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What Does a Sarasota Listing Agent Do To Earn Their Commission?

Bill — Sun, 18 Apr 2010 21:55:33 +0000

Surveys show that many homeowners and homebuyers are not aware of the true value a REALTOR® provides during the course of a real estate transaction. At the same time, regrettably, 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 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 part of their professional responsibilities to the client. But, without them, the transaction could be placed in jeopardy.

Listed on the following pages are nearly 200 typical actions, research steps, processes and review stages necessary for a successful residential real estate transaction and normally provided by a full service real estate brokerage and for which they are entitled to fair compensation.

The Critical Role of the REALTOR®

Listed here are nearly 200 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by full service real estate brokerages in return for their sales commission. Depending on the transaction, some may take minutes, hours, or even days to complete, while some may not be needed.

More importantly, they reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process – a 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 REALTOR® membership. Make sure yours does!

Pre-Listing Activities

1 Make appointment with seller for 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 past 18 months from MLS and public records databases
6 Research “Average Days on Market” for this property of this 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’s ownership & deed type
11 Research property’s public record information for lot size & dimensions
12 Research and verify legal description
13 Research property’s land use coding and deed restrictions
14 Research property’s current use and zoning
15 Verify legal names of owner(s) in county’s public property records
16 Prepare listing presentation package with above materials
17 Perform 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 projections
22 Review agent’s and company’s credentials and accomplishments in the market
23 Present company’s profile and position or “niche” in the marketplace
24 Present CMA Results To Seller, including Comparables, Solds, Current Listings & Expireds
25 Offer pricing strategy based on professional judgment and interpretation of current market conditions
26 Discuss Goals With Seller To Market Effectively
27 Explain market power and benefits of Multiple Listing Service
28 Explain market power of web marketing, IDX and REALTOR.com
29 Explain the work the brokerage and agent do “behind the scenes” and agent’s availability on weekends
30 Explain agent’s role in taking calls to screen for qualified buyers and protect seller from curiosityseekers
31 Present and discuss strategic master marketing plan
32 Explain different agency relationships and determine seller’s preference
33 Review and explain all clauses in Listing Contract & Addendum and obtain seller’s signature

Once Property is Under Listing Agreement

34 Review current title information
35 Measure overall and heated square footage
36 Measure interior room sizes
37 Confirm lot size via owner’s copy of certified survey, if available
38 Note any and all unrecorded property lines, agreements, easements
39 Obtain house plans, if applicable and available
40 Review house plans and make copy
41 Order plat map for retention in property’s listing file
42 Prepare showing instructions for buyers’ agents and agree on showing time window with seller
43 Obtain current mortgage loan(s) information: companies and & loan account numbers
44 Verify current loan information with lender(s)
45 Check assumability of loan(s) and any special requirements
46 Discuss possible buyer financing alternatives and options with seller
47 Review current appraisal if available
48 Identify Home Owner Association manager if applicable
49 Verify Home Owner Association Fees with manager – mandatory or optional and current annual fee
50 Order copy of Homeowner Association bylaws, if applicable
51 Research electricity availability and supplier’s name and phone number
52 Calculate average utility usage from last 12 months of bills
53 Research and verify city sewer/septic tank system
54 Water System: Calculate average water fees or rates from last 12 months of bills )
55 Well Water: Confirm well status, depth and output from Well Report
56 Natural Gas: Research/verify availability and supplier’s name and phone number
57 Verify security system, current term of service and whether owned or leased
58 Verify if seller has transferable Termite Bond
59 Ascertain need for lead-based paint disclosure
60 Prepare detailed list of property amenities and assess market impact
61 Prepare detailed list of property’s “Inclusions & Conveyances with Sale”
62 Compile list of completed repairs and maintenance items
63 Send “Vacancy Checklist” to seller if property is vacant
64 Explain benefits of Home Owner Warranty to seller
65 Assist sellers with completion and submission of Home Owner Warranty Application
66 When received, place Home Owner Warranty in property file for conveyance at time of sale
67 Have extra key made for lockbox
68 Verify if property has rental units involved. And if so:
69 Make copies of all leases for retention in listing file
70 Verify all rents & deposits
71 Inform tenants of listing and discuss how showings will be handled
72 Arrange for installation of yard sign
73 Assist seller with completion of Seller’s Disclosure form
74 “New Listing Checklist” Completed
75 Review results of Curb Appeal Assessment with seller and provide suggestions to improve salability
76 Review results of Interior Décor Assessment and suggest changes to shorten time on market
77 Load listing into transaction management software program

