Sellers / Lessor Services

Why Was This List Prepared?

Surveys show that many property owners and property buyers are not aware of the true value a REALTOR® provides during the course of a real estate transaction.

At the same time, REALTORS® have generally assumed that the expertise, professional knowledge and just plain hard work that go into bringing about a successful transaction were understood and appreciated.

Many of the important services and steps are performed behind the scenes by either the REALTOR® or the brokerage staff and traditionally have been viewed simply as part of their professional responsibilities to the client. Without them, the transaction could be in jeopardy.

Comprehensiveness

This list is by no means complete. I routinely provide a wide variety of additional services that are as varied as the nature of each transaction.

Not all transactions require all of these steps. However, 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 even existed.

Why use a REALTOR®?

The typical actions, research steps, procedures, processes and review stages taken by a REALTOR® to complete a successful real estate transaction depend on the transaction. Some tasks may take minutes, hours, or even days to complete, while some may not be needed.

These tasks reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, understanding the importance of having help and guidance from someone who fully understands the process – a REALTOR®.

REALTORS® are pledged to uphold the stringent, enforceable tenets of the REALTOR® Code of Ethics in their professional dealing with the public. Remember, not every real estate registrant holds REALTOR® membership or MLS® access; I do, make sure yours does!

For peace of mind, ensure the individual seeking to represent you is both a registrant of the Real Estate Council of Ontario and a member of Ontario Real Estate Association – permitted to be called a REALTOR®. Check the RECO website for a searchable list of registrants.

Not all brokerages and REALTORS®  provide these services. As a REALTOR® dedicated to providing exceptional, personalized service and expert guidance; I do.

Pre-Listing Activities

  1. Contact seller to make appointment for the listing presentation
  2. Send seller a written or email confirmation of listing appointment, place a follow-up call with seller to confirm and provide reminder
  3. Review pre-appointment questions to prepare to respond and move forward
  4. Research all comparable currently listed properties
  5. Examine all comparable sales activity in the area from MLS® and public databases
  6. Research average days-on-the-market for similar properties, list to sale price ratio, location, type and other related statistics
  7. Review property tax assessment information
  8. Prepare Comparative Market Analysis (CMA) to establish market value
  9. Obtain copy of subdivision plan/complex layout
  10. Research property’s ownership and how title is held (deed)
  11. Obtain Corporate Profile Report
  12. Obtain Certificate of Status Report for corporations
  13. Confirm signing authorities and board of directors for corporations
  14. Check municipal tax records or other documents for varied pieces of property information such as lot size or boundaries
  15. Enquire with the Planning Department of municipal offices for current zoning and/or potential uses
  16. Verify legal description of the property
  17. Check for land use restrictions, restrictive covenants, easements and/or zoning
  18. Verify ownership names via the Registry Office, deed, mortgage charge, tax bill or a number of other documentation with indicators
  19. Prepare listing presentation from materials gathered
  20. Drive by the property and geographic area to assess the curb appeal, neighbourhood benefits or accents such as shopping and schools; compare with other property for impact on value
  21. Determine whether property is subject to special title interests, such as shoreline road allowance and obtain clarification or expanded information related to special interests
  22. Confirm local services (schools, gym, worship, highway access, railway) and explain their impact on market value
  23. Compile and assemble formal file on property
  24. Review all pertinent information to ensure that it’s complete in preparation for distributing to interested parties, if requested
  25. Review listing appointment checklist to ensure completion of all tasks

