Seller
Service Standards
1.
Comprehensive
personal property inspection
2.
Identification
and itemization of marketable property features
3.
Identification
and itemization of detracting property features
4.
Itemization
of “property improvements” made by sellers
5.
Discussion
of the market value enhancements due to improvements
S-2
Property Disclosure and History
1.
Presenting
the rationale and state seller disclosure laws
2.
Scope
and content of required disclosure/form
3.
Sellers’
role and candor in completing disclosure
4.
Agents
limited role in securing seller disclosure
5.
Communication
and distribution of seller disclosure
6.
Documentation
and records supporting disclosure
1.
Presenting
the importance of merchandising and staging property
2.
Staging
priorities for real estate agents and prospective buyers
3.
Review
of the GMAC-RE Home Merchandising System
4.
Presentation
and coverage of Home Merchandising video
5.
Preliminary
“showing” of the property to the sellers
6.
Enabling
the sellers to see their property through the eyes of buyers
7.
Joint
strategy planning for the final staging of a property for viewing
8.
Discuss
the various viewing situations: open
house, agents bringing buyers, agents coming unaccompanied, short and long
notice, etc.
9.
Visual
priority #1: curb appeal…Do’s and Don’ts
10.
Visual
priority #2: clutter free….Do’s and Don’ts
11.
Visual
priority #3: color scheme….Do’s and Don’ts
12.
Visual
priority #4: deferred maintenance….Do’s and Don’ts
13.
Visual
priority #5: clean, clear and sanitized…Do’s and Don’ts
14.
Scent
priority: The sweet smell of
success, Do’s and Don’ts
15.
Third
Party Opinions/Reactions/Feedback: The
Agent Tour/Caravan
16.
Third
Party Opinions/Reactions/Feedback: Buyer
Showings
17.
Third
Party Opinions/Reactions/Feedback: Open
Houses
18.
Establishing
priority “punch list” of improvements/modifications
19.
Discussion
of “improvements” vs. “deferred maintenance”
20.
Special
Challenges: pets, children, storage,
kitchens, baths, garages
S-
4 Price Counseling – CMA
1.
Prepare
and present a SAMPLE market analysis
2.
Review
of the appraiser’s comparative market approach to value
3.
Pro’s
and Con’s of securing a formal appraisal
4.
Dangers
of relying on well meaning, but uninformed value opinions
5.
Comprehensive
review of the Top Ten Pricing Principles
6.
Thorough
review of the “Pricing You Home to Sell” video
7.
Enticing,
but dangerous, strategies for pricing
8.
Pricing’s
impact on attracting a major segment of the market
9.
Market
Data: Comprehensive review of
“competing” properties
10.
Market
Data: Comprehensive review of
“recently sold” properties
11.
Market
Data: Comprehensive review of
“expired listing” properties
12.
Lessons
learned from “ask” and “offered” prices
13.
Converting
market data into a range of market value (pricing pyramid)
14.
Discuss
the concept of Tri-Level Pricing (aspired, acceptable, walk away)
15.
Selecting
the initial list price
16.
Review
the risks of overpricing
17.
Pricing’s
impact on marketing efforts
18.
Preview
of bi-monthly market analysis updates
19.
Impact
of the “market” on pricing
20.
1.
Previewing
the “first sale”…to the real estate community
2.
Understanding
the role of the listing/marketing agent
3.
Understanding
the role of the listing office and sales associates
4.
Understanding
the role of the cooperative offices and sales associates
5.
Understanding
the role of the Multilist and their procedures
6.
Target
marketing to key agents and associates in the local market
7.
Enticing
agents and associates to preview and show the property
8.
Agency
relationships of cooperative offices and associates
9.
Understanding
the legal and practical objectives of cooperating agents
10.
Range
of capabilities and performance among cooperating agents
11.
Assuring
that “busy” agents properly show and “sell” our property
12.
Do’s
and Don’t when attracting other agents to the property
1.
Identify
the sellers’ experience and expectation for property marketing
2.
Target
sources of local and out-of-town buyer prospects
3.
Identify
typical actions of a buyer entering the home buying market
4.
Prepare
a comprehensive and customized marketing plan for seller review and approval.
5.
Supplement
the provisions of the marketing plan with samples, handouts and examples to
fully explain the nature and extent of each marketing provision.
6.
Include
a section relating to the identification of the applicable buyer pool
7.
Include
a section relating the proper promotion of the property to that buyer pool
8.
Include
a section relating to attracting attention to the positive aspects of the
property
9.
Include
a section on making it easy for the buyer to buy the property
10.
Include
a section on mobilizing the real estate community
11.
Include
a section on expanding or upgrading the promotions opportunities for the
property.
