The 1st 4 Weeks Broker Launch

This is where you will find all the information that is relevant to getting you started in real estate at our offices and grow your independence as an agent at any level.

Objectives:

1. To understand and implement the paperwork side of your business.

Short Term Goal:

1. To have 1 real life transaction agreement by the end of the month or have submitted 3 practice transactions to your manager by the end of the month. 

How To Use This Course

I can't force you to do everything in this course but I can tell you that every single item will prepare you for your future. 

 

Looking and Acting Like A Broker Week 1

Connecting To JLSMydesk and Email

JLSMyDesk

You will have many tools but the JLS mydesk (soon to be JLSNext) is the landing page for nearly 80% of the tools you will need as a John L. Scott real estate agent. 

STEP1: 

http://www.jlsmydesk.com

Open the above link in your browser and save it as a favorite website by bookmarking the link. Don't know how to bookmark a website? Click here.

Your New Agent Binder should have your login information for JLSmydesk

For the link above you will use your username and password

If you need help logging in, contact contact Broker Support at 1-877-366-0663 They are very friendly and will walk you through every step.

STEP 2: 

Accessing your Email

Your first choice to access your email is through MyDesk which is done by clicking on this graphic

Email Options: We don't want agents to use a non-johnlscott email address for server security reasons. Other personal emails are too easy for hackers to get into and because we transmit many documents with personal information through email it is important to be safe.

Your second choice is by bookmarking the following link.

https://outlook.johnlscott.com

Your username is your John L Scott Email address. 

[email protected]

Your password should be in your new broker binder.

If you need help logging in, contact contact Broker Support at 1-877-366-0663 They are very friendly and will walk you through every step.

ADVANCED

Getting your email forwarded to a desktop application such as Outlook can be as simple as logging into outlook on your desktop if your computer comes with a purchased copy.

If you are looking to get your email sent to your phone I suggest downloading the outlook app. 

Here are email clients that are free but have some drawbacks.

Somewhat Technical you may need to have help setting up your account

EM client (you can only have this on one computer) but works very similarly to Outlook

Very Technical you will need to be tech savvy yourself to keep the following running.

Mozilla Thunderbird  requires an additional program called Davmail.

Setting Information You Might Need:

Outlook Web Access host address: https://outlook.johnlscott.com/owa
Outlook Web Access version: 8.3.444.0
Outlook Web Access host name: outlook.johnlscott.com
Client Access server name: EX7-CAS2.jlscott.net
Exchange Client Access server .NET Framework version: 2.0.50727.5485
Client Access server operating system version: Microsoft Windows NT 6.1.7601 Service Pack 1
Client Access server operating system language: en-US
Microsoft Exchange Client Access server version: 8.3.83.0
Client Access server language: en-US
Client Access server time zone: Pacific Standard Time
Microsoft Exchange Client Access server platform: 64bit
Mailbox server name: MAIL3.jlscott.net

Connecting To My JLS App (underconstruction)

Basics of Representing Buyers Broker Portfolio Week 2

Setting Up for Success

 

Naming Files, Keeping Everything Organized and Documented 

You will find out of necessity that the easiest way to track a transaction and its associated files is by using the last name of your client. You can choose to keep your files as a paper trail or digital but you are responsible for it all.

DIGITAL DESKTOP

On my computer desktop I have two folders  Active Buyers and Active Sellers

Within each folder I organize by the form the last name, the first bit of address and maybe the city. To each their own, but I for one know that my mind is forgetful and I misplace things. I also want to know what something is by it's file name - before I have to open it. 

FOLDER

Smith_1445_23rd_ST_Lacey

FILE EXAMPLES

Form21 _Smith.pdf

Form21_1445_23rd ST_Lacey.pdf

Form21_Smith_John_1445_23rd_ST_Lacey.pdf

Why?  So if I ever need to search my computer for files I can find it under any of those items, the city, the street or the person.  I will know that these are all a purchase and sale agreement by stating the form number and I know they are either a transaction I have going on with a person with the last name smith or a property located in Lacey.

