Why Use a REALTOR®?

Still need to convince prospects about the benefits of using a REALTOR® to sell their homes?

OREA created a list of 135 typical actions and research steps for a successful residential real estate transaction. The purpose of this list is to impress upon homeowners and house buyers the complexity of buying and selling a home.

Following is an abridged version of the list.

Pre-Listing Activities

1. Research all comparable currently listed properties; sales activity in the area from MLS® database; and days-on-the-market for similar properties, location and price

2.  Review property tax roll information

3.  Prepare comparative market analysis (CMA) to establish fair market value

4.  Research property’s ownership and how it is held (deed)

5.  Check municipal tax records for lot size

6.  Verify the legal description from public records

7.  Check planning department of municipal offices for current zoning

8.  Check for land use restrictions or special zoning

9.  Verify legal names in the Registry Office (or deed)

10. Determine whether property is subject to a shoreline road allowance (if applicable)

 Listing Appointment Presentation

11. Review and confirm all legal descriptions and ownership details

12. Measure exterior and establish the square footage above grade

13. Note any lot line fencing, easements, and variances

Once the Property is Listed

14. Measure and record all room dimensions

15. Have mortgage verification forms signed and submitted to mortgagee

16. Verify with lender any penalties, terms, and current rates and if the mortgage  can be discharged

17. Check whether the existing mortgage can be assumed and under what terms.

18. Confirm supplier of hydro or any other provider of this utility

19. Calculate the utility usage for the past 12 months

20. Verify the availability of any septic bed layout or permits at time of installation

21. Water – if municipal check on rates for the past 12 months

22. Determine natural gas, heating oil or propane supplier’s name and telephone number

23. Prepare a list of property features such as pool, sauna, whirlpool, landscape pools and special plants

24. Prepare a list of chattels included or excluded from the sale of the property

25. Compile a list of recent improvements, repairs or maintenance

26. Arrange for installation of For Sale sign

Marketing The Listing

27. Create both print and Internet advertising

28. Prepare flyers and feedback faxes

29. Obtain pre-qualification letter from mortgage officer

30. Negotiate all offers, setting condition time limits and closing date

31. Prepare and convey all counter offers, acceptance and/or amendments to buyer’s representative

32. Arrange for appraiser to inspect the property and give any information, including comparables, survey copy, etc.

33. Order septic tank inspection, if applicable

34. Deliver water test results from health unit to mortgage company

35. Arrange other inspections as required by financial institution and/or insurance company i.e. mould, termite, WETT, inspection, etc.

To access the complete document, go to http://www.orea.com/Buyers-and-Sellers/Why-use-a-REALTOR. You can print by clicking on the Print icon that appears part of the header on every page of our website.

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REALTOR® is a registered trademark of the Canadian Real Estate Association (CREA). Only salespersons and brokers who are members of CREA, the Ontario Real Estate Association (OREA), and the local real estate board, can use the term REALTOR®. CREA also owns the MLS® trademark. In Ontario, the MLS® database is operated by real estate boards, which provide an ongoing inventory of available properties and ensure maximum exposure of properties listed for sale. This is important because most resale homes in Ontario are listed and sold through the MLS® systems of a member real estate board.