Entering Property in Multiple Listing Service Database

78 Prepare MLS Profile Sheet — Agents is responsible for “quality control” and accuracy of listing data
79 Enter property data from Profile Sheet into MLS Listing Database
80 Proofread MLS database listing for accuracy – including proper placement in mapping function
81 Add property to company’s Active Listings list
82 Provide seller with signed copies of Listing Agreement and MLS Profile Sheet Data Form within 48 hours
83 Take additional photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography

Marketing The Listing

84 Create print and Internet ads with seller’s input
85 Coordinate showings with owners, tenants, and other Realtors®. Return all calls – weekends included
86 Install electronic lock box if authorized by owner. Program with agreed-upon showing time windows
87 Prepare mailing and contact list
88 Generate mail-merge letters to contact list
89 Order “Just Listed” labels & reports
90 Prepare flyers & feedback faxes
91 Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions and availability
92 Prepare property marketing brochure for seller’s review
93 Arrange for printing or copying of supply of marketing brochures or fliers
94 Place marketing brochures in all company agent mail boxes
95 Upload listing to company and agent Internet site, if applicable
96 Mail Out “Just Listed” notice to all neighborhood residents
97 Advise Network Referral Program of listing
98 Provide marketing data to buyers coming through international relocation networks
99 Provide marketing data to buyers coming from referral network
100 Provide “Special Feature” cards for marketing, if applicable
101 Submit ads to company’s participating Internet real estate sites
102 Price changes conveyed promptly to all Internet groups
103 Reprint/supply brochures promptly as needed
104 Loan information reviewed and updated in MLS as required
105 Feedback e-mails/faxes sent to buyers’ agents after showings
106 Review weekly Market Study
107 Discuss feedback from showing agents with seller to determine if changes will accelerate the sale
108 Place regular weekly update calls to seller to discuss marketing & pricing
109 Promptly enter price changes in MLS listing database

The Offer and Contract

109 Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.
110 Evaluate offer(s) and prepare a “net sheet” on each for the owner for comparison purposes
111 Counsel seller on offers. Explain merits and weakness of each component of each offer
112 Contact buyers’ agents to review buyer’s qualifications and discuss offer
113 Fax/deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to offer if possible
114 Confirm buyer is pre-qualified by calling Loan Officer
115 Obtain pre-qualification letter on buyer from Loan Officer
116 Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date
117 Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent
118 Fax copies of contract and all addendums to closing attorney or title company
119 When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer’s agent
120 Record and promptly deposit buyer’s earnest money in escrow account.
121 Disseminate “Under-Contract Showing Restrictions” as seller requests
122 Deliver copies of fully signed Offer to Purchase contract to seller
123 Fax/deliver copies of Offer to Purchase contract to Selling Agent
133 Fax copies of Offer to Purchase contract to lender
124 Provide copies of signed Offer to Purchase contract for office file
125 Advise seller in handling additional offers to purchase submitted between contract and closing
126 Change status in MLS to “Sale Pending”
127 Update transaction management program to show “Sale Pending”
128 Review buyer’s credit report results — Advise seller of worst and best case scenarios
129 Provide credit report information to seller if property will be seller-financed
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
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 & buyer
136 Deliver Well Flow Test Report copies to lender & buyer and property listing file
137 Verify termite inspection ordered
138 Verify mold inspection ordered, if required

Tracking the Loan Process

139 Confirm Verifications Of Deposit & Buyer’s Employment Have Been Returned
140 Follow Loan Processing Through To The Underwriter
141 Add lender and other vendors to transaction 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 Inspection

144 Coordinate buyer’s professional home inspection with seller
145 Review home inspector’s report
146 Enter completion into transaction management tracking software program
147 Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
148 Ensure seller’s compliance with Home Inspection Clause requirements
149 Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
150 Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed

The Appraisal

151 Schedule Appraisal
154 Provide comparable sales used in market pricing to Appraiser
152 Follow-Up On Appraisal
151 Enter completion into transaction management program
153 Assist seller in questioning appraisal report if it seems too low

