Surveys show that many homeowners and buyers are not aware of the true value a

REALTOR® provides during the course of a real estate transaction. Many of the most

important services and steps are performed behind the scenes by either the

REALTOR® or the Brokerage Staff and traditionally have been viewed simply as a part

of their professional responsibilities to the client. But without these steps and services the transaction

could be placed in jeopardy. This article seeks to inform you and close that gap.

Listed below are nearly 200 typical actions, research steps, processes and review stages necessary

for a successful residential real estate transaction and services normally provided by a FULL SERVICE

real estate brokerage and for which they are entitled to fair compensation.

Comprehensiveness

This list is by no means an attempt to set forth a complete list of services as these may vary within

each brokerage and market. Many REALTORS® routinely provide a wide variety of additional services

that are as varied as the nature of each transaction.

By the same token, some transactions may not require some of these steps to be equally successful.

However, most would agree that given the unexpected complications that can arise, it’s far better

to know about a step and make an intelligent, informed decision to skip it, than to not know the

possibility it even existed.

The REALTOR® Commitment

Through it all, the personal and professional commitment of the REALTOR® is to ensure that the

seller and buyer are brought together in agreement that provides each with a “Win Win” situation

that is fair and equitable. The motivation is easy to understand. For most Full-Service Realtors, no

compensation is received unless and until the sale closes.

By Contrast, there are companies that offer “Limited Services” in exchange for an up- front flat fee,

or perhaps they offer a menu of pay-as-you-go or “a la carte” options. Some even offer a sliding

scale ranging from limited to full services. In these cases, the compensation is based on reduced

levels of service with the seller bearing the full responsibility for all the other steps and procedures

in the selling process. In short, the marketplace truism is that “you get what you pay for.”

A Variety of Choices

The range of selling choices in today’s real estate industry affords the homeowner a greater range

of options than ever before. But no matter which option you choose, before the signing of the Listing

Agreement with a “Discount Broker / Realtor” or paying to engage some other real estate service to

sell your home, you should have a complete understanding in writing of exactly what services will

and will not be provided.

Why use a REALTOR®

All REALTORS® in Alberta have studied and passed a provincial exam to be issued a license to

become agents or brokers in Alberta. With this process they have taken the training necessary

understand fully the processes and procedures to complete a real estate transaction and also taken

an oath to subscribe to a stringent, enforceable Code of Ethics with Standards of Practice that promote

the fair, ethical, and honest treatment of all parties in a real estate transaction.

To ensure the individual you are going to trust to sell your home is a licensed REALTOR®

visit the Calgary Real Estate Associations website; www.creb.com for a searchable list of their

REALTOR® members.

The Critical Role of the REALTOR®

Here is a list of nearly 200 typical actions, research steps, procedures, processes and review stages

undertaken in a successful residential real estate transaction that are normally provides by a FULL

SERVICE REALTOR® and Brokerage in return for their sales commission. Depending on the nature

of the transaction some may take minutes, hours or even days to complete, while some may not be

needed, depending on the transaction.

More importantly, they reflect the level of skill, knowledge and attention to detail required in today’s

real estate transactions, underscoring the importance of having help and guidance from someone

who fully understands the process, your REALTOR®.

And never forget that REALTORS® are pledged to uphold the stringent, enforceable tenets of the

REALTOR® Code of Ethics in their professional dealings with the public. Not every real estate

licensee holds a REALTOR® membership. Make sure yours does.

Pre-Listing Activities

1. Make an appointment with the potential seller for a 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 for the past 18 months from MLS and public record databases

