JUST WHAT IS IT THAT REAL ESTATE LICENSEES DO?? Part I.

By
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

JUST WHAT IS IT THAT REAL ESTATE LICENSEES DO??  Part I.

"YOUR MISSION, SHOULD YOU CHOOSE TO ACCEPT IT . . . "  is to manage the orderly transfer of real property from a seller to a buyer.  The average consumer doesn't understand a fraction of what we do to help them accomplish their goal. 

Home for SaleSELLERS.  Home sellers are presented a simple-to-complex marketing plan by listing agents prior to listing the property for sale.  The listing agent promises to perform a series of showing, advertising activities geared to receiving contract offers.

BUYERS.  Buyers are assisted in their home search by agent(s) who helps to locate, tour properties for sale, write and negotiate the contract and arranging for settlement services.  

Sounds easy doesn't it?  Actually it is, in the hands of experienced listing and buyers agents and if nothing unusual occurs

THE MOST HELPFUL AND LEAST UNDERSTOOD PART OF LISTING AND SELLING REAL PROPERTY is the complex and institutionalized systems which include the brokerages employing the licensed agents and brokers, the Multiple List Systems that make the homes for sale information available to licensees and now to the public, the board approved forms that provide consumer protections,  

Achieving the consumer's goal of selling or buying real property requires the services of a variety of service providers in addition to the real estate licensee.  Achieving the orderly transfer of real property from a seller to a buyer requires services of vendors that perform critical tasks to help the consumer achieve their goal.  The vendors include but are not limited to:  mortgage providers, home inspectors, termite/radon inspectors, appraisers, title services which include or are managed by attorneys. 

WOW!  How do we keep up with all of these tasks that are necessary to get to the settlement table?  I'm going to disclose a secret that will help many consumers understand how things can go so smoothly and the consumer's goal of selling and buying real estate is achieved. 

IT'S ALL IN THE CONTRACT!

That's right.  IT'S ALL IN THE CONTRACT!

Getting to the settlement table begins with the selection of an experienced listing or buyer's agent who will MANAGE THE CONTRACT OF SALE.   To demonstrate the importance of understanding contract management, below are the titles included in a typical Contract of Sale.

  • Description of Real Property
  • Price and Financing
  • Deed of Trust
  • Deposit
  • Down Payment
  • Settlement
  • Equipment, Maintenance and Condition
  • Utilities
  • Personal Property and Fixtures
  • Financing Terms
  • Appraisal
  • Purchasers Representations
  • Access to Property
  • Termite Inspection
  • Repairs
  • Damage and LossContract of Sale
  • Title
  • Possession Date
  • Fees
  • Broker's Fee
  • Adjustments
  • Attorney's Fees
  • Performance
  • Default
  • Assignability
  • Definitions
  • Void Contract
  • Warranty

Listing agents and Buyers agents must not only understand the meaning and execution of each of these titles, they should help the seller or buyer understand the meaning of all parts of the contract that apply to their particular transaction. 

Next:  What Real Estate Licensees Do Not Do.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

 

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Re-Bloggged 17 times:

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  14. Sybil Campbell 11/20/2009 10:36 AM
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  16. Phil Graves 11/24/2009 08:23 AM
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Comments 84 New Comment

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Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

David.  Indeed.  I agree. 

When a buyer has doubts I can point them to the contract and say, "Remember this?"

When a seller is misbehaving, I can point to the contract and tell the listing agent, "They agreed in the Contract. . . . ".

November 20, 2009 03:39 AM
Rainmaker
37,355
Terje (Terry) Aaslid
Foreclosed homes / New Homes
Realty ONE Group
Thanks for sharing with us!

Nothing beats reading Active Rain Posts with the morning coffee!
November 20, 2009 09:46 AM
Rainer
8,246
Colleen Fantini, Northeast Cincinnati Realtor
Comey & Shepherd Realtors

Thank you Lenn for a great post!  While it's a great piece to share with the public, it's a shame more real estate agents don't understand the extent of our job!  I can't believe how many agents I encounter who just don't get it.

November 20, 2009 09:48 PM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

Terry.  Thanks for stopping by.

Colleen.  My buyers understand the extent of what I do for them because I let them know.