Closing Preparations and Duties

154 Contract Is Signed By All Parties
155 Coordinate closing process with buyer’s agent and lender
156 Update closing forms & files
157 Ensure all parties have all forms and information needed to close the sale
158 Select location where closing will be held
159 Confirm closing date and time and notify all parties
160 Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates
161 Work with buyer’s agent in scheduling and conducting buyer’s Final Walk-Thru prior to closing
172 Research all tax, HOA, utility and other applicable prorations
162 Request final closing figures from closing agent (attorney or title company)
163 Receive & carefully review closing figures to ensure accuracy of preparation
164 Forward verified closing figures to buyer’s agent
165 Request copy of closing documents from closing agent
166 Confirm buyer and buyer’s agent have received title insurance commitment
167 Provide “Home Owners Warranty” for availability at closing
168 Review all closing documents carefully for errors
169 Forward closing documents to absentee seller as requested
170 Review documents with closing agent (attorney)
171 Provide earnest money deposit check from escrow account to closing agent
173 Coordinate this closing with seller’s next purchase and resolve any timing problems
174 Have a “no surprises” closing so that seller receives a net proceeds check at closing
175 Refer sellers to one of the best agents at their destination, if applicable
176 Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.
177 Close out listing in transaction management program

Follow Up After Closing

178 Answer questions about filing claims with Home Owner Warranty company if requested
179 Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
180 Respond to any follow-on calls and provide any additional information required from office files.

Source: Orlando Regional Realtor Association

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Changes to the $250,000/$500,000 Exclusion For 2nd Home Sellers

Bill — Tue, 10 Feb 2009 02:37:26 +0000

Source: Sarasota Realtor Magazine February 2009
Author: Marc Mansfield – Government Affairs Director

This is a very informative article regarding the changes in tax implications for a second home purchase. In 2009, there are some new rules placed into effect as a result of the 2008 Housing and Economic Recovery Act when a second home is converted to a principle residence. Here are some explanations and examples of how this new rule impacts second home sellers.

Governmental Affairs

When a former second home is sold, some portion of the gain may be taxable, even if the owner has lived in the home for the required two of the previous five years. The examples below illustrate the application of this new rule.

Example 1: Post 2008 Purchase and Sale: Charlie, whose tax filing status is single, bought a vacation property costing $400,000 on March 1, 2009. On March 1, 2012 he converts the property to his principal residence. On March 1, 2014, he sells the property for $700,000, realizing a gain of $300,000. He has owned the property for 5 years and used it as a principal residence for 2 years. On these facts, 40 percent of the gain (2/5) is eligible for the $250,000/$500,000 exclusion (2 years use as a principal residence divided by 5 years of ownership. The remainder of the gain (60 percent: 3 years as non-principal residence/5 years of ownership) will be taxed at capital gains rate that applies in the year of the sale. Of the total $300,000 gain, $180,000 ($300,000 x .60) will be treated as a capital gain. If the capital gains rate in 2014 is still 15 percent the total tax would be $27,000 ($180,000 x .15) Since the remaining $120,000 gain is less than $250,000, $120,000 is eligible for the exclusion.

Example 2: Pre 2009 Conversion to a Principal Residence: Fred and Ethel bought a condo that they have used solely as a rental property since 1989. They decided to simplify life by selling their house and moving into the condo. They moved into the condo on April 15, 2008. In April 2019, they sell the condo. They have a very low basis in the condo because it was used as a rental property for 19 years (1989-2008), leaving them a gain of $600,000. When they sell the condo, they will be eligible for the $500,000 exclusion because the property was their principal residence on January 1, 2009. In this case they will pay tax on the $100,000 excess over the $500,000 ($600,000 gain minus $500,000 exclusion) at the capital gains rate effective for 2019. In addition, they will be liable for the depreciation recapture taxes for the years that the property was used as a rental property. The depreciation recapture tax will be imposed at the rate effective for 2019. The current rate is 25 percent.

