105 Ways You're Worth Every Dollar
Here’s a look at all the things—big and small—that a Realtor® may do to help buyers.
1. Prepare the buyer for executing a buyer representation agreement.
2. Explain agency relationships to the buyer and get state-required legal consent to represent, if needed.
3. Inform the buyer about your working relationship based on state law, the Realtor® Code of Ethics and the broker’s business policies.
Building a relationship
4. Learn the buyer’s wants and non-negotiable needs.
5. Understand the buyer’s budget and what will be needed financially.
6. Help the buyer understand what property their chosen budget will buy.
7. Consider having the buyer fill out a homebuyer’s checklist.
8. Assist the buyer in examining how much they can afford to spend.
9. Provide quality lender resources.
10. Partner with the buyer to locate suitable properties for consideration.
11. Match the buyer’s needs with available property.
12. Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs.13. After ensuring the buyer understands what is done for them, how it is done, and the benefit to them, obtain signatures on the buyer representation agreement.
14. Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it.
16. Explain federal and state fair housing laws.
17. Explain what to look for in applicable property disclosures.
18. Reassure the buyer that their personal information will remain confidential.
19. Inform the buyer that you will always disclose all known material defects.
20. In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood.
21. Discuss available resources that the buyer can check to learn more about prospective neighborhoods.
Preparing the buyer
22. Explain the timeline for house hunting, mortgage approval and closing.
23. Explain the local market and how it impacts the buyer.
24. Show statistics on what percentage of list price sellers in the area are currently receiving.
25. Inform the buyer on what home features are popular.
26. Identify current average days on market.
27. Share the dangers of using the price per square foot to figure home values.
28. Explain the concept of absorption rate and how it impacts the buying process.
29. Indicate current listing months of market inventory.
30. Share estimated potential out-of-pocket costs to complete the transaction.
31. Assist the buyer in analyzing the loan estimates.
32. Qualify the buyer for financial ability to purchase.
33. Help the buyer account for the complete costs of homeownership.
34. Prepare lender for listing agent calls.
35. Assist in comparing different financing options.
36. Help the buyer select for viewing only those homes that fit their needs.
37. Proceed in showing homes that fit the buyer’s must-haves.
38. Caution the buyer on posting information to social media.
39. Review the sample sales contract so the buyer is prepared when it comes time to make an offer.
Showing properties
40. Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces.
41. Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites.
42. Collaborate with the buyer on properties they may have learned about through their sphere contacts.
43. Research and assist on all unlisted properties the buyer wishes to see.
44. Preview properties prior to showing, if needed.
45. Network with other agents to source properties not yet in their local MLS broker marketplaces.
46. Contact homeowners in focus areas to see if they are considering selling.
47. Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements.
48. Arrange a tour of areas, schools and key points of interest.
49. Provide resources containing neighborhood information on municipal services, schools, etc.
50. Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value.
51. Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times.
52. Check applicable zoning and building restrictions.
53. Help the buyer decipher public property and tax information.
54. Collect and share pertinent data on values, taxes, utility costs, etc.
55. Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for.
56. Help the buyer narrow the search until the buyer identifies top choices.
57. Assist the buyer in getting the best property at the best price.
58. Suggest that the buyer learn more about the neighborhood prior to making an offer.
59. Prepare a comparative market analysis (CMA) in advance of making an offer.
60. Prepare the buyer to have the most attractive offer in the current marketplace.
61. Explain common contract contingencies and include approved protective clauses in the purchase offer.
62. Ensure that the buyer receives and understands all state and federally required disclosure forms.
63. Prioritize contract negotiation goals with the buyer.
64. Help create a negotiating strategy.
65. Use strategies, such as an escalation clause, to maintain a competitive offer.
66. Prepare the buyer for a multiple-offer situation and develop negotiation strategies.
67. Write an offer that has a reasonable chance of being accepted.
68. Recommend optional contingencies and explain the pros and cons of using them.
69. Provide information on purchasing incentives that may be available.
70. Discuss financing alternatives.
71. Negotiate the buyer’s offers to arrive at the best price and terms.
72. Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer.
73. Advocate for the buyer throughout the entire process.
74. Encourage the buyer to fully investigate their options in terms of a home inspector, title company, appraiser, mortgage lender and other services.
75. Present a list of the types of required and optional inspections, such as environmental, roofing and mold.
76. Review and discuss home inspection concerns.
77. Negotiate repair requests from home inspection.
78. Guide the buyer on meeting all contract deadlines.
79. Assist in coordinating communications.
80. Advise the buyer to review the settlement statement.
81. Inform buyers that they need to transfer utilities to the new residence.
82. Schedule final walkthrough.
83. Accompany the buyer on the walkthrough.
84. Assist the buyer in questioning the appraisal report if it affects the financing.
85. Confirm clear-to-close with the lender.
86. Ensure all parties have all forms and information needed to close the sale.
87. Remind the buyer of the location where the closing will be held.
88. Confirm the closing date and time, and notify parties if there are changes.
89. Gather all required forms and documents for closing.
90. Explain flood insurance to the buyer.
91. Explain title insurance to the buyer and refer to qualified insurance broker.
92. Order any surveys needed.
93. Order the appraisal.
94. Order the title search.
95. Confirm the status of the loan funding.
96. Check addendums and alterations for agreed terms.
97. Review the buyer’s closing statement to ensure accuracy.
98. Explain wire fraud risks and remind buyers to verify all wiring instructions before transferring funds.
99. Double-check all tax, homeowners’ association dues, utility and applicable prorations, if relevant.
100. Request final closing figures from the closing agent (often an attorney or title company).
101. Receive and carefully review closing figures to ensure accuracy.
102. Receive and carefully review title insurance commitment with the buyer.
103. Advise the buyer to re-key their locks and to consider a one-time cleaning service or landscaping before moving day.
104. Review documents with the closing agent (attorney).
105. Support the buyer in any final closing activities.
Actual services provided will depend on the needs of the buyer and the transaction—not all 105 things will need to be done in every transaction.
Featured content comes from the Center for Realtor® Development’s Accredited Buyer’s Representative (ABR®) Designation Course.
Visit crd.realtor to learn more.
Source: National Association of Realtors®