November 21, 2009 04:36 AM
Rainer
231,812
Phil Graves
Utah Buyer Agent
utahbuyeragent.com

Lenn -

I had to reblog this as well.  What an informative post.

THANKS!!!!!

 

-Phil Graves-

utahbuyeragent.com logo

November 24, 2009 08:28 AM
Rainer
7,730
Chris Baynes
Coldwell Banker Sea Coast Realty

So true.  I have been in this business full time since 2001.  Every contract brings up a new challenge or a unique twist on a common challenge that must be handled very carefully!

November 24, 2009 11:29 AM
Rainer
88,760
Christine Hynes
Orange County Senior Loan Consultant
American Capital Corporation

Lenn,

Wow, such a thorough post!  Not only are there so many players but the rules keep changing!

November 28, 2009 04:32 PM
Rainmaker
563,876
Mike Saunders
Lanier Partners

Lenn - great list, concisely put, a little more friendly than the list of 180 things realtors do. I never thought of using the contract for a source of my activities.

December 02, 2009 02:30 PM
Rainmaker
266,749
BethAnn Long
Realtor, CRS, e-PRO, Spokane Wa Real Estate
RE/MAX Inland Empire

Thanks! I am tired!

I once wrote a post 101 things your Realtor does. And that is the SHORT LIST!

December 03, 2009 09:55 PM
Rainmaker
208,127
Terrylynn Fisher
HAFA Certified, EcoBroker, CRS, CEP Realtor, Etc.
Dudum Real Estate Group - BuyStageSell.com

Lenn, how right you are.  A poorly written contract is hard to work through when challenges come up.  Thanks for the reminder that we must be diligent and learn our craft.  It's important to our success  that the clients are protected and served properly.

December 04, 2009 03:36 AM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate
Phil. Thanks for the reblog. Spread the word.
December 04, 2009 04:39 AM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate
Chris. Indeed. The best experience is gained through actual transactions and each transaction follows that contract of sale.
December 04, 2009 04:41 AM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate
Christine. The rules AND THE CONTRACT do keep changing. The contract is the easiest way to stay on top of the changing rules. Simple and so true.
December 04, 2009 04:42 AM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate
Mike. Absolutely, use the contract as a guide to the process. Folks get in trouble when they try to act outside the contract of sale.
December 04, 2009 04:43 AM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate
BethAnn. First and foremost, the agent should "follow the contract".
December 04, 2009 04:45 AM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate
Terrylynn. Indeed. Agents who try to play lawyer by writing addenda and changing the actual contract are likely to get themselves in trouble and cause harm to their buyers or sellers.
December 04, 2009 04:46 AM
Rainer
105,006
Mike Norvell Sr
Norvell Consulting Group
Morris Williams Realty

Lenn

I have been off AR for a while, and decided that one of the best ways to catch up would be to look back accross some of your posts...

Another home run for you.......nice job

December 07, 2009 05:06 PM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate
Thanks Mike. I'm a tad behind these days because my DSL is out and I'm working on a dial up. Welcome back and enjoy.
December 07, 2009 06:16 PM
Rainmaker
106,979
Linda DeRusha
Broker/Realtor, ABR,ASP,CDPE
Coldwell Banker Advantage

Lenn,

Thank you for this well thought out post. Do I really do all that? It seems like we have to know an awful lot to be real estate agents, don't we? Most of the time, we just do whatever needs to be done and we don't realize how many different things we are doing every day to get our clients to the closing table. Thanks for the insight.

have a great day

linda w derusha

coldwell banker advantage

clayton nc 27520

December 07, 2009 08:02 PM
Rainmaker
208,127
Terrylynn Fisher
HAFA Certified, EcoBroker, CRS, CEP Realtor, Etc.
Dudum Real Estate Group - BuyStageSell.com

Thanks Lenn, Real Estate 101 is second nature to us, but our clients need to know the steps.  I think sometimes we want to make it look easy and just don't communicate all the steps.  Thanks for taking the time to do so. 

December 09, 2009 02:02 AM
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Ambassador
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Lenn Harley

Real Estate Broker - Virginia & Maryland
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