What does a Residential Listing Agent do?
According to most people, a real estate listing agent helps the seller:
- Put the property “on the market”
- Advertises the property
- Add the listing to the MLS
- Find buyers for the property
Basically, the realtor finds buyers and assists the seller throughout the process. Obviously, there are additional fiduciary duties as well to protect the client such as Obedience, Loyalty, Disclosure, Confidentiality, Accounting along with reasonable skill and care, but those really aren’t monetized and sellers may perceive very little value in those particular duties. Also, another duty realtors may tout is “Professional Conduct” which is to be expected in any business relationship or transaction. Let’s face it, although important and should be expected by default, those things are ALL BORING and IMMATERIAL to most home sellers.
So, what SHOULD a real estate listing agent do?
Some additional duties:
- Property walk-through
- Outline the expectations of seller/agent throughout the sale process
- Determine a listing price (CMA)
- Information about required and necessary disclosures
- Explain the need for additional advise ( insurance, tax, legal, accounting, inspection, risk management)
Additionally, the Listing agent should also:
- Advise the client of preparing the property for sale including cleanup, decluttering and addressing any needed repairs.
- Post a for sale sign at the property
- Install a Lockbox
- Gather professional photos of the listing
- Prepare the Listing agreement
- Advertise the property
- Expose the property to other agents, brokers
- Additional sales tasks
- Inform the Seller of the updated sale progress and updates
When offers are presented:
- Seller agent presents offers to the seller
- Assist seller with an appropriate response (Acceptance, Counter offer, Rejection)
- Communicate with Buyer Agent
- Repeat as necessary
Prior to the end of the transaction:
- Compile and gather all necessary disclosure statements
- Ensure Buyer Loan Approval and Closing is on schedule
- Follow up on and additional closing documents that may be needed from the title company/lender.