EMAIL

When emailing another broker in a transaction or another transaction coordinator I make sure that the subject line says both buyer and seller's last names or the property address.  I will specify what attachments are in the email and request a response of receipt. It is best practice that when you receive a time sensitive document that you email a short reply to the other agent confirming that you received it.

After the transaction, I create folders within my personal email program for every finished transaction. I run a search for all the emails that were involved in the transaction and put them in one place. That way they aren't clogging up my inbox.

TEXT MESSAGES

It is a necessary precaution to save all text messages involved in the transaction. It is better to avoid communicating anything regarding terms or negotiations or forms in text message just for the simple reason that it is difficult to get text messages from some applications and some phones into a saved conversation and transferred to a desktop. If you can send transaction communication through an email, do so.  Text messages can best be used to tell someone that an email has been sent or received.

There are many ways to get sms text messages off your phone and onto a cloud, here are just two.

Android Users- SMS Backup + backs up all your texts to a gmail account so that they are organized and searchable and very printable. 

Iphone Users - Doesn't have a fancy app but read here how to transfer text messages straight to your computer.

Broker Binder

Your Broker Binder

Personal Story: One of the top sales people I have ever met we'll call him "The Closer" attempted to sell me an $8000 heat pump and he almost did, if... I wasn't also in the business of selling. I know he was their top sales closer because he was sent to me after I had sent a copy of a competing bid to his company and asked if they could beat it, so like any business you send in the big guns.  I literally just sat and watched in awe as I talked to this man who had perfected his craft from the moment he walked in the door. I was "glamoured" by him and let him write me up a contract for nearly $1800 more than the competing offer and then he asked if I was comfortable signing it right then and there. I'm no dummy and made the excuse that I needed to discuss all purchases with my husband. That was a close one. I very nearly bought his more expensive and lesser quality heat pump just because of his top notch sales skills and ability to make an instant personal connection. I know the top picture is of a girl but I am telling you this top sales associate had a binder nearly exactly like it. It was his bible, his resource, his motivation, his objection stopper, his everything. It was impressive and I could see that he had practiced, had some extreme sales training, drank the sales kool-aid and knew every inch of his binder.  That is what I hope your Broker Binder becomes for you. A true resource that is a reflection of you and becomes your best business friend. The binder was like a third person in the room who always had the right answers. This binder was not girly or frilly but it was always right and with each turn of the page it gave him the chance to build a stronger relationship with the client. He did a great job of selling me on himself and that is 80% of the battle. If chosen on presentation and personal connection, I would have bought that heat pump in a heartbeat. Wouldn't you like to win 80% of the time or more with clients you've just met as a new agent? This binder will help give you credibility and experience which unfortunately almost everyone new to their job lacks. 

I suggest getting a  2" binder with pockets on the inside flaps, a pencil bag that attaches to the rings and lots of clear sheet protectors as well as some dividers.

As you go through the assignments of this course they will fill in your binder and as you continue in your career you'll be able to add to it and refresh it. Here is a table of contents to keep you organized.

Broker Binder Table of Contents

Exterior Clear Protector - Fill or decorate with your motivation, family, pets, vacation, etc. It also makes you approachable if you can point to a picture of your kids or pets. More human less salesperson.

Inside Pockets - Buyer's Guide and Seller's Guide

Pencil Bag - Business Cards, Pens, etc.

Buyers Section 

  • Reviews
  • 3 Objection Handling Printouts for Buyers from Keeping Current Matters
  • Trend Graphics Printouts
  • Value Items: My JLS App w/Property Tracker, AHS Home Warranty, Foundation Heroes,
  • Sold Photos of previous happy clients or What makes you different?
  • Buyers Guide Worksheets
  • Buyers Preliminary Agreement Forms: Law of Agency, Agency Agreement, Affiliated Businesses
  • Buyer's Basic Transaction Forms and Manuals for reference as well as the Transaction Input Form
  • Buyer's Transaction Form Checklist, Commission Disbursement Form
  • John L. Scott Institute Buyer's Training Completion Certificates/Awards