Listing Appointment Presentation

  1. Explain the various service relationships by providing the “Working With a REALTOR®” pamphlet and request acknowledgement that this has been reviewed, understood and copy retained by the seller
  2. Provide the seller with an overview of current market conditions and projections pertaining to expected sale time or adjustments that may be necessary
  3. Review sales representative and brokerage’s credentials and accomplishments
  4. Discuss with the seller the possibility of a seller take-back (STB) mortgage situation and other options to enhance sale negotiations while recommending that the consumer speak with industry related experts
  5. Review any appraisals that have been done in recent past
  6. Present CMA to the seller including brief details and value adjustments with comments relating to comparable sold properties, current listings and expired listings
  7. Offer pricing strategy based on experience and current market conditions
  8. Discuss a suggested marketing plan to achieve success in finding most suitable target prospects and eventual buyer(s) suitable to the seller(s)
  9. Explain the advantages and power of Multiple Listing Service®
  10. Explain the use and power of web marketing, IDX and www.realtor.ca
  11. Explain work that both the salesperson and brokerage do behind the scenes and service availability, elaborate and clarify to establish mutual expectations and obligations
  12. Explain the sales professional’s role in taking calls and screening for qualified buyers and curiosity seekers
  13. Confirm the final strategic master/overall marketing plan
  14. Review and explain the Listing Agreement, salesperson/broker signs committing the brokerage and request the signature of the seller(s); provide each of the signing seller(s) with individual copies
  15. Obtain copies of government identification for those on title
  16. Complete government FINTRAC documents

After the listing agreement is signed

  1. Measure the property (interior – and exterior) to create the best and most accurate description of the property for marketing and advertising
  2. Obtain / copy house plans for reference, if available
  3. Obtain / copy survey for reference, if available
  4. Confirm lot size from owner’s survey or other resource such as land deed/transfer — if a survey is not available, make a note in the listing file and ensure that the seller is aware of possible requests from prospective buyers
  5. Note any lot line fencing, easements and variances as per obtained documentation showing such
  6. Advise seller of process for showing appointments
  7. Prepare instructions for salespeople showing the property and confirm with the seller the best times to show to prospective buyers
  8. Obtain signed Mortgage Verification Form, submitted to the seller’s mortgagee/lender to be returned with mortgage detail to the seller with discussion of any effect on sale
  9. Verify with lender any penalties, terms and current rates and if the mortgage can be discharged
  10. Check whether the existing mortgage can be assumed and under what terms
  11. Discuss possible buyer financing alternatives and options with seller.
  12. Confirm if there any Condominium Fees or Homeowner Association fees
  13. Get a copy of the Condominium Bylaws & Rules, if applicable
  14. Identify Home Owner Association manager if applicable
  15. Order copy of Home Owner Association bylaws if applicable
  16. Review current appraisal if available
  17. Confirm hydro source or any other provider of utility
  18. Calculate the utility usage for the past 12 months from seller’s records
  19. Research and verify city sewer/any septic bed layout or permits at time of installation
  20. Confirm the water supply is municipal, check on rates for the past 12 months
  21. Validate if the water supply comes from a well, depth, confirm well type, condition and water quantity and or quality.
  22. Identify and advise of any abandoned wells on the property and include in the listing remarks
  23. Determine natural gas, heating oil or propane supplier’s name and telephone number and obtain copy of any records for reference
  24. Note on listing any rented appliances i.e. hot water tank, furnace, etc. and request documentation for review and reference
  25. Verify security system — owned or rented, terms and service terms
  26. Ascertain if any lead-based paint, asbestos insulation, UFFI or other latent defect may be present for disclosure
  27. Prepare a list of property features such as pool, sauna, whirlpool, landscape water features and assess market impact
  28. Prepare a list of chattels and fixtures included or excluded from the sale of the property with specific details to ensure they are accurately described
  29. Compile a list of recent improvements, repairs or maintenance and obtain copy of any documentation for reference
  30. Send letter to seller if the property is vacant to advise insurance company for appropriate coverage
  31. Explain benefits of transferable Property Warranty to seller.
  32. Assist sellers with completion and submission of Property Warranty application.
  33. When received, place Property Warranty in file for conveyance at time of sale.
  34. Explain benefits of pre-listing transferable Property Inspection to seller.
  35. Assist sellers with completion and submission of pre-listing Property Inspection application
  36. When received, place Property Inspection in property file for conveyance at time of sale.
  37. Explain benefits of transferable Title Insurance to the seller.
  38. Assist sellers with completion and submission of Title Insurance application
  39. When received, place Title Insurance in property file for conveyance at time of sale
  40. Explain the option of a lock box (advantages and disadvantages)
  41. Have extra keys made and keep secured
  42. Verify if property has rental units within the building. If so:
  43. Inquire as to compliance with the zoning by-laws, fire code and electrical safety code
  44. Make copies of all rental agreements and tenant correspondence
  45. Determine ownership of any appliances or other fixtures and chattels
  46. Verify and list all rental amounts, deposits held and other details
  47. Inform tenant of the listing and discuss showings and communications
  48. Arrange for installation of For Sale sign
  49. Advise the seller of the option to complete a Seller Property Information Statement and/or respective Schedule
  50. Complete “new listing checklist”
  51. Explain the Agreement of Purchase and Sale to the seller and discuss content
  52. Explain the offer presentation process and the possibility and procedures if multiple offers are submitted, as well as the varying party rights and obligations
  53. Discuss the type of conditions and terms that will likely be included in an offer to purchase from prospective buyers
  54. Discuss results of curb appeal assessment, interior décor assessment and discuss ways to improve appearances in preparation for showings
  55. Review results of Interior Décor Assessment and suggest changes to shorten time on market
  56. Arrange for office tour/real estate association tour and explain the comments in the report to seller
  57. Load listing into personal database and transaction management software