12.
Include
a section on tapping technology to expand and capture promotional opportunities.
13.
Prepare
a checklist so the sellers might better prepare a “Homes Book” to fully
disclose and inform prospective buyers about the attributes and condition of the
property.
14.
Discuss
full the advertising and open house campaign to attract buyers for
pre-screening.
15.
Concentrate
of marketing activities that have proven effective in securing buyers for other
properties in the area.
1.
Identify
the general characteristics (profile) of a likely buyer
2.
Investigate
promotional techniques targeted to reach likely buyers
3.
Prepare
a sample property brochure or flyer of seller approval.
4.
Discuss
the marketing and promotional techniques that would best reach the likely buyers
for this property.
5.
Share
the techniques used to maximize the neighbor’s curiosity and interest in the
property and its price to generate qualified buyer prospects.
6.
Share
the use of “Home Buyer Seminars” to specifically highlight the attributes of
the property to targets buyer profiles.
7.
Share
the technique of tapping specific agents and associates who interact with buyers
in a given area or profile.
8.
Discuss
the open house as a technique to capture the attentions of the busy double
income family who tend to avoid scheduled appointments.
9.
Present
the home buyer’s kit that will educate and inform visitors to the property as
to its positive features and present multiple financing options for purchase.
10.
Share
the neutral capacity for active and aggressive follow up on prospective
purchasers that might have been identified by the sellers prior to listing.
1.
Compare
GMAC Real Estate systems with industry norms for servicing
2.
Present
the Premier Service Commitment document
3.
Assure
client of quality and customized service target toward their needs
4.
Assure
client of continual and timely communication
5.
Assure
client of service delivery at the levels agreed upon
6.
Assure
client of access to special programs in place and anticipated
7.
Assure
client the delivery of valued and stress reducing programs
8.
Assure
client of accessibility and responsiveness
9.
Assure
client of our capacity for consultation, advice and information
10.
Assure
client of our personal and company commitment to caring customer service
11.
Provide
opportunity for the client to provide feedback and input on nature and scope of
service commitment
12.
Identify
and list “additional needs” on service commitment document
13.
Sign
service commitment and provide client with copy
14.
Provide
contact numbers and data to assure ease of accessibility
15.
Confirm clients’ level of service expectation and match with service
plan
1.
Provide
written summary of possible agency relationships in marketplace
2.
Compare
and contrast these relationships to those available the last time the seller was
active in the marketplace.
3.
Identify
the sellers’ understanding of prior agency relationships whether it be as a
buyer or seller
4.
Provide
state mandated forms and documents related to agency relationships
5.
Provide
supplemental visuals, handouts and materials to more thoroughly explain agency
relationships
6.
Identify
and share vulnerabilities of improper actions by real estate licensees
7.
Clarify
the role of the sellers’ agent…listing agent…and that of the agent’s
broker
8.
Identify
the role of the other agents within the office of the listing agent
9.
Identify
the role or roles that cooperating agents from other offices might have with
respect to the sellers and activity regarding their property
10.
Describe
the implications and actions of buyers’ agents, dual agents and designated
agents as practiced and permitted locally.
11.
Describe
the practice of transactional brokers, facilitators and similar relationships as
applicable
12.
Invite
the sellers to be prudent in guarding confidential information and caution them
secure your advice on such issues
13.
Advise
sellers as to the proper procedures when dealing directly with other agents,
buyer prospects and the public at large with regard to the marketing of their
property.
14.
Present,
review and thoroughly explain the “listing agreement” and its provisions.
15.
Provide
ample opportunity to ask questions, seek advice and discuss the ramifications,
requirements and obligations of the listing agreement.
16.
Schedule
follow-up appointments to review agency procedures and reflect on actions by
participants involved in marketing, showing and negotiating.
1.
Determine
the sellers’ prior experience in selling property
2.
Share
a rough time table of events following the signing of agreements to sell their
property
3.
Present
a checklist of possible closing and settlement cost items associated with the
sale and settlement of their property
4.
With
each “cost item”, explain the reason for that item, the projected amount,
who it is paid to, what might cause it to change, ways it can be minimized (if
any), the date it is due, the tax ramifications of these costs, etc.
5.
Provide
two to three scenarios of sale prices and associated costs in anticipation of
future events and better show the impact of sale price on costs
6.
Provide
a written ESTIMATE of cost/return for the seller focusing on the list price
amount.
7.
Provide
samples of a HUD-1 form to better share the procedures and accounting for final
settlement costs and procedures
1.
Identify
the experience level of the sellers in selling property
2.
Identify
the relationships any past experiences yielded with agents
3.
Ask
the sellers to share their reason for selling, their expectations, their
anxieties and their timetable for sale
4.