Seller's Section

  • Reviews
  • 3 Objection Handling Printouts for Sellers from Keeping Current Matters
  • Trend Graphics Printouts
  • Value Items: AHS Home Warranty, Exposio Photography, Stage Right By Design, Foundation Heroes
  • Photos of Previous Listings and Marketing Samples or What makes you different?
  • Seller's Preliminary Forms: Law of Agency, Agency Agreement, Affiliated Businesses
  • Seller's Basic Transaction Forms: Listing Agreement, Listing Input, Form 17, Transaction Input Form
  • Seller's Transaction Form Checklist, Commission Disbursement Form
  • John L. Scott Institute Seller's Training Certificates/Awards

Broker's Section

  • Open House Sign-In Sheets
  • Open House Signs
  • Thank You Card Writing Templates

Business Section

  • Personality Assessment
  • Business Plan
  • Education Plan
  • Financial Plan
  • Floor Time
  • Trainings/Credit hours
  • Commission Receipts

Back Pocket

  • NWMLS Rules and Regulations Back Pocket

Practice Buyer's Presentation Assignments 1 and 2

Buyer Representation Training

Your access to the members only John L. Scott Intranet comes with a tremendous amount of resources. 

The following videos are going to be imperative to your success as a buyer's agent.

VIDEO 1

In a new window or tab, login to the John L. Scott Intranet and select the link below. 

Sales - Working with Buyers

If the link above does not work you can find this through the John L. Scott Institute training courses.

Select the Course titled: Profitable Buyer Representation  (16 minutes)

Complete the course. When you register for the course and complete it they will send you a completion email where you can print off the certificate. Print it off and put it in your portfolio.

Assignment 1: Practice your Buyer's Presentation Booklet. 

There is no right or wrong way to practice, one example would be to write 2 talking points on a sticky note for each page and practice going through the pages another example would be to record a video of yourself presenting. How great would it be for your social profiles if you had a video of your buyer's presentation.

Present your Buyers' Presentation Booklet to another agent and ask them what they would talk about on some pages. 

Continue to practice your Buyer's Booklet until you no longer need the sticky notes. 

VIDEO 2

In a new window or tab, login to the John L. Scott Intranet and select the link below. 

Sales - Working with Buyers

If the link above does not work you can find this through the John L. Scott Institute training courses.

Select the Course titled: Demonstration Technique  (18 minutes)

Complete the course. When you register for the course and complete it they will send you a completion email where you can print off the certificate. Print it off and put it in your portfolio.

Assignment 2: Visit some open houses on the weekend if you aren't already holding one. If you can attend with another agent, take turns pretending one of you is the buyer and role play closing and asking questions. 



Buyer's Side Prep Assignment 3

Getting Things In Order For Your Buyer

Step 1: Go through the Buyer Presentation then the buyer worksheets, show them your American Home Shield Brochure your JLS App and  lastly your legal agreements.

The very first documents your buyer should sign

Form P1 - The Law of Real Estate Agency Pamphlet

If the link above doesn't work, you can find this form on the NWMLS website under Xpress Forms or through Transaction Desk.

Signing Instructions: Have all Buyers involved initial and date the first page of the Form P1

Form 41A - Buyers Agency Agreement 

If the link above doesn't work, you can find this form on the NWMLS website under Xpress Forms or through Transaction Desk.

Important Notes on this copy of 41A: This is not like the blank 41A you will get for your transaction there is a specific wording that has been put where it asks about your compensation.

You have the option to write: "SOC or 3% commission if For Sale By Owner" 

Why is this important to write in?  

You want to get paid don't you? If a For Sale By Owner says they aren't going to pay your commission then you are out of luck if your buyer wants to proceed unless you have it agreed to in writing. They are saving money by not paying a listing agent but you brought the buyer. 

Signing Instructions: Fill out the form completely. Everyone needs to sign and date, even you.

Business Affiliation Disclosure

This is also where they can choose whether they want to include an AHS home warranty. If they don't want to just yet keep this form for later just in case. Let them know they can request that the home seller pay for it through the purchase and sale agreement but that the seller can always say no. 

