of required and optional inspections such as environmental, roofing, and mold

76. Review and discuss home inspection concerns