Identify
the vulnerabilities and special needs that need to be serviced during the
marketing and sale of the property
5.
Secure
the names, relationships and contact information of others, if any, who will be
involved in the marketing and sale of the property.
6.
Indicate
the importance of assembling all relevant data on the property and the current
title/financing status
7.
Compare
and contrast the information and advice already secured with the realities of
today’s marketplace.
8.
Warn
of the risks of taking advice from “well meaning” but potentially
“uninformed” advisors and friends.
9.
Share
past examples of the successful “team” relationships between property owners
and their agents. Identify the
importance of forging such a partnership.
10.
Isolate
and rank the priorities of the sellers with respect to price, time, convenience
and terms.
11.
Present
options for the sellers to creatively impact the marketplace when promoting the
sale of their property.
12.
Encourage
a positive perspective toward prospective buyers and cooperating agents while
guarding critical and confidential information.
13.
Invite
the sellers to promptly share any adjustment in thinking and priorities during
the marketing of their property.
14.
Share
with sellers a written list of questions that they would be advised to answer to
better inform their agent of their status and priorities
1.
Share
“success” stories of actual experiences where agents and sellers were in
concert with regard to communication during the marketing and sale of the
property.
2.
Likewise,
share “horror” stories, where communication broke down and the problems that
resulted from that breakdown.
3.
Invite
the sellers to share the “communication system” that was employed between
them and their agent in a previous transaction.
Specifically, ask them to share what worked, what didn’t and how it
could have been improved.
4.
Based
on their current situation and understanding, what level of communication would
they expect from their agent during the marketing and sale of their property.
5.
List
the modes of communication that would be acceptable between the sellers and
their agent, i.e., mail, voice mail, fax, e-mail, phone conversation, personal
visit, other?
6.
Discuss
the frequency of contact that would be expected.
7.
Compose
a targeted plan of communication that includes method, frequency, events,
difficulties, response time, parties to be included, follow-ups in writing,
discussions with other agents, information from sellers to agent, and back up
plans in the event either party is temporarily unavailable.
8.
Clarify
anticipated events (showings, open houses, offers, etc.) that would necessitate
specific communication and scheduling.
9.
Include
a “plan of adjustment” wherein the plan of communication (#7 above) can be
modified, by either party, if it becomes apparent that gaps and voids are being
experienced and dissatisfaction results.
10.
Provide
the sellers with a supervising party (manager, broker, etc.) that can be
contacted in the event that communication breakdowns and servicing expectations
are not met and the sellers feel uncomfortable contacting the agent.
1.
Share
with the sellers the inevitable likelihood that strategy modifications will be
required during the marketing and sale of their property.
2.
Warn
the sellers of the perils of delaying or pondering adjustments and missing a
market segment or sale opportunity.
3.
Present
examples of “strategy adjustments” and the reasons or causes for the
adjustments.
4.
Share
of list of adjustment items from property availability, enhancing terms,
property improvements, competitive price adjustments, staging and merchandising,
enticing cooperating agents, providing more information, supplemental handouts,
etc.
5.
Share
the reasons for adjustments, such as changes in market, mortgage rate changes,
increased or decreased competition, recent sales, impact of buyer response to
property, impact of cooperating agent response to the property, local economic
conditions, sellers vs. buyers market, anticipated contingences, targeted
marketing effectiveness, etc.
6.
Share
the importance of making adjustments only after sufficient information has been
provided, reviewed and digested. Adjustments
should be agreed upon at a face-to-face meeting with all decision makers
involved and contributing.
7.
Present
adjusted marketing priorities and the critical adjustments to the
property/marketing position to better insure the effectiveness of these new
priorities.
8.
Consider
involving “outside” advisors suggested by both the sellers and the agent to
provide a frank and candid perspective of adjustment strategy.
9.
Provide
opportunity for the sellers to better understand the marketplace by viewing and
analyzing market elements that impact their property’s sale.
1.
Stress
the importance of building a negotiating strategy BEFORE there are offers to
consider.
2.
Present
and explore the various parties with whom negotiations might take place, i.e.,
buyers, buyers’ agent, dual agents, attorneys, experience buyers, bargain
hunters, “low ball” offers, etc.
3.
Identify
the factors that influence the relative strengths and weakness of the
sellers….market conditions, terms, price, seller assists, timing,
contingencies, financing options, property condition, flexibilities, risk taking
ability, and others
4.
Anticipating
the stresses that will occur in the negotiating process and the critical
importance of maintain the proper tone during negotiations.
5.
Avoid
the impulse to “take it personally” when an initial offer is disappointing
or even “insulting”. Understand
the “game” of negotiating.
6.