Congratulations they signed everything!! You now have an active client!

Assignment 3:

Create a New Folder on your computer for this year's buyer side transactions named BUYER TRANSACTIONS Create a subfolder for your client using appropriate naming conventions so that you can find it later such as Lastname_Firstname_Buyer    e.g.    Smith_John_SampleBuyer   or pick your own sample buyer name.

Congratulations! You showed your buyer about 10 houses and they chose this one.

SAMPLE Listing Info:  (Download into your buyer folder, print for your binder.)

Listing Info

Legal Description (Exhibit A)

Seller's Disclosure Form 17

These are the documents you need to look at for accuracy and completion. The Legal Description will be part of your offer documentation but the Seller's Disclosure will not be, that is to be looked over carefully by you and your buyer and do not sign if incomplete (any line item not checked). Notice that there is no Utilities Addendum (Form 22K) Just because the listing agent didn't include it doesn't mean it isn't part of your offer documentation you will just have to attach a blank unsigned one with your offer.  When you go to list your next property remember that it's the little things like this that make a difference between a smooth transaction and one where you are constantly hunting down paperwork. 

Week 1 Quiz Form P1 Law of Real Estate Agency Pamphlet

Quiz Questions

The following 3 questions will hopefully inspire you to look closely at the Law of Real Estate Agency. Reading it will help you understand what your job entails and what it does not. As always, any and all agreements between parties should be in writing and if what your client requests is outside the scope of our real estate forms, then your client will need to seek the counsel of a lawyer to draft such agreements. 

Which section in the Law of Real Estate Agency states that you must provide a pamphlet on the law of real estate prior to the party signing any legally binding agreements or offers.

  • Section 4
  • Section 5
  • Section 1
  • Section 3

Can I show multiple buyers the same home even if one is really interested in it?

  • No, That is a breach of loyalty and creates a conflict of interest.
  • Yes, showing the property to other buyers does not in itself create a breach of loyalty or a conflict of interest.

Which section states talks about any agreement authorizing a broker to get paid compensation or a commission must be in writing and signed by the seller or buyer.

  • Section 1
  • Section 7
  • Section 8
  • Section 4

Week 1 Quiz Form 41A The Buyer's Agency Agreement

The Buyer's Agency Agreement Script

Many people are hesitant to sign a buyer's agreement right out of the gate. Here is a script to help ease that and at least help your client understand the importance of the agreement.

"Now we've talked about all the details that go into buying a home and I want to be the one to help guide you through every step. I want you to feel like you've received excellent customer service. I want to be able to focus my time and energy solely on you but I need to know that you will be working 100% with me.  This agreement says that you will be working only with me and not multiple agents at the same time. If at any time you feel like you are not experiencing excellent customer service just let me know and this contract will be void. I don't want to work with someone who isn't happy with my service and it isn't fair to you to have to work with someone when you are unhappy with their service. I want you to have the best experience possible. Do you think you'd be willing to work 100% with me?

(no or I'm not sure)

If you aren't quite sure why don't we do a trial period of 1 week and if you feel like you are receiving excellent customer service we can discuss extending the service contract at that time. Would that be reasonable? 

(Sure ok why not) 

Great!

(Still no)

I understand. If you don't want to sign it but I need your word that I am the one you want to represent you and I will trust you on your word. I want to give you the best service possible. When we find that home for you I will need this agreement to be signed prior writing any offers. Is that reasonable?

(YES!)




Which form of agency do we always want?

  • sole and exclusive
  • non-exclusive

What is the importance of writing SOC and or 3% commission if For Sale By Owner

  • SOC is the commission % as stated in the listing for the Selling Broker but a For Sale by Owner listing may not agree to any compensation for the selling broker so it is important to have that feature in writing so at least someone, possibly the buyer or a 3rd party pays your compensation.
  • It's not important because most people are honest and will always pay your commission.

Week 1 Conclusion Tasks and Assignment 4

Action Tasks - Whether you need to really do these things or imagine them for now, these are the things you should be doing after someone has decided to work with you. 

