Listing Procedures For Agents

Pre-Listing: Once a client is ready to sign, the agent needs to prepare paperwork. The paperwork will vary depending on the type of property (Residential, Multi-Unit, Commercial, Farm/Acreage/Land, or any combination of these). For an in depth explanation of the paperwork, see the Document Dictionary.
For a Residential Property (Single Family):​

• Listing Contract (WPML Form)
• RES Input Statement (WPML Form)
• Consumer Notice (PAR Form)
• KW Disclosure (DNTeam specific)
• Lead Based Paint (PAR Form)
• Showing Status and Lockbox Input (with emails and phone numbers for ALL owners and Occupants)
• Mold Disclosure (DNTeam specific)
• Estimated Costs (at listing price) (PAR Form)
• Seller's Disclosure (WPML Form)
• Home Warranty: Accept or Decline signature (HSA)

For a property that is 2 to 4 units, in addition to the above, you need:

• Contact info for tenants and property manager on the Showing Status sheet (if any) 
• RES and MUL inputs (WPML Form)
  
• Leases
• Proforma/Profit and Loss Statement of current income and expenses

For Commercial Properties and Multi-Units with 5+ units, you don't use a seller's disclosure. You will have the seller fill out a "Commercial Property Information Sheet" which is also a PAR document.

• Commercial Listing Agreement (WMPL)
• COM input (WPML)
• MUL input if there is any residential units
  
• Any COM with RES units needs a LBP disclosure
  

If the property is owned by an LLC or entity, you need the operating agreement for that company. Title companies ask for it, so you might as well get it up front. This will tell you who has the authority to sign for the company. 

Please give the admins a heads up on the listing so that they can plan their input time period. This is also a good time to coordinate with admin for a key (at least 2 if the house is vacant! One for lockbox and one for admins to keep in the office. We've had agents lock the key in the house before). You should also be considering if the house needs professional pictures. If it's dirty and you know the seller won't clean, we won't do pro photos. If it's a nice house, we should be trying to schedule pictures before the house hits the market. It always looks nicer when professional photos are up when we put it on the MLS. It can sometimes take our photographer a week or two to get out there, so it might take a bit of planning. Coordinate with admin to make sure this is done timely.

Active Listing: 

1. Agent must ensure all paperwork is signed by everyone needed. This includes spouses, business partners, and anyone on the deed. If they do not sign, we will need a POA or a death certificate before listing is live on the MLS. Original copies of the death certificate or POA are needed at the closing.
2. All documents will be in Dotloop in a new loop titled "123 Main St - LLC/Last Name - Listing" with a folder in that loop called "listing docs". We need to be able to quickly identify the loop and putting only the house number, street name, entity name AND LAST NAME of the main contact, as well labeling it as a listing or a buyer is important. The rule is one loop per transaction. We have flippers who will buy and sell the same property in the same year, so labeling as buyer and seller prevents confusion since those need to be separate transactions. If your listing client is also buying with you, that needs to be two loops since they are two transactions, despite being the same client. You reuse the CN and KW forms to save some signatures, but they need to be in all applicable loops.
3. Agent will add Dustin (ddnst4@gmail.com) to the loop, assign the role as "admin", and "add to the team" to ensure all documents are visible. If the "add to the team" box is not checked, admins cannot see your documents. DO NOT ADD ANY OTHER AGENTS TO THE LOOP. DO NOT ASSIGN SPACES FOR THEM TO SIGN. Only send PDF's to the other side of a deal, not through Dotloop.
4. Agent will make sure ALL client(s) have signed the paperwork before alerting admins. 
5. Agent will send an email to the admin with the property address and client name to alert them that the documents are ready in Dotloop. Agent should have taken at least a front picture of the house if professional pictures are not being done. 
6. Once a key and contact info is available, admins will make sure the property can be shown as soon as possible. If no contact info for ALL owners and tenants is available, admins will not process the listing.
7. Admin will check over the paperwork, but it's the agent's responsibility to get everything signed. The agent will not get paid until all necessary paperwork is signed, even if it means chasing a client down after closing.
8. Agent must have a description written (or at least a list of features about the house) for admins. Admins most likely will not have been in the house and will rely on the listing agent to supply info from the seller on improvements such as a new roof, new mechanicals, floor types, counter material, etc. Admins will process listings from there!
9. Showings will happen through ShowingTime. Buyer's agent's will schedule with ShowingTime directly, so the listing agent doesn't waste time on it. There is no reason that an agent should be directly scheduling with the occupants directly. It is not an efficient use of an agent's time. Our systems exist so you can make more money!

