Much like the stage crew in a concert or opera, personal assistants play a crucial behind-the-scenes role in the transaction process.
Great assistants’ strengths include organization and attention to detail in a fast-paced, highly-regulated environment.
When it comes to assisting a real estate professional, whether you’re licensed or unlicensed, you should not only be familiar with a comprehensive assortment of transaction documents, you should also follow a consistent administrative process for both the seller and buyer sides.
Assisting A Seller Representative
An assistant is largely responsible for driving the follow-up process. Coordinating schedules, collecting market reports, providing and filing paperwork and ensuring your broker has information readily available to provide the seller are all part of keeping the listing on track for success. Much of this rests on the listing file. When creating a listing file, ask yourself what information would be helpful to both the broker and the client. For example, the seller’s contact information and notes from conversations should be included. The more robust the listing file, the smoother creating listing appointments will be. Listing the property in the MLS, scheduling photos and cleanings, and other essential steps in the transaction should be documented in writing (digitally or on paper) and stored in the listing file. In a way, this file is the guidebook to selling that property, and true guidebooks are prepared for anything and everything.Assisting a Buyer Representative
A similar process should exist for the buyer representative. Attend the initial meeting with your broker and begin assembling a buyer consult folder. This should contain everything your broker needs or your client may ask for, before they even realize they want it. This will most likely include REALTORS® Property Resource (RPR) reports, current market data, contact information for lenders and appraisers, details about the property and more. You’ll set up showing appointments and send out schedule reminders, travel information and lockbox codes. In a way, you’re a steward of communication between your broker, the buyer and the seller’s party. As the conversation between your buyer and the seller begins, you’ll collect and file the necessary paperwork and schedule contractual agreements. If your buyer would like someone to inspect for mold in the basement, you’ll connect with and schedule the inspector. As always, make sure the buyer consult folder reflects the journey of the transaction.
Important Documents & What to Do with Them
- Listing Agreement & Buyer-Broker Representation Agreement
- Bring this to the initial meeting to create agency. Make sure you explain real estate agency in Illinois to your client so the terms of your business relationship is clear from the get-go.
- Illinois’ Seller Disclosure Law
- Give to your sellers early in the process, so they know why and when certain inspections are being scheduled or why information must be disclosed.
- Disclosure of Information on Radon Hazards & Lead-Based Paint Hazards & Heating Cost
- In the final transaction process, these are essential to minimizing liability and ensuring safety!