Real Estate Practice: Ch 7

The primary criticism sellers have about their agents is lack of communication.

Homeowner Tips

• It’s helpful to give written suggestions to help with marketing. These should include information about the cosmetic aspects of the exterior and interior of the home. (Ex:Keep grass and shrubs trimmed, Repair fencing and repaint if needed.
• If sellers choose to make an improvement that would increase the value of the home more than the cost to do it, you may have to adjust the listing price to reflect that improvement.
• It’s best for sellers to be "away" when a buyer comes to view the home.

Activity Reports

• A weekly activity report should include the number of inquiries/showings on the property that week, open houses held, etc.
• Maintain communication even during weeks when there has been little or no interest in the property

Showings

• Sellers should be prepared for an unexpected, last minute call.
• If someone shows up on the sellers’ doorstep wanting to see the home, they should get the person's name and then call your office immediately. • There will be situations when a scheduled showing will not take place.

Advertising Plan

• Sellers need to know the "schedule" of when their property will be advertised and the methods you'll use to do that advertising.

Preparing for Offers

• Share a blank copy of the purchase agreement with the sellers.
• New listings might get quick offers, but that doesn’t mean the pricing is too low.

Seller Disclosures (completed within the first week after obtaining the listing):

• Real Estate Transfer Disclosure Statement.
• Seller's Affidavit of Nonforeign Status &/or California Withholding Exemption.
• Water Heater Statement of Compliance.
• Smoke Detector Statement of Compliance.
• Lead-based Paint & Lead-Based Hazards Disclosure Acknowledgement & Addendum.

Other important information

• Get a property profile from the title company.
• Measure the home's outside dimensions to calculate the approximate square footage and take individual room measurements.
• Get information on the lot size.
• See if the property is located in a hazard area.

Traditional Marketing Tools

For Sale Sign (Always carry at least one sign with you and put up the sign as soon as you leave the house after obtaining the listing), Rider Strips (Attach a strip with your cell phone number to the stake below the main portion of the sign), Lockbox (holds the key to the home), Photos, Talking House(a radio transmitter that broadcasts a message about the home using an AM or FM radio frequency), Classified Ads and Flyers (these print pieces describe the home's features)

Multiple Listing Service (MLS)

Groups of brokers who join together to form a cooperative listing service

E-Tools:

Multiple Listing Service (MLS), Your and Other Internet Sites, Virtual Tours (with permission from your sellers in writing) and Video Tours.

Home Tours (Office/MLS Tours)

• It is best if sellers are not at home during the tour.
• Have some light refreshments for the agents/soft mood music playing in the background if possible.
• Give each agent a property flier and ask each one to fill out a short evaluation of the home.

Ancillary Tools

• Neighborhood Canvass Letter introduces the listing to the residents and asks for their help in locating a buyer.
• An open house for agents can give you important feedback on your listing as well as get the property in front of more agents. It's especially valuable for properties that are unusual.

Public open houses

give each visitor a copy of the property flier and your business card.  communicate any comments you get from the visitors to your sellers via your weekly activity report.

Have a client-specific marketing plan for each of your listings. Include some standard tasks, but also some activities that are customized to the particular sellers.

If you make a change to the price of a listing, use a Modification of Terms form.

Extending the listing

review with the sellers everything you have done to market their property and let them know what other marketing plans or ideas you may have.If you are successful in obtaining an extension, be sure a "thank you" letter goes out to them from your broker and let the MLS know about the extension