Entering Property in Multiple Listing Service® Database

  1. Prepare and check MLS® data input sheet, provide signed copies within 48Hrs
  2. Prepare property marketing brochure for seller’s approval
  3. Upload to real estate board – MLS® data input
  4. Proofread listing as it appears as uploaded and on realtor.ca
  5. Take additional photos for uploading to MLS® and for use in flyer
  6. Talk to seller about virtual tour possibilities

Marketing the Listing

  1. Create both print and internet ads with seller’s input
  2. Co-ordinate showings with the owner, tenants and other REALTORS®
  3. Respond to all calls – after hours and weekends included
  4. Install lockbox, if authorized by the owner
  5. Prepare personal mailing and contact list
  6. Generate mail merge letters to contact list
  7. Order “Just Listed” cards and handouts
  8. Prepare flyers and feedback faxes
  9. Review MLS® listing regularly to ensure the property remains competitive in price and is accurately described
  10. Prepare property marketing brochure for seller’s approval
  11. Arrange for printing of approved brochure and distribution
  12. Distribute property brochure to all company salespeople
  13. Mail out “Just Listed” notices to immediate neighbourhood residents
  14. Advise company Network Referral Program of the listing
  15. Provide marketing data to buyers coming through international relocation
  16. Provide property marketing data to buyers coming from referral network
  17. Create and submit advertisements to salesperson’s / brokerage’s internet sites
  18. Submit ads to cooperating brokerage’s internet sites
  19. Convey price changes promptly to all databases and internet groups
  20. Reprint supply of flyers/brochures/info sheets as required
  21. Update mortgage information as available
  22. Follow-up on emails and request feedback from representatives who have shown the property
  23. Discuss feedback from showing representatives with the seller to determine if changes are required to accelerate the sale
  24. Give regular updates to the seller to discuss marketing activity and results of activity

The Offer and the Contract

  1. Receive and review all Offers to Purchase submitted by buyers and buyers’ representatives
  2. Evaluate offer(s) and prepare a “net equity sheet” on each offer for owner comparison and consideration
  3. Counsel owners on each offer – explaining merits and weaknesses of each
  4. Contact buyer’s representative to discuss qualifications and motivations of their client
  5. Provide/deliver relevant documents for disclosure(s), to buyer’s representative or buyer upon request or prior to offer if possible
  6. Confirm that buyer is financially qualified, hopefully with mortgage commitment from their Lender
  7. Negotiate all offers on seller’s behalf, suggesting terminology within clauses, establishing condition time limits and seller’s desired closing date
  8. Prepare and convey all counter offers, acceptance and/or amendments to buyer’s Representative
  9. Deliver copies or originals of all documents to the sellers’ lawyer for the preparation
  10. When an Agreement of Purchase and Sale is agreed upon and finalized by the seller and buyer, ensure all parties have copies
  11. Record and deliver deposit to the brokerage for Trust Account timely deposit
  12. Provide seller with deposit receipt
  13. Provide copy of the accepted Agreement of Purchase and Sale to the brokerage office for creating a transaction file
  14. Advise and counsel owner on the procedures while the original agreement is conditional
  15. Advise seller in handling additional offers to purchase submitted between contract and closing
  16. Update personal transaction program indicating sale pending
  17. Review buyer’s credit report results – advise seller of worst and best case scenarios
  18. Provide credit report information to seller if property is to be seller financed
  19. Assist buyer with obtaining financing and follow-up as necessary
  20. Coordinate with lender on discount points being locked in with dates
  21. Deliver unrecorded property information to buyer
  22. Assist in arranging for appraiser to inspect the property and if requested, provide any information such as survey copy, new roof receipt, etc.
  23. Make contacts for assisting with septic tank inspection, if applicable
  24. Deliver copy of septic system inspection report to lender and buyer
  25. Arrange for water tests to send to relevant testing facility
  26. Arrange other inspections (termite, mold), as required by financial or insurance company or the seller or buyer’s lawyer (as examples)