Example 3: Pre 2009 Purchase and Post 2008 Sale: John and Susan, who file a joint return, bought a vacation property in 1985 for $100,000. During the years they have owned it, they have used it solely as a vacation home. On January 1, 2011, they move into the home and begin to use it as their principal residence. During the time they have owned the home, they have added $125,000 in improvements. The community where it is located is now a major tourism and resort area and they have enjoyed significant appreciation as well. In 2020 they sell the home for $1 million. Their taxable gain and exclusion are as follows:

Total amount of gain – $775,000 ($1 million selling price minus original costs of $100,000 and improvements of $125,000). Taxable post 2008 gain – This is the number of years AFTER 2008 that the property is NOT used as a principal residence, divided by the total period of ownership: Number of non-residential years – 2 (2009 and 2010 Number of years of ownership – 35 (1985 – 2020) Taxable Gain – 2/35 x $775,000 = $44,285 Tax on non-residential use – $6,643 (assuming 15 percent capital gains rate) Exclusion – Remaining gain $730,715 ($775,000 minus the $44,285)

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20 Low Cost Ways To Spruce Up Your Home

Bill — Wed, 10 Dec 2008 02:57:28 +0000

Have you ever heard the saying “It’s all in the details”? Living in your home, and selling your home are two different things. Over time of living in our own house, we often miss little things that need attention that may really stand out to a buyer who is scrutinizing the house. Here are a list of several tips we advise our sellers to do prior to listing a home.

1. Trim bushes so they don’t block windows and cut down on light.

2. Buy a new doormat.

3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.

4. Put new doorknobs on your doors.

5. Put a fresh coating on your driveway.

6. Edge the grass around walks and trees.

7. Keep your garden tools out of site.

8. Be sure kids put away their toys.

9. Buy a new mailbox.

10. Upgrade the outside lighting.

11. Use warm, incandescent light bulbs for a homey feel.

12. Polish or replace your house numbers.

13. Clean your gutters.

14. Put out potpourri or burn scented candles.

15. Buy new pillows for the sofa.

16. Buy a flowering plant and put it in a window you pass by frequently.

17. Make a centerpiece for your table with fruit or artificial flowers.

18. Replace heavy curtains with sheer ones that let in more light.

19. Buy new towels.

20. Put a seasonal wreath on your door.

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Important Questions When Interviewing a Realtor

Bill — Wed, 10 Dec 2008 02:15:49 +0000

Choosing the right agent to sell your Sarasota home is one of the most important decisions you can make. Many times, it is tempting to hire someone familiar to you, such as a friend or co-worker who happens to have a real estate license. This may feel more comfortable to you at first, however, it could cost you thousands and thousands of dollars if that agent is not a top-performing full time professional agent. Also, if something does go wrong in the transaction, it is best to be dealing with an agent without family or friendship ties! There is nothing worse than losing a friend because mistakes were made that cost you thousands of dollars. Before hiring an agent to handle what could possibly be your largest financial investment, it is important to ask some key questions. By covering these issues up front, you will be able to choose an agent based on performance, and after all, who doesn’t want to make more money and experience less stress? That is the role of a top performing agent! Here are some questions to ask in a realtor interview:

1) Do you personally answer all phone calls on the property?

2) Can we cancel the listing if we’re not happy?

3) May I see your personal Internet web site?

4) What systems do you have in place that will keep you in constant contact with me during the listing and the transaction?

5) Are you a Full Time agent?

6) Do you do Virtual Tours on ALL your listings?

7) What is your average market time vs. other agents’ average market time?

8. How many pictures do you put on REALTOR.com (Largest real estate website in the U.S.?)

9) 80% of Buyers are searching online. Tell me about the internet marketing you do?

10) I want to give my home the advantage of the latest marketing strategies. How much time & money do you invest each month in professional training?

11) Can you give me a list of your clients who have closed escrow and can I call them?

12) Why are you personally motivated to sell my house?

13) Why should I list with you rather than any other agent who is calling?

When you are ready to list your home, please call me for a no obligation meeting where we can discuss your needs further. My goal is to earn my sellers absolute top dollar, and reduce market time and seller stress!

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Getting Top Dollar For Your Home

Bill — Thu, 20 Nov 2008 19:02:40 +0000

Hi everyone, I often get asked what can be done for my sellers to get the absolute highest sales price possible. Only natural, right! After all, who wants to sell for less than the potential? My answer is simple. The best chance for selling your property is within the first seven weeks. Studies show that the longer a property stays on the market, the less the seller will net. Below are 5 mainfactors to accomplishing this goal.

