What Do You Do After Getting A Listing Agreement Signed?

Summary

This video provides real estate agents with a step-by-step guide on what to do after securing a listing agreement. It emphasizes the importance of proper timing to avoid rushing the process, highlights common mistakes, and offers practical solutions, such as canceling and relisting a property if needed. The speaker shares strategies for coordinating photo shoots, creating draft listings, and uploading necessary documents to the MLS. Additionally, the video discusses leveraging Facebook Marketplace to increase visibility, attract potential buyers, and promote the agent’s brand. The advice focuses on preparation, attention to detail, and strategic marketing for a successful listing.

Takeaways

• 😀 Don't rush the process when getting a listing agreement signed. Make sure both parties are ready before proceeding.
• 😀 Ensure that the property is fully prepared before listing it. Wait until it’s ready for photos to sign the agreement.
• 😀 If a listing goes into the MLS too early, you may need to cancel the listing and create a new one to reset the market days.
• 😀 Be aware of your MLS rules, such as the time limit for the 'coming soon' status, and avoid rushing the listing prematurely.
• 😀 Always schedule professional photos promptly and review them to ensure quality, especially for key details like ceiling fan cleanliness.
• 😀 When uploading the listing to the MLS, use the 'coming soon' status first to build the listing, and only make it active once everything is finalized.
• 😀 Send a draft of the listing to the seller for review, allowing them to correct details and add their input before it goes live.
• 😀 Prepare any necessary documentation (e.g., HOA disclosures, seller's disclosures) upfront to save time later and avoid delays.
• 😀 Post the listing on Facebook Marketplace to increase visibility and engage with potential buyers, even those who may be looking for rentals.
• 😀 Boosting a listing on Facebook can reach a wider audience, and it’s a cost-effective way to promote properties for sale.
• 😀 Stay proactive with communication and organization throughout the listing process to ensure everything runs smoothly and efficiently.

Q & A

Why is it important not to rush the process when getting a listing agreement signed?

Rushing the process can lead to mistakes, such as prematurely pushing the listing live without being fully prepared. It's important to give the homeowner enough time to make decisions and ensure everything is ready before finalizing the agreement.

What should a realtor do if the listing is not ready for MLS submission within 24 hours of signing?

In some cases, the realtor can cancel the listing agreement and have a new one signed to reset the listing's status. This ensures that the home doesn't accidentally go live prematurely and avoids potential complications with the MLS system.

What are the potential consequences of not being fully prepared before listing a home?

If the listing is uploaded before the home is ready (e.g., without proper photos or preparation), it could end up going live automatically, potentially wasting valuable time and missing out on the opportunity of a well-prepared listing hitting the market.

How can a realtor prevent mistakes when preparing for professional photos?

By coordinating with the homeowner in advance and conducting a final walkthrough before the photographer arrives, the realtor can ensure that no details (like dusty ceiling fan blades) are overlooked, leading to a more polished listing.

What type of lockbox does the realtor recommend, and why?

The realtor prefers using combination lockboxes over Bluetooth-enabled ones. While Bluetooth boxes are secure, they can cause access issues with inspectors or appraisers who might not have the necessary access, whereas combination boxes offer more convenience.

What is the benefit of sending a draft of the listing to the seller for review?

Sending a draft of the listing allows the seller to check for any errors, suggest changes, and add personal touches, like special features of the home. This ensures the listing is as accurate and appealing as possible before going live.

Why is it important to upload HOA disclosures and other documents to the MLS in advance?

Uploading HOA disclosures, seller’s disclosures, and other relevant documents in advance saves time and prevents delays. Agents will be able to quickly access these documents when submitting offers, reducing back-and-forth communication.

What is the advantage of listing a property on Facebook Marketplace?

Listing a property on Facebook Marketplace increases visibility and helps build the realtor’s brand. It also attracts potential buyers who may not be actively searching on traditional real estate platforms, and allows for the possibility of connecting with unrepresented buyers.

Should realtors boost their Marketplace listing, and why?

Boosting the listing for a small fee can help expose the property to a wider audience, potentially attracting more buyers. Even if it doesn't directly lead to a sale, it's a cost-effective way to increase visibility and promote the realtor's name.

What are the ethical considerations when canceling and relisting a property to reset the days on market?

The ethics of canceling and relisting are questionable, as it may be seen as manipulating the market. However, in certain circumstances, it is not a violation of MLS rules and can be used strategically to improve the property's visibility.