Mortgage Tracking

  1. Confirm return of verifications of deposit and buyer’s employment
  2. Follow loan processing through to underwriter
  3. Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale
  4. Contact other salesperson or as requested the lender regarding mortgage application progress
  5. Rely final approval of buyer’s loan application to seller
  6. Prepare/obtain waiver or condition removal document(s), deliver copies to parties and brokerages and then ensure they are sent to the lawyer for the seller

Property Inspection

  1. Provide buyers with recommendations for professional property inspection
  2. Assist in arranging property inspection appointment
  3. Review property inspectors report
  4. Enter completion into transaction management tracking software program
  5. Explain seller’s responsibilities of loan limits and interpret any clauses in the contract
  6. Ensure seller’s compliance with property inspection clause requirements
  7. Assist the buyers if they have enquiries regarding the inspection report
  8. If repairs are required, assist seller in obtaining trustworthy contractor to perform required repairs
  9. Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed

The Appraisal

  1. Schedule appraisal appointment and arrange with the seller
  2. Provide appraiser with any additional helpful information that can be used to establish market value
  3. Follow up on appraisal
  4. Assist buyer or seller in regards to mortgage or appraisal enquiries
  5. Enter completion into transaction management program
  6. Assist seller in questioning appraisal report if it seems to low
  7. Suggest possible solutions for any glitches within the appraisal

Closing Preparations and Duties

  1. Work with buyer’s representative to arrange any visits prior to set closing date, as agreed in the Agreement of Purchase and Sale
  2. Arrange for trust deposit monies, if in excess of commission due, to be given to the lawyer as requested or direct their return to the seller
  3. Coordinate closing process with buyer’s representative, lawyer and lender
  4. Update closing forms and files
  5. Ensure all parties have all forms and information needed to close the sale
  6. Select the location for closing
  7. Confirm closing date and time and notify all parties
  8. Assist to solve title problems (boundary disputes, easements, etc) or in obtaining death certificates
  9. Confirm the buyer and buyer’s representative received title insurance commitment
  10. Provide transferable “Property Warranty” for availability at closing
  11. Provide transferable “Property Inspection” for availability at closing
  12. Provide transferable “Title Insurance” for availability at closing
  13. Review all closing documents carefully for errors
  14. Forward closing documents to absentee seller as requested
  15. Coordinate closing with seller’s next purchase, resolving timing issues
  16. Be available for any concerns/questions from the seller, buyer or buyer’s representative
  17. Advise real estate board/association that property is sold and supply details as to price, date of sale, selling brokerage representative(s)__
  18. Close out listing in transaction management program

Follow Up After Closing

  1. Answer questions about filing claims with Property Warranty company, if requested
  2. Attempt to clarify and resolve any repair conflicts if seller is dissatisfied
  3. Respond to any follow up calls and provide additional information required from transaction files

Your Personal Consultation

Once again, not all brokerages and REALTORS®  provide these personalized services. As a full service REALTOR® working for a full service brokerage… I do.

To get started, I recommend we schedule a Personal Consultation. I’ll visit your home or business, do an assessment of your property, answer your questions, and give you my professional opinion as to how much your property may sell for and how long that may take.

If you plan to purchase another in the area, we can talk about that too. In fact, there are significant advantages to having me help you with both transactions.

This consultation gives us both the opportunity to get to know one another and to see if there’s a good fit. You’ll learn how I work, how I market and sell properties, and how I attend to my clients’ needs.

After this consultation, although most people are eager to get started with me as their broker, there’s no obligation. This is a get acquainted meeting only.

So let’s meet. Contact me