PRICING FACTOR
It is very important to price your property at a competitive market value right when you list it.
The market is so competitive that evenover-pricing by a few thousand dollars could mean
that your house will not sell. It’s interesting, but your first offer is usually your best offer.
Here are reasons for pricing your property at the market value right from the start in order to
net you the most amount of money in the shortest amount of time.
An overpriced home:
• Minimizes offers
• Lowers showings
• Lowers agent response
• Limits financing
• Limits qualified buyers
• Nets less for the seller
80% of the marketing is done when we decide on what price to list your home. If you are
unwilling to list at current market value, you would be better off not putting it on the market
at this time.

CLEAN FACTOR
Most people are turned off by even the smallest amount of uncleanness or odor when buying a home. Sellers lose thousands of dollars because they do not adequately clean. If your house is squeaky clean, you will be able to sell your home faster and net hundreds, if not thousands of dollars more. If you are planning on moving, why not get rid of that old junk now so that your house will appear larger? Make more space. Odors must be eliminated especially if you have dogs, cats, or young children in diapers or if you are a smoker. You may not notice the smell, but the buyers do! Most agents have a difficult time communicating to their sellers about odor. If you employ an agent to get the most amount of money for you, please don’t take offense if he must confront you about odor problems.

ACCESS FACTOR
Top selling agents will not show your home if both the Key and access are not readily
available. They do not have time to run around town all day picking up and dropping off
keys. They want to sell homes! The greatest way to show a house is to have a key! When
your home is being shown, please do the following:
• Keep all lights on
• Keep all drapes and shutters open
• Keep all doors unlocked
• Leave soft music playing
• Take a short walk with your children and pets
• Let the buyer be at ease and let the agents do their job

PAINT & CARPET FACTOR
Paint is your best improvement investment for getting a greater return on your money. Paint
makes the whole house smell clean and neat. If your house has chipped paint, exposed wood,
or the paint looks faded, it is time to paint. If your carpet is worn, dirty, outdated, or an unusual color, you may need to seriously consider replacing it. Many houses do not sell because of this problem. Don’t think that buyers have more money than you have to replace carpet. They don’t. They simply buy elsewhere.

FRONT YARD FACTOR
Your front yard immediately reflects the inside condition of your house to the buyer. People
enjoy their yards. Make certain that the trees are trimmed so the house can be seen from the
street. Have the grass mowed, trimmed and edged. Walkways should be swept. Debris
cleared away. Remove parked cars. This all adds to curb appeal. If a buyer doesn’t like the
outside, they may not stop to see the inside.

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Tips To Hiring a Subcontractor

Bill — Thu, 20 Nov 2008 18:53:35 +0000

As Realtors, we are often faced with recommending repairs to be made by the seller prior to listing a property with the goal of obtaining the highest possible sales price. This is not mandatory, but sellers ask what can be done to reach their goals, and we often do see some areas that need a little attention to satisfy the scrutinizing buyers. In order to do so, many are faced with hiring a handyman or contractor, so I thought this may be useful for our visitors.

1. Get at least three written estimates. You will be surprised at the difference in prices from each.

2. If it is a bigger job, get references and call to on the work. If possible, go by and visit earlier jobs.

3. Check with the local Chamber of Commerce or Better Business for complaints. This can be done online.

4. Be sure that the contract states exactly what is to be done and how change orders will be handled.

5. Make as small a downpayment as possible so you won’t a lot if the contractor fails to complete the job. Unfortunately, this can and does happen, so insist that you do not pay the entire balance up front.

6. Be sure that the contractor has the necessary permits, and insurance, otherwise, your repairs may come back to haunt you later.

7. Be sure that the contract states when the work will be and what recourse you have if it isn’t. Also remember that in many instances you can cancel a contract within three business days of signing it.

8. Ask if the contractor’s workers will do the entire job whether subcontractors will do parts.

9. Get the contractor to indemnify you if work does not meet any building codes or regulations.

10. Be sure that the contract the contractor will clean up the job and be responsible for any damage.

11. Guarantee that materials used meet your specifications.

12. Don’t make the final payment until you’re satisfied with the work. I hope this helps! When you are ready to sell, give me a call. I would love to see your house, and discuss my qualifications!

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My Marketing Plan

Bill — Thu, 20 Nov 2008 03:06:02 +0000

Here are many different marketing strategies that we use to get your home sold!

1) Prepare CMA to establish Market Value

2) Place post sign on property (when possible)

3) Take Photos for MLS and website marketing

4) Place in MLS with maximum amount of pictures

5) Create full Color Property Brochure

6) Create Virtual Tours for ALL listings! (80% of Buyers Search Online!)