Price Reductions:
Admins will keep an eye on showing and check with agent if they feel a price reduction is needed. If agents get price reductions on their listings, they will EMAIL the admins to change it. If it's in a text or verbally said, you run the risk of it not getting done. As a rule of thumb, price reductions should be done if the property is not getting at least 4 showings a month, or if the seller is motivated. A good rule of thumb is 4 showings a week in a seller's market, and 2 showings a week in a buyer's market. No price reductions happen without written consent from the seller. An email or text will count as written. 

Listing Under Contract Procedure:

1. When an offer is received on a listing, the listing agent should respond immediately to the buyer’s agent to confirm it was received. The listing agent should READ THE CONTRACT and summarize it for the client, including but not limited to: contingencies, closing date, inclusions, exclusions, financing, seller assist, and appraisal. Please take note of the "Time is of the Essence" clause on page two. If the contract is signed and delivered after that time, it is not a valid contract. The listing agent legally has to present ALL offers to the seller, along with an updated Estimated Costs sheet breaking down the contract price. It is a RESPA law that you provide an estimated costs sheet before closing, and this carries a HEFTY fine. A verbal offer counts as an offer. Submit that!
2. Once a deal is negotiated, the contract is only valid if any and ALL changes have been initialed by all parties (or a whole new contract is written up and signed). The contract should be uploaded into a new folder in the property's loop titled "For Closing" to be sure everything is organized. The execution date (day 1 of the contract) is the date that the last initial/signature was placed on the contract. This is important to note.
3. The agent will send an email to the admins with the other agent's contact info (and any of their assistants/staff), and let the other agent know to include the admins on any communication moving forward. Keep the admins cc'd on everything so they can prevent mistakes. They can't help you if they don't know what's going on!
4. Admins will fill out the Key Dates sheet in dotloop based on the contract. Admins will order the home warranty if one is negotiated and not already ordered. Admins will figure out if dye testing/occupancy inspection is needed as part of municipal requirements and alert seller.
5. The buyer is to pick the title company, so that info might not be readily available at time of contract. Admins will ask the buyer's agent for contact info if a week has passed by without info on the title company. 
6. Depending on the contract, there might be contingencies like an appraisal and a home inspection. The agent is responsible for negotiating inspections, filling out a CTA, and getting it signed as those contingencies come to a conclusion. Usually as the listing agent, you won't write the CTA for inspections. If the wording is not how you would like (or too vague), you will then write it. A rule of thumb on who's writing the CTA is whoever's client it is needed for. Inspections are a buyer's need.
7. Once all the major contingencies are completed, the admin will write a commission statement and greensheet. Agent is responsible for ensuring this is correct information. Admin will do a check of paperwork for compliance and let agent know where it stands.
8. Once all inspections are completed, the admin will see what title is still missing and see what we can do about scheduling the closing.
9. Admins and agent will review the ALTA/Closing Docs and make sure it looks okay. This includes the address, the names, price, HOA fees, home warranty, rent, security deposits, commission, and credits. Final water bill, trash bills, unpaid contractor work, are sometimes on there too. Taxes should always be prorated, depending on if the seller has paid them for the year already or not. 
10. Admins will schedule final walk through of property, and make sure that the agent takes the keys from the lockbox. Admin will touch base with the agent about picking up the lockbox. Options include buyers agent bringing it to closing, agent picking it up after the walk through, and the admin picking it up. 
11. Since the admins will not attend closing, the listing agent should let the admin know after everything is signed. Assuming it's closing because it's scheduled is not appropriate. Deals have had to be postponed or terminated AT THE CLOSING TABLE. Admins will not assume it's closed until agent or admin have eyes on a fully executed ALTA/HUD. 
12. Listing agent should ask that the buyers don't touch the sign or the lockbox so we can take them down. Our sign guy usually picks it up in 5 business days (besides extreme weather conditions). He will not go into garages or sheds to get signs, so they're better off leaving it alone. Similarly, if the lockbox is cut off, the agent will be paying the $200 to replace it. It's the agent's responsibility to get the lockbox, but the admins do it when they can. 
13. Once agent/admin has a copy of the fully executed documents, admin will close out property on the MLS, order the sign down, ensure final check of paperwork, and unassign lockbox on the MLS.
14. ​Admin will add client and property to tracking spreadsheet, send thank you note, and add to follow up campaign.