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

7. Download and review property tax roll information

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

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

10. Research Property ownership and Title

11. Research Property’s public record information for lot size & dimensions

12. Research and verify legal description

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

14. Research property’s current use and zoning

15. Verify legal names of owners on property title

16. Prepare a Listing Presentation package with the above materials

17. Perform an exterior “Curb Appeal Assessment” of subject property

18. Compile and assemble 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 have been completed

Listing Appointment Presentation

21. Give seller an overview of current market conditions and projection

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

23. Present company profile and position or niche in the marketplace

24. Present CMA results to seller, including Comparables, Solds, Current Listings & Expired

25. Offer pricing strategy based on professional judgment & interpretation of current market conditions

26. Offer professional insight on deficiencies preventing higher selling values

27. Suggest “Value Added” tips to enhance the homes salability to potential buyers

28. Discuss “Marketing” with seller to get Maximum Exposure and Property value

29. Explain market power and benefits of the Multiple Listing Service

30. Explain the power of print and web marketing used by REALTORS®

31. Explain the work the brokerage and agents do “behind the scenes” & agents availability on weekends

32. Explain taking calls to screen for qualified buyers to protect the seller from curiosity seekers

33. Present strategic master marketing plan for property

34. Explain different agency relationships and determine seller’s preference

35. Review presentation with sellers to ensure complete understanding and answer any questions

pertain ing to the process

Once a Property is Under a Listing Agreement

36. Review current title information

37. Measure overall and heated square footage

38. Measure interior room sizes

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

40. Obtain house plans, if applicable and available

41. Review house plans and make copies

42. Order Survey or Real Estate Property Report

43. Prepare showing instructions for buyers agent’s

44. Set up with sellers acceptable Open House and Showing Time hours

45. Obtain current mortgage loan information; company and loan account numbers

46. Verify current loan information with lenders

47. Check assumability of loans and any special requirements

48. Discuss possible buyer financing alternatives and options with sellers

49. Review current appraisal if available

50. Identify Home Owners Association manager if applicable

51. Verify Home Owner Association fees with manager- mandatory or optional & current annual fees

52. Order a copy of the Condominium Association document & bylaws, if applicable

53. Discuss with homeowner average utility usage for the last 12 months and calculate monthly average

54. Research and verify city sewer / septic tank / septic field system

55. Discuss with homeowner water usage for the last 12 months an calculate the monthly average

56. Well Water: Confirm well status, depth and output from well report

57. View or order a water analysis report of well water, if applicable

58. Discuss with homeowner the natural gas usage over the last 12 months and calculate a monthly average

59. Discuss with homeowner the garbage / recycle programs and document info for buyers presentations

60. Prepare a detailed list of property amenities and assess market impact

61. Prepare a detailed list of locations and distances to area schools, grocery stores, department

stores and shopping malls

62. Prepare a detailed list of locations and distances to recreation centres and public library’s

63. Compile a list of upgrades and completed repairs and maintenance items

64. Send “Vacancy Checklist” to seller if property is vacant

65. Explain the benefits of Home Owners warranty to Potential Buyers

66. Have an extra key made for the lockbox

67. Verify if property has rental units: if so

68. Verify and make copies of all lease agreements for retention in listing file

69. Verify all rents agreements and deposit amounts

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

71. Arrange and coordinate official listing date to coincide with any upgrades or repairs

72. Arrange for the placement of a Yard Sign

73. Assist sellers with the completion of the “Seller Disclosure Form”

74. Ensure “New Listings Checklist” is completed

75. Review Curb Appeal Assessment with sellers

76. Review Interior Décor Assessment with sellers

77. Load listing into transaction management software program

78. Arrange “New Listing” information session with Realtors in your office at the weekly meeting

79. Take high resolution photographs of all aspects of the property for use in “Marketing Plan” in

print advertising, for personal and company websites and MLS

Entering Property in the Multiple Listing Service Database

80. Prepare MLS Profile Sheet – Agent’s is responsible for “Quality Control” and accuracy of listing data

81. Enter property data from Profile Sheet into the MLS database

82. Proofread MLS database listing for accuracy

83. Include proper placement in mapping function

84. Add property to the company’s “Active Listing” list

85. Add Property information and photos into company’s websites

86. Add Property information and photos to personal real estate websites

87. Add property information and photos to all real estate website provided by the publications you

market and advertise with

88. Provide sellers with a signed copy of the Listing Agreement and MLS Profile Data Sheet Form

within 48-hours

89. Discuss with homeowners the possibility of virtual tours or streaming audio/video presentations

Marketing The Listing

90. Create Print and Internet ads with the sellers input

91. Coordinate showings with owners, tenants, and other REALTORS

92. Return any calls promptly every day including evenings and weekends

93. Install electronic lock box if authorized by sellers

94. Program electronic lock boxes with agreed-upon showing time windows

95. Prepare mailing and contact list

96. Generate mail-merge letters to contact list

97. Order “Just Listed” labels and reports

98. Prepare flyers & feedback faxes

99. Review comparable MLS listings regularly to ensure property remains competitive in price,

terms, conditions and availability.