7) In addition to WeSellSarasota.com, your home will be on numerous websites!

8. E-mail Electronic Flyer with pictures to 5000+ REALTORS in 1 day!

9) Network with other REALTORS

10) Schedule Agent Tour

11) Mail “Just-Listed” Letters

12) Place classified and Display ads in Local Newspapers

13) Flyers in Home

14) Arrange Mortgage Options for Prospective Purchasers

15) Place photo ad in Homes & Land Magazine

16) Place photo ad in Real Estate Book

17) Request Feedback From all Showings

18) Communicate Regularly with Progress Reports

19) Monitor all New Properties to Maintain Competitive Market Position

20) Showing Coordinator handles All Inquiries Regarding Showings

21) Assure Continuous Effort to Promote and Market Your Property

22) Negotiate Purchase Contract

23) Handle all Paperwork Through Closing

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Forms Sellers Will Need To Sell Their Home

Bill — Thu, 20 Nov 2008 02:49:15 +0000

Back many many years ago, it was common place to sell a home with a single piece of paper, or it could even be done on the back of a napkin! I guess in theory, it still could, but if someone were to do that, they will be open to lawsuits galore. Selling a home is not that simple any more. There are many forms and contract addendums that are needed to fully protect a buyer or seller, and it is our job as agents to fully protect our client as best as we can. There are many forms I use to do this, and I can not possible lis them all here, but I can provide a summary of the more common ones.

1. Property Disclosure Form: This form requires you to reveal all known defects to your property. Check with your state government to see if there is a special form required in your state.

2. Purchasers Access to Premises Agreement: This agreement sets conditions for permitting the buyer to enter your home for activities such as measuring for draperies before you move.

3. Sales Contract: The agreement between you and the seller on terms and conditions of sale. Again, check with your state real estate department to see if there is a required form.

4. Sales Contract Contingency Clauses: In addition to the contract, you may need to add one or more attachments to the contract to address special contingencies—such as the buyer’s need to sell a home before purchasing yours.

5. Pre- and Post-Occupancy Agreements: Unless you’re planning on moving out and the buyer moving in on the day of closing, you’ll need an agreement on the terms and costs of occupancy once the sale closes.

6. Lead-Based Paint Disclosure Pamphlet: If your home was built before 1978, you must provide the pamphlet to all sellers. You must also have buyers sign a statement indicating they received the pamphlet.

If you are getting ready to sell your home, please contact me. I am happy to put my experise to work for you!

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9 Seller Mistakes To Avoid

Bill — Thu, 20 Nov 2008 02:42:46 +0000

MISTAKE #1. Using A Real Estate Agent Instead of A Realtor! When you’re looking for help buying or selling property, it’s important to remember that the terms “real estate agent” and “Realtor” are not synonymous. Realtors can provide an extra level of service and to be a Realtor you must be a member of the National Association of Realtors (NAR). The equivalent organization in Canada is the Canadian Real Estate Association (CREA). Both are non-profit trade organizations that promote real estate information, education and professional standards. The National Association of Realtors also has earned a strong reputation for actively championing private property rights and working to make home ownership affordable and accessible. The NAR and CREA members adhere to a strict code of ethics founded on the principle of providing fair and honest service to all consumers. Realtor business practices are monitored at local board levels. Arbitration and disciplinary systems are in place to address complaints from the public or board members. This local oversight keeps Realtors directly accountable to the individual consumers they serve and therefore the consumer is more likely to find better service and accountability by using a Realtor.

MISTAKE #2. COMPLACENT MARKETING WHEN SELLING A HOME When selling your home there are no guarantees that the ultimate buyer of your home will have simply walked through the front door. In many cases you may have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing and able buyer in the shortest period of time. Ask your Realtor to list for you all of the ways he/she intends to market your home and on what time-line. Also, be sure to ask about the home being advertised on the Internet.

MISTAKE #3. TAKING FOR GRANTED THE “CURB APPEAL” OF YOUR HOME When you’re preparing your house for sale, remember the importance of first impressions. A buyer’s first impression can make or break whether they even want to go inside for a look. It is estimated that more than half of all houses are sold before the buyers even get out of their cars. With that in mind, be sure to stand outside of your home and take a realistic “fresh look” and then ask yourself what can be done to make the “curb appeal” improve. Also ask your Realtor’s opinion as to how to improve the curb appeal. It could make a huge difference in your final sales price.

