179 Ways REALTORS® Earn Their Compensation: A Deep Dive

AGENTS WHO ARE REALTORS® ARE WORTH EVERY PENNY OF THEIR COMPENSATION.
Here’s a look at all the things — big and small— that an agent who is a REALTOR® may do to help clients when buying and selling a home. You know you earn every penny you get when you sell a home. This list can help you show your customers exactly what you do to help them buy or sell their home.

Pre-Listing Activities

 

1. Making an appointment with the seller for the listing presentation
2. Confirming the listing appointment through written or e-mail correspondence
3. Reviewing pre-appointment questions
4. Researching comparable currently listed properties
5. Studying sales activity from Local MLS Broker Marketplaces and public records databases
6. Analyzing the Average Days on Market for the property type, price range, and location
7. Reviewing property tax roll/assessor information
8. Establishing fair market value through a preliminary Comparable Market Analysis (CMA)
9. Obtaining a copy of subdivision plat/complex layout
10. Researching property’s ownership and deed type
11. Verifying property’s lot size and dimensions from public records
12. Reviewing and verifying the legal description of the property
13. Investigating property’s land use coding and deed restrictions
14. Researching property’s current use and zoning
15. Verifying legal names of owner(s) in county’s public property records
16. Preparing listing presentation package with all the materials mentioned above
17. Performing an exterior Curb Appeal Assessment of the subject property
18. Compiling a formal file on the property
19. Confirming current public schools and explaining the impact of schools on market value
20. Checking off all the items on the listing appointment checklist
21. Reviewing Obsolete Property Rehabilitation Act (OPRA) Report from Township for all permitted records
22. Adding client details into your database

Listing Appointment Presentation

23. 23. 23. 23. Giving the seller an overview of current market conditions and projections
            24. Conducting a property tour
            25. Showcasing agent’s and company’s credentials and accomplishments in the market
            26. Introducing the company’s profile and niche in the marketplace
            27. Presenting a preliminary CMA to the seller with comparable properties, sold properties, current listings, and expired listings
            28. Offering pricing strategy with updates to CMA based on home tour, updates, upgrades, professional judgment, and current market conditions
            29. Discussing goals with the seller for effective marketing
            30. Highlighting the market power and benefits of Local MLS Broker Marketplaces
            31. Explaining the importance of web marketing, IDX, and REALTOR.com
            32. Clarifying the behind-the-scenes work, including weekend availability
            33. Discussing the role in screening qualified buyers and protecting the seller from curiosity seekers
            34. Presenting and discussing a strategic master marketing plan
            35. Explaining the transaction/agency brokerage relationship
            36. Reviewing all clauses in the listing contract and addendum, then obtaining seller’s signature
            37. Reviewing current title information
            38. Gathering property’s square footage data
            39. Measuring interior room sizes
            40. Confirming lot size via owner’s copy of certified survey, if available
            41. Noting all unrecorded property liens, agreements, easements
            42. Obtaining house plans, if applicable and available
            43. Reviewing house plans and making a copy
            44. Preparing showing instructions for buyers’ agents and discussing showing times with the seller
            45. Discussing potential buyer financing alternatives and options with the seller
            46. Reviewing current appraisal if available
            47. Identifying Homeowner Association manager if applicable
            48. Verifying Homeowner Association Fees with manager
            49. Ordering copy of Homeowner Association bylaws, if applicable
            50. Researching electricity availability and supplier details
            51. Have utility companies provide average utility usage from the last 12 months of bills.
            52. Research and verify city sewer/septic tank system.
            53. Calculate average water fees or rates from the 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 the seller has a transferable Termite Bond.
            58. Ascertain the need for a lead-based paint disclosure.
            59. Prepare a detailed list of property amenities and assess market impact.
            60. Prepare a detailed list of property’s inclusions and conveyances with sale.
            61. Compile a list of completed repairs and maintenance items.
            62. Send a vacancy checklist to the seller if the property is vacant and register the property with the township if it is vacant or a rental home.
            63. Explain the benefits of a Homeowner Warranty to the seller.
            64. Assist sellers with the completion and submission of the Homeowner Warranty Application.
            65. Place the Homeowner Warranty in the property file for conveyance at the time of sale.
            66. Have an extra key made for the lockbox and one for your file.
            67. Verify if the property has rental units involved.
            68. If the property does have rental units, make copies of all leases for retention in the listing file.
            69. Verify all rents and deposits.
            70. Inform tenants of the 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 the 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 on the map.
            79. Add property to the 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 flyers.
            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 lockbox 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 flyers 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 flyers.
            93. Place marketing brochures in all company agent mailboxes.
            94. Upload listing to the company and agent Internet site, if applicable.
            95. Mail out “Just Listed” notice to all neighborhood residents.
            96. Advise the network referral program of the listing.
            97. Provide marketing data to buyers through international relocation network buyers.
            98. Provide marketing data to buyers coming from the referral network.
            99. Provide “Special Feature” cards for marketing, if applicable.
            100. Submit ads to the company’s participating internet real estate sites.
            101. Convey price changes promptly to all internet groups.
            102. Reprint/supply brochures promptly as needed.
            103. Send feedback emails 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 the seller to discuss marketing and pricing.
            108. Promptly enter price changes in the Local MLS Broker Marketplaces database.

    24. 
        

        OFFERS

         

        23. 23. 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 the time of listing.
                114. Confirm buyer is pre-qualified by calling loan officer.
                115. Obtain buyers’ pre-qualification letter from the loan officer if not submitted with the offer.
                116. Negotiate all offers per seller’s direction on the seller’s behalf, set time limit for loan approval and closing.
                117. Prepare and convey counteroffers, acceptance or amendments to the buyer’s agent.
                118. Create excel spreadsheets for easy review on multiple bids.
                119. Email or send copies of the contract and all addendums to the closing attorney or title company.
                120. When the Offer to Purchase contract is accepted, deliver it to the buyer’s agent.

        

    25. CONTRACTS

    26. 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 sellerfinanced
        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 insurancecommitment
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

To download the original handout from the National Association of Realtors, please visit here.

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REALTORS® are members of the National Association of REALTORS®.