100. Prepare property Marketing Brochure for sellers to review

101. Arrange for the printing or copying supplies of marketing brochures and flyers

102. Arrange and coordinate the placement of feature ads in real estate publications

103. Arrange for a newspaper classified ad advertising Open House times and dates

104. Place marketing brochures in all of the company’s realtors mail boxes

105. Mail out “Just Listed” notices to all neighbourhood residents

106. Advise Network Referral Program of listing

107. Provide marketing data to buyers coming through international relocation networks

108. Provide marketing data to buyers coming from referral network

109. Provide “Special Feature” cards for marketing, if applicable

110. Submit ads to company’s participating Internet real estate sites

111. Any information or price changes conveyed promptly to any and all services, Internet sites,

publications and MLS

112. Reprint and Supply additional buyer brochures as needed

113. Loan information reviewed and updated in MLS as required

114. Feedback emails / faxes sent to buyers agents after showings

115. Review weekly Market Study

116. Discuss feedback from showing agents with sellers to determine if changes are required

117. Promptly enter these changes in MLS listing database

The Offer and Contract

118. Receive and review all Offers to Purchase contracts submitted by buyers or buyers agents

119. Evalulate offer(s) and prepare a “net sheet” on each for the sellers for comparative purposes

120. Counsel sellers on offer(s) received. Explain in detail the merits and weaknesses of each

component of each offer received

121. Contact buyers agent to review buyers qualifications and to discuss offer

122. Counsel seller on countering “offers” and work with buyers or buyer’s agent to negotiate a deal

123. Fax /Deliver Sellers Disclosure to buyer’s agent or buyer upon request or prior to offer if possible

124. Obtain a pre-qualification letter on buyer from mortgage broker or lending institution

125. Negotiate all offers on sellers behalf, setting time limits for loan approval and closing date

126. Fax copies of contract and all addendums to sellers lawyer and buyer’s agent

127. When Offer to Purchase contract is accepted and signed by seller, deliver to buyer’s agent

128. Record and promptly deposit buyers deposit into trust account

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

130. Deliver copies of fully signed Offer to Purchase contract to buyer’s agent

131. Provide copies of Offer to Purchase to the lenders

132. Deliver copies of fully signed Offer to Purchase contract for office to file

133. Advise seller in handling additional offers to purchase submitted between contract and closing

134. Change status in MLS to “Conditionally Sold”

135. Update lawn sign to include a C/S “Conditionally Sold” sticker

136. Update transaction management program to show “Conditionally Sold”

137. Assist buyer in obtaining financing, if applicable and follow-up as necessary

138. Coordinate with lender on Discount Points being locked in with dates

139. Order septic tank inspection, if applicable

140. Receive and review septic tank report and assess any possible impact on sale

141. Deliver Well Flow Test Report copies to lender & buyer and property listing file

Home Inspection

142. Coordinate buyers professional home inspection with seller

143. Review home inspection report

144. Forward finding of Inspection to seller

145. Discuss home inspection report with buyer or buyer’s agent

146. Deal with problems found as a result of home inspection

147. Ensure seller’s compliance with Home Inspection Clause

148. Work with sellers and buyer or buyer’s agent to resolve and or repair problems found as a

result of home inspection

149. Properly document changes to the Offer to Purchase to reflect the resolved changes as a

result of the home inspection.

150. Ensure revised copies with new changes is forwarded to Sellers Lawyer, Buyer’s agent,

lending institution and to office to file

151. Enter completion into transaction management tracking software program

152. Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract

153. Recommend or assist seller in identifying and negotiating with a trustworthy contractor to

perform any work required

154. Oversee completion of all required repairs on the sellers behalf, if needed

155. Ensure seller’s compliance with Home Inspection Clause negotiated requirements have been

completed to the satisfaction of all parties prior to closing

Financing

156. Follow through with the buyers or buyer’s agent on financing approval

157. Fax / deliver any and all relevant documents needed to complete the financing requirements

The Appraisal

158. Schedule the Appraisal

159. Provide comparable sales used in marketing price to Appraiser

160. Follow-up on Appraisal

161. Enter completion into transaction management program

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

Closing Preparation and Duties

163. Contract is signed by all parties

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

165. Update closing forms & files

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

167. Select a location where the closing will be held

168. Confirm closing date and time And notify all parties

169. Assist in solving any title problems (boundary disputes, easements, etc.) or in obtaining Death

Certificates if required

170. Work with buyer’s agent in scheduling and conducting the buyers Final Walk-Thru prior to closing

171. Research all tax, HOA, Utility and other applicable pro-rations

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

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

174. Forward verified closing figures to buyer’s agent

175. Request a copy of closing documents for closing agent

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

177. Provide “Home Owners Warranty” for availability at closing, if applicable

178. Review all closing documents carefully for errors

179. Forward closing documents to absentee seller if required

180. Review documents with the lawyer

181. Coordinate this closing with the seller’s next purchase and resolve any timing issues

182. Have a “no surprises” closing so that sellers receive a net proceed cheque at closing

183. Refer sellers to one of the best agents at their destination if relocating

184. Change MLS status to SOLD

185. Change Lawn sign to SOLD

186. Enter in sale date, price, selling broker and agent ID numbers, etc. into system

187. Close out listing in transaction management program

Following Up After Closing

188. Answer questions about filing claims with New Home Warranty company, if required

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

190. Respond to any follow-up calls and provide any additional information required from office files

In Closing

As you can see from this article the level of skill, knowledge, attention to details and energy required

in a normal residential real estate transaction is staggering, and there are probably an additional

100 –200 additional steps, requirements, and procedures, etc. not covered in this article. The

thought that REALTORS® don’t work extremely hard for their commission is ludicrous. REALTORS

® ensure the entire real estate process goes smoothly, handling every detail needed to selling

your home. So the next time you hear a radio commercial telling you “ You Can Sell it Yourself” or

that you pay “a realtor $10,000 for one days work” Nothing could be farther from the truth.

Sincerely

Michael Diemer

Homes and Land Magazine

Note: This article obtains excerpts of an article that appeared in the “Realty Times” written by Belton E. Jennings III,

“REALTORS ®

h a n d l e e v e r y d e t a i l n e e d e d t o

sell your home”

Volume 06, Issue 07 - Say You Saw It In Homes & Land of Calgary - 31

Critical Role Article RR i7 2/8/08 2:07 PM Page 1

REALTOR®

T h e C r i t i c a l R o l e o f t h e