MISTAKE #4. FORGETTING ABOUT HEALTH AND SAFETY ISSUES Be upfront and disclose to your Realtor any problems with the property. The problems are going to be discovered anyway. A decade ago, health and safety issues were rarely a part of the typical real estate transaction. Today, however, it’s common for inspections relating to health, safety, and even environmental concerns to be a part of most sales contracts. Moreover, in many states, the seller must disclosure to the buyer any knowledge of existing property problems. In many cases, these issues have been or can be factored into the home’s listing price.

MISTAKE #5. FORGETTING WHAT YOU WOULD WANT TO SEE IF YOU WERE THE BUYER OF YOUR HOME Remember that although people can be different in personality, they tend to be the same when it comes to expectations at someone else’s expense. In other words, a prospective buyer would probably like to see a perfect home from top to bottom, inside and out, when it comes to your home.

MISTAKE #6. THINKING YOU NEED TO BE IN THE HOME TO EXPLAIN THINGS TO A PROSPECTIVE BUYER You will be better served if you allow your Realtor to do their job without you there. Most potential buyers usually feel more comfortable if they can speak freely to the real estate professional without the owners being present. If people unaccompanied by an agent request to see your property, you should refer them to your real estate professional for an appointment.

MISTAKE #7. NOT KNOWING HOW TO PRICE YOUR HOME TO SELL Perhaps the most challenging aspect of selling a home is listing it at the correct price. It’s one of several areas where the assistance of a skilled real estate agent can more than pay for itself. Listing the home too high can be as bad as too low. If the listing price is too high, you’ll miss out on a percentage of buyers looking in the price range where your home should be. This is the flaw in thinking that you’ll always have the opportunity to accept a lower offer. Chances are the offers won’t even come in, because the buyers who would be most interested in your home have been scared off by the price and aren’t even taking the time to look. By the time the price is corrected, you’ve already lost exposure to a large group of potential buyers. The listing price becomes even trickier to set when prices are quickly rising or falling. It’s critical to be aware of where and how fast the market is moving – both when setting the price and when negotiating an offer. Again, an experienced, well-trained agent is always in touch with market trends – often even to a greater extent than appraisers, who typically focus on what a property is worth if sold as-is, right now.

MISTAKE #8. NOT PLANNING YOUR MOVE EARLIER ENOUGH Many sellers simply don’t plan their move early enough and then feel totally overwhelmed at the time of moving out of the house. If you are able to move at any time of the year, don’t wait until summer, the peak-moving season. Consider also that the first and last few days of the month are extra busy. If you plan to sell your house, get it on the market as soon as possible. Keep a record of all expenses related to the move, some of which may be tax deductible.

MISTAKE #9. USING A “CONVENIENT” REALTOR RATHER THAN USING AN EXPERIENCED REALTOR When working with a real estate agent, it’s critical that you have full confidence in that agent’s experience and education. A skilled, knowledgeable agent should be able to explain to you exactly why your home needs to be priced at a certain level – compared to recent listings and sales of homes similar to yours. Experienced agents also know exactly what the current pool of buyers are looking for in relation to particular styles and price ranges of properties. A skilled agent can recommend changes that will enhance the salability of your home, thus increasing the price – and/or decreasing the length of time before a sale.

Sarasota Real Estate | Sarasota Homes - Your One Stop Source For Sarasota Homes

Creating a Successful Open House For Your Sarasota Home

Bill — Thu, 20 Nov 2008 02:08:11 +0000

Open houses are a good way to get some people in your home, create a buzz for your new listing, and hopefully get a quick sale. Creating a successful open house requires a little preparation.

1. Put fresh or silk flowers in principal rooms for a touch of color.
2. Add a new shower curtain, fresh towels, and new guest soaps to every bath.
3. Set out potpourri or fresh baked goods for a homey smell.
4. Set the table with pretty dishes and candles.
5. Buy a fresh doormat with a clever saying.
6. Take one or two major pieces of furniture out of every room to create a sense of spaciousness.
7. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.
8. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in use.
9. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork.

The little things that you do can make all the difference in the world. For more suggestions, contact me and we can discuss my entire marketing plan to get your home sols for the best possible price!

Sarasota Real Estate | Sarasota Homes - Your One Stop Source For Sarasota Homes