Chapter 7: Servicing Listing

The primary criticism sellers have about their agents is lack of communication.

Homeowner Tips

• It’s helpful to give written suggestions to help with marketing. These should include information about the cosmetic aspects of the exterior and interior of the home.
• If sellers choose to make an improvement that would increase the value of the home more than the cost to do it, you may have to adjust the listing price to reflect that improvement.
• It’s best for sellers to be "away" when a buyer comes to view the home.

Activity Reports

• A weekly activity report should include the number of inquiries/showings on the property that week, open houses held, etc.
• Maintain communication even during weeks when there has been little or no interest in the property

 
Showings 

• Sellers should be prepared for an unexpected, last minute call.
• If someone shows up on the sellers’ doorstep wanting to see the home, they should get the person's name and then call your office immediately.
• There will be situations when a scheduled showing will not take place.

 
Advertising Plan

• Sellers need to know the "schedule" of when their property will be advertised and the methods you'll use to do that advertising.

Preparing for Offers

• Share a blank copy of the purchase agreement with the sellers.
• New listings might get quick offers, but that doesn’t mean the pricing is too low. 

Seller Disclosures (completed within the first week after obtaining the listing):

• Real Estate Transfer Disclosure Statement.
• Seller's Affidavit of Nonforeign Status and/or California Withholding Exemption.
• Water Heater Statement of Compliance.
• Smoke Detector Statement of Compliance.
• Lead-based Paint and Lead-Based Hazards Disclosure Acknowledgement and Addendum.

Other important information:

• Get a property profile from the title company.
• Measure the home's outside dimensions to calculate the approximate square footage and take individual room measurements.
• Get information on the lot size.
• See if the property is located in a hazard area. 

Traditional Marketing Tools: For Sale Sign, Rider Strips, Lockbox, Photos, Talking House, Classified Ads and Flyers. 

E-Tools: Multiple Listing Service (MLS), Your and Other Internet Sites, Virtual Tours (with permission from your sellers in writing) and Video Tours.

Home Tours (Office/MLS Tours)

• It is best if sellers are not at home during the tour.
• Have some light refreshments for the agents/soft mood music playing in the background if possible.
• Give each agent a property flier and ask each one to fill out a short evaluation of the home. 

Ancillary Tools

• Neighborhood Canvass Letter introduces the listing to the residents and asks for their help in locating a buyer.
• An open house for agents can give you important feedback on your listing as well as get the property in front of more agents. It's especially valuable for properties that are unusual.
• Public open houses: give each visitor a copy of the property flier and your business card.

Have a client-specific marketing plan for each of your listings. Include some standard tasks, but also some activities that are customized to the particular sellers. 

If you make a change to the price of a listing, use a Modification of Terms form.

Extending the listing – review with the sellers everything you have done to market their property and let them know what other marketing plans or ideas you may have.