Agents who are Realtors® are often invaluable assets to buyers, offering much more than just property listings. Here are 105 ways they prove their worth:
Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement.
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed.
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies.
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs.
- Understand the buyer’s budget and what will be needed financially.
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist.
- Assist the buyer in examining how much they can afford to spend.
- Provide quality lender resources.
- Partner with the buyer to locate suitable properties for consideration.
- Match the buyer’s needs with available property.
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs.
- After ensuring the buyer understands what is done for them, how it is done, and the benefit to them, obtain signatures on the buyer representation agreement.
- Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it.
Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies.
- Explain Federal and State Fair Housing laws.
- Explain what to look for in applicable property disclosures. 18. Reassure the buyer that their personal information will remain confidential.
- Inform the buyer that you will always disclose all known material defects.
- In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood.
- Discuss available resources that the buyer can check to learn more about prospective neighborhoods.
Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing.
- Explain the local market and how it impacts the buyer.
- Show statistics on what percentage of list price sellers in the area are currently receiving.
- Inform the buyer on what home features are popular.
- Identify current average days on market.
- Share the dangers of using the price per square foot to figure home values.
- Explain the concept of absorption rate and how it impacts the buying process.
- Indicate current listing months of market inventory.
- Share estimated potential out-of-pocket costs to complete the transaction.
- Assist the buyer in analyzing the loan estimates.
- Qualify the buyer for financial ability to purchase.
- Help the buyer account for the complete costs of homeownership.
- Prepare lender for listing agent calls.
- Assist in comparing different financing options.
- Help the buyer select for viewing only those homes that fit their needs.
- Proceed in showing homes that fit the buyer’s must-haves.
- Caution the buyer on posting information to social media.
- Review the sample sales contract so the buyer is prepared when it comes time to make an offer.
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces.
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites.
- Collaborate with the buyer on properties they may have learned about through their sphere contacts.
- Research and assist on all unlisted properties the buyer wishes to see.
- Preview properties prior to showing if needed.
- Network with other agents to source properties not yet in their local MLS broker marketplaces.
- Contact homeowners in focus areas to see if they are considering selling.
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements.
- Arrange a tour of areas, schools, and key points of interest.
- Provide resources containing neighborhood information on municipal services, schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value.
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times.
- 52. Check applicable zoning and building restrictions.
- Help the buyer decipher public property and tax information.
- 54. Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for.
- Help the buyer narrow the search until the buyer identifies top choices.
Negotiating Offers
- Assist the buyer in getting the best property at the best price.
- Suggest that the buyer learn more about the neighborhood prior to making an offer.
- Prepare a comparative market analysis (CMA) in advance of making an offer.
- Prepare the buyer to have the most attractive offer in the current marketplace.
- Explain common contract contingencies and include approved protective clauses in the purchase offer.
- Ensure that the buyer receives and understands all state and federally-required disclosure forms.
- Prioritize contract negotiation goals with the buyer.
- Help create a negotiating strategy.
- Use strategies such as an escalation clause to maintain a competitive offer.
- Prepare the buyer for a multiple offer situation and develop negotiation strategies.
- Write an offer that has a reasonable chance of being accepted.
- Recommend optional contingencies and explain the pros and cons of using them.
- Provide information on purchasing incentives that may be available.
- Discuss financing alternatives.
- Negotiate the buyer’s offers to arrive at the best price and terms.
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer.
Advocating for the Buyer and Facilitating the Close
- Advocate for the buyer throughout the entire process.
- Encourage the buyer to fully investigate their options in terms of a home inspector, title company, appraiser, mortgage lender, and other services.
- Present a list of the types of required and optional inspections such as environmental, roofing, and mold.
- Review and discuss home inspection concerns.
- Negotiate repair requests from home inspection.
- Guide the buyer on meeting all contract deadlines.
- Assist in coordinating communications.
- Advise the buyer to review the settlement statement.
- Inform clients that they need to transfer utilities to the new residence.
- Schedule final walkthrough.
- Accompany the buyer on the walkthrough.
- Assist the buyer in questioning the appraisal report if it affects the financing.
- Confirm clear-to-close with the lender.
- Ensure all parties have all forms and information needed to close the sale.
- Remind the buyer of the location where the closing will be held.
- Confirm the closing date and time, and notify parties if there are changes.
- Gather all required forms and documents for closing.
- Explain flood insurance to the buyer.
- Explain title insurance to the buyer and refer to qualified insurance broker.
- Order any surveys needed.
- Order the appraisal.
- Order the title search.
- Confirm the status of the loan funding.
- Check addendums and alterations for agreed terms.
- Review the buyer’s closing statement to ensure accuracy.
- Explain wire fraud risks and remind clients to verify all wiring instructions before transferring funds.
- Double-check all tax, homeowners’ association dues, utility, and applicable prorations, if relevant.
- Request final closing figures from the closing agent (often an attorney or title company).
- Receive and carefully review closing figures to ensure accuracy.
- Receive and carefully review title insurance commitment with the buyer.
- Advise the buyer to re-key their locks and to consider a one-time cleaning service or landscaping before moving day.
- Review documents with the closing agent (attorney).
- Support the buyer in any final closing activities.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