Share
the various way messages are sent during negotiations and use them to our
advantage
7.
Be
creative and willing to go outside the tradition norm to impact the other
parties in a negotiation.
8.
Inventory
past experiences and reflect of what worked, what didn’t, what was counter
productive, what was upsetting and what was effective.
9.
Recognize
the wide range of negotiating opponents be they buyers, their agents or
representatives. See “Purchaser
Analysis” section
10.
Think
big…even to the point of what would make this “deal” work for the other
side.
11.
Stress
the importance of a win-win result. Even
after the contract is signed the opportunities for continued negotiations exist.
1.
Present
the critical concept that not all buyers are worthy of equal consideration
2.
Share
examples of transactions wherein the strengths and weaknesses of the buyers were
not fully scrutinized. Discuss the
ramifications of this omission.
3.
Share
the importance of “due diligence” procedures when analyzing buyers and their
offers. Research, not only the data,
but also the sources of that data.
4.
Discuss
the relative “purchasing power” of buyers in the marketplace.
Identify traits that would be acceptable and those that would require
more investigation and analysis.
5.
Discuss
the range of contingencies that purchasers might include in a purchase offer and
the impact of that contingency. Stress
that care analysis is always in order and pre-judging is risky and often
foolish.
6.
Plan
under what conditions a specific contingency would be accepted.
Include “middle ground” counter offer proposals and their risk and
ramifications.
7.
Share
with the seller the opportunity to secure additional information about the
buyers from the selling agent. Identify
the quality and quantity of information that might be secured by this method.
8.
Caution
the sellers against overly positive or overly negative impressions of a buyer
based on limited information and exposure.
9.
Describe
buyers who have purchased other properties listed with your firm to provide
context for what sellers might expect…but positive and negative.
10.
Provide
an Agreement Analysis Guide wherein 10 to 13 criteria for contract analysis can
be scrutinized and the proper perspective maintained.
1.
Share
with the sellers the Agreement Analysis Guide (#15 above) before actual
agreements are available for consideration.
Maintain objectivity.
2.
Provide
a sample sales contract/agreement of sale of pre-sale review and
familiarization.
3.
Specifically
highlight the more critical sections, portions or paragraphs in anticipation of
what might be submitted for consideration.
4.
Prepare
sellers for contract consideration and fulfillment by sharing the full
ramifications of the contract’s more critical clauses/paragraphs.
5.
Draw
from the sellers current and past experiences how they handled and reacted to
specific contract provisions…both as sellers and as buyers.
6.
Present
options and counter-offer positions to specific contingencies along with the
likelihood of them being seriously considered and/or accepted.
7.
Emphasize
the fact that NO PRESSURE will be applied to accept or reject any contract
provision. Add, however, that in
many cases a strong recommendation will be provided.
8.
Extract
from an accepted contract of sale the specific provisions that will impact and
influence the progression toward final settlement.
9.
Establish
a specific schedule of dates and events to monitor the progress of contingency
activity and removal. Within this
schedule, insure communication with the selling agent, service providers and the
sellers.
10.
Be
prepared to act promptly and decisively to problems and concerns that result
from contingency removal activity.
11.
Incorporate
the status reports on contingency removal and contract fulfillment into the
normal status report schedule designated during the marketing phase.
1.
As
contingencies are removed or attended to, keep the seller informed and provide
targeted or scheduled closing date, location and time.
2.
Provide
the seller with a checklist of items they should consider attending to at
closing.
3.
Provide
the seller with a checklist of items they should attend to in getting the
property ready for final settlement.
4.
Advise
the sellers of scheduled “walk throughs” and inspections.
5.
Attend
settlement with or, if appropriate, in place of the sellers.
Inform the sellers of the activities and events that transpire at
settlement.
6.
Provide
a checklist of items the sellers should take to settlement.
7.
Provide
a checklist of items relating to departure from the property (address change
notices, utility change over, etc.)
8.
Coordinate
with buyers, selling agent and other parties to effect smooth transfer of
possession.
1.
Identify
the new home destination of the sellers and coordinate with service parties on
that end (leasing agent, sales agent, builder, etc.)
2.
Provide
referral and relocation services through GMAC Real Estate network as applicable.
3.
Follow
up periodically with referred agent to coordinate events and priorities.
4.
Offer
HomeLink services as applicable
5.
Coordinate
with vendors and suppliers as directed by sellers.
6.
Offer
“settling in” service brochure and package.
1.
Inform
sellers throughout the marketing and sale process to provide feedback and
analysis of service quality.
2.
Inform
sellers that a third party company will be contacting them after settlement
soliciting their evaluation of our services.
Encourage them to take the time to respond.
3. Specifically ask what we could do to impro