The Ultimate Checklist: What a Good Realtor Should Do for You

Before tackling what a good Realtor does it’s helpful to have a solid definition. A Realtor provides assistance in managing the process of buying and selling residential real estate. The word Realtor is a label trademarked by the National Association of Realtors and can only be given when the agent has a valid real estate license and also signs up to be a member of the National Association of Realtors and follows additional ethical requirements.

In practice Realtors are not experts in law, financing, appraisal, or inspections—unless separately licensed—they only strive to have an understanding of these facets and how they intertwine within the real estate industry. Given the broad scope of real estate as a profession, it is challenging for practitioners to stay updated with the constant changes affecting all associated professions. A family doctor is not going to be fully on top of the latest research in any specialized field and a Realtor is no different.

Good Realtors excel at recognizing when to tap into the expertise of other professionals and who of a particular profession is best for the job at hand within their network. Yet, the level of service and expertise Realtors provide can vary widely based on experience, education, and the support from their teams or organizations. This brings us to the next topic: understanding what is involved with a full-service Realtor and how to determine the level of service you have received.

What does a full service Realtor do?

NAR(National Association of Realtors) posted an article named “179 Ways Agents Who Are REALTORS® Are Worth Every Penny of Their Compensation”. It’s a long article that reads more like a roadmap to closing a transaction with much of the focus on agency relationships and what Realtors have to do to maintain and establish legally those relationships. To help separate out what an agent does for themselves within a transaction and what is done for their clients I summarized the important parts. Please note that this list is not comprehensive on what an agent might do, but it takes the focus of that article off of steps an agent does and onto what a full service Realtor could do for you.

Services Realtors can Provide to Both Buyers and Sellers

They learn about you from a third person, hopefully objective, perspective to help analyze your housing needs.
They track the market so that they can: determine a house’s likely selling price, predict how long a house will often stay on the market given its price, and work with title and the lender to determine what you would likely net on the sale(sellers) or what your monthly payment and closing costs would be(buyers).
Plan and develop a timeline with some degree of accuracy for the whole process to be completed.
Predict other qualitative problems with specific properties be it with legal, title, construction, financing or location issues a property is likely to have.
Advising when to contact appropriate professionals and recommending professionals.
Explaining disclosures and explaining and verifying professional reports and in a limited capacity contracts that are directly related to buying and selling.
Managing the filing of disclosures, advisories, professional reports, contracts, and addendums with appropriate organizations to satisfy legal requirements and providing evidence in case of a lawsuit.
Assisting in verifying proper function of the home systems and warranties.
Have leverage on and hold the various professionals involved in transactions accountable to contractual timelines to insure you don’t lose thousands/tens of thousands of dollars on a failed deal.
With your input, negotiate on your behalf/advise decisions with trade knowledge on the price, concessions, terms, and changes made to the contract of any offers and managing the pro’s and con’s weighted comparisons of multiple offers(seller)/multiple properties(buyer). The goal being to get an accepted offer with the best terms and price.
Solve problems or brainstorm solutions in the above scenarios and be involved in guiding decision making while coordinating with other professionals.
Act as a personal assistant(in a limited capacity) in aiding whatever physical needs whether it’s picking up supplies or touring properties.
Advising on logistics and additional needs for when escrow is closed and it’s time to move.
Being held accountable(2nd organization) to fiduciary duties in addition to legal and ethical standards of reporting and practice involving civil and criminal code with all aspects of their business dealings with anyone they do business with on your behalf.

Additional Services to Sellers

Manage marketing plans for the property and report to you with marketing results.
Suggesting changes based on those marketing results and the changing market.

Additional Services to Buyers

Supply resources for you to check to learn more about neighborhoods of properties
Find properties before they even become public and find properties that never even become publicly listed.
Prospect other homeowners who own homes with your criteria to see if they’re willing to sell to you.

Comparing Service Received to a Standard

A real problem with services that are not used often is that there’s no way of intuitively comparing what quality you receive. If you’ve never eaten an apple before it’s hard to tell if its a good or bad apple. This list can be used to help determine what level of service was provided to you. You can also use these points during an interview to ask questions about how any Realtor you interview can provide these services to their clients. Ultimately, most home sellers and buyers choose to work with a full service Realtor and given the list above it’s easy to see why! If you have any questions please reach out and we’ll see how we can help.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. James Lamsa and Coldwell Banker Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. James Lamsa and Coldwell Banker Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.