Most people have this idea that REALTORS® make way too much money on the sale of homes. Well, let me tell you, they are worth every penny of what they make.
We need to be an agent in good standing and must follow a "Code of Ethics" educational class and can be summoned if we vary from that standard. Also, agents take continuous educational classes and have accumulated 21 (CEU) Continuing Educational Education Units which is a standardized measure of participation in professional development programs.
When an agent is called to list a home, they first make an appointment with the seller and do their homework. Then we go online to retrieve the deed, the tax card, and check if there are any liens on the house. They look up the neighborhood and gather as much information as possible on this property. Research the sales activity from local MLS broker marketplaces and databases. See if there are infractions that you should know about prior to listing it.
Agents ask as many questions about the demographics of the area, and if there is something you should know about before listing this property: is the neighborhood changing? Also, research the zoning to make sure there are no surprises.
Tour the properties to make sure there aren't any deficiencies that will need to be fixed prior to listing it. Prepare a preliminary Comparative Market analysis (CMA) to establish the fair market value of this home. Now we offer the pricing strategy with updates to the CMA. Discuss your goals and explain what the market is doing and how it affects the sale of your home. Review all material and clauses so they understand exactly what you do and how you will market your home.
With the new NAR guidelines, we as REALTORS® have to provide full transparency with all that we do. Of course, we as REALTORS® in the state of Maine, always did while other states did not. Go over all systems in the home to make sure they are in good order and meet all requirements of that system. Explain the benefits of a pre-home inspection. Prepare all the MLS profile and listings sheets. Take photos at the agent's expense. Prepare print and internet ads with seller's input. Prepare fliers and feedback reports and share info with sellers. Prepare market reports and share with seller and prepare brochures. Set up open-houses and share feedback with sellers. When we receive an offer, we share it with the sellers and discuss the price, the close date, the earnest money, inspections, and if there is a pre-approved letter from a qualified lender. We advise sellers of any additional offers. If there is personal property they will or will not want to convey with the property, are there contingencies that the buyer may want?
After an offer is accepted, a timeline will take place, and the agent will need to follow up with the strict guidelines set forth with the signed contract. The Listing Agent will need to explain to the seller the factors that need to be followed to make a successful closing.
If the inspection report discovers some deficiencies, those will be discussed with the seller and process the issues and discuss what can be done to make it a win/ win situation for both the buyer and seller. At this time if the buyer and seller cannot come to a compromised state, he can withdraw his offer and the property will go back on the market, then the whole process starts again. All documents will need to be updated and changed in the MLS listing to reflect what was found in the inspection report.
When a contract ls fully executed by both sides, the accepted title company will the review the property and go back minimally 40 years to make sure there are no liens or encumbrances that will hold up the closing of the property. Sometimes the title company will need to go back much further if it is an older property. The bank will of course want an appraisal on this property to make sure it at least meets the values of the sale price and that there no outstanding issues with the appraisal that will need to be in his report that the bank and the buyer will want to know before the sale.
There is much more that we do as agents and in most cases much more than an agent will share, but believe me, trust your agent for what he or she does for you, because they really earn what they get paid from the sale of your home.
Richie Vraux is a Broker/ Realtor with Pine Tree Realty of Maine in Windham. He has been a Real Estate broker for more than 20-plus years. Call Richie at 207-317-1297 or send an email to
[email protected]. <
When an agent is called to list a home, they first make an appointment with the seller and do their homework. Then we go online to retrieve the deed, the tax card, and check if there are any liens on the house. They look up the neighborhood and gather as much information as possible on this property. Research the sales activity from local MLS broker marketplaces and databases. See if there are infractions that you should know about prior to listing it.
Agents ask as many questions about the demographics of the area, and if there is something you should know about before listing this property: is the neighborhood changing? Also, research the zoning to make sure there are no surprises.
Tour the properties to make sure there aren't any deficiencies that will need to be fixed prior to listing it. Prepare a preliminary Comparative Market analysis (CMA) to establish the fair market value of this home. Now we offer the pricing strategy with updates to the CMA. Discuss your goals and explain what the market is doing and how it affects the sale of your home. Review all material and clauses so they understand exactly what you do and how you will market your home.
With the new NAR guidelines, we as REALTORS® have to provide full transparency with all that we do. Of course, we as REALTORS® in the state of Maine, always did while other states did not. Go over all systems in the home to make sure they are in good order and meet all requirements of that system. Explain the benefits of a pre-home inspection. Prepare all the MLS profile and listings sheets. Take photos at the agent's expense. Prepare print and internet ads with seller's input. Prepare fliers and feedback reports and share info with sellers. Prepare market reports and share with seller and prepare brochures. Set up open-houses and share feedback with sellers. When we receive an offer, we share it with the sellers and discuss the price, the close date, the earnest money, inspections, and if there is a pre-approved letter from a qualified lender. We advise sellers of any additional offers. If there is personal property they will or will not want to convey with the property, are there contingencies that the buyer may want?
After an offer is accepted, a timeline will take place, and the agent will need to follow up with the strict guidelines set forth with the signed contract. The Listing Agent will need to explain to the seller the factors that need to be followed to make a successful closing.
If the inspection report discovers some deficiencies, those will be discussed with the seller and process the issues and discuss what can be done to make it a win/ win situation for both the buyer and seller. At this time if the buyer and seller cannot come to a compromised state, he can withdraw his offer and the property will go back on the market, then the whole process starts again. All documents will need to be updated and changed in the MLS listing to reflect what was found in the inspection report.
When a contract ls fully executed by both sides, the accepted title company will the review the property and go back minimally 40 years to make sure there are no liens or encumbrances that will hold up the closing of the property. Sometimes the title company will need to go back much further if it is an older property. The bank will of course want an appraisal on this property to make sure it at least meets the values of the sale price and that there no outstanding issues with the appraisal that will need to be in his report that the bank and the buyer will want to know before the sale.
There is much more that we do as agents and in most cases much more than an agent will share, but believe me, trust your agent for what he or she does for you, because they really earn what they get paid from the sale of your home.
Richie Vraux is a Broker/ Realtor with Pine Tree Realty of Maine in Windham. He has been a Real Estate broker for more than 20-plus years. Call Richie at 207-317-1297 or send an email to
[email protected]. <
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