Step 1: Make contact with their lender or lead them to a lender. Introduce yourself to the lender via email to tell them how the market is looking in your client's price range. Ask about their availability to procure pre-approval letters and their work schedule availability. Take note if they are not in state lenders as there may be a time zone difference you need to be aware of and take into consideration. Get a pre-approval letter for your client.

Step 2: During your presentation you should have encouraged them them to use the app and sign up for Property Tracker so you can see what homes they are interested in. If not, you can still create some auto-searches through NWMLS Matrix. Create one search based on their want criteria and the other on their basic need criteria as in the Buyer Presentation Worksheets. In a seller's market they may have to settle for basic needs. 

Step 3: Organize home tours by calling the phone to show or arranging showings in showing time in 15 minute increments if they are located near each other or account for extra travel time. Note which homes don't require appointments and which ones with tenants require 24 hrs advance notice.  Sometimes even vacant homes require appointments. If there is a phone to show number, but the home is vacant and doesn't say something like "GO AND SHOW" or to that effect, call the phone to show number just in case.

Step 4: Load up with your business cards and e-key for opening keyboxes and go show some houses. Pay attention to what they say when walking through homes...a larger lot, fully fenced may become a basic need if they forgot to mention their dog. Let them know what criteria you used to select this home and ask what needs to be changed in the searches.

Portfolio Assignment 4: Put the following in your Broker Portfolio 

1. Buyer Presentation booklet in the front pocket.

2. 1 copy of the buyer worksheets 

3. A copy  of Form P1 and Form 41A  and The Business Disclosure

4. One copy of the American Home Shield Brochure

5. 24 Business Cards and pens and pencils in your pencil keeper


Basics of Representing Buyers Broker Portfolio Week 3

Basic Transaction Forms Assignment 5

Preliminary Paperwork Package (should already be in binder)

1. Form P1 - Law of Real Estate Agency Pamphlet

2. Form 41A - Buyer's Agency Agreement

3. Business Affiliation Disclosure

The BASIC Offer consists of the following forms (you will be going in depth on these in the following lessons)

4. Form 21 - Purchase and Sale Agreement

5. Form 22A - Financing Addendum

6. Form 22D - Optional Clauses

7. Form 22S - Septic Addendum 

8.  Form 22T - Title Contingency 

9. Form 22VV - Insurance Contingency

10. Form 35  - Inspection Addendum

8. Pre-approval Letter From Lender - this is a fake letter for demonstration only

Assignment 5 :  Through the NWMLS homepage in the Xpress Forms Section Print the Forms above 4 through 10 as well as their corresponding manuals and put them in your binder. Lastly print the fake pre-approval letter.

 

Form 21 Quiz

The following questions will test your ability to locate and find vital information on form 21.  To excel at this task read the manual for Form 21 thoroughly. Highlight each line item or explanation you feel is important as you go through the questions.


What is Form 21 used for?

  • A House
  • A Condominium
  • Vacant Land
  • Manufactured Home on Leased Land
  • Multifamily Properties
  • Commercial Properties
  • Mobile Homes

How many days does the buyer have to verify that all listing information and Form 17 information is accurate?

  • 3 Business Days
  • 10 Days

How can I ensure that closing happens as soon as possible? Pick all possible right answers.

  • In Authentisign use the text tool in the markup section to edit the closing date to have the words, "or sooner" after the date.
  • Create a blank addendum form 34 that states that the closing date will be that date or sooner.
  • Call the lender and listing agent daily to create pressure and rush the transaction along.

What do you put in the title and escrow lines?

  • The Title and Esctow Company Name Only
  • The Title Sales Rep's Name

How much should I tell my buyer to write the earnest money check for?

  • Whatever the Buyer is comfortable with, in general 1% of the purchase price is always considered acceptable but for homes under 200K can possibly get by with $500 in earnest money. It depends on your local area so just ask someone.
  • $5000 You want to win don't you?

How do I know when the contract has gone mutual?

  • The date on the form 21 agreement is when it goes mutual.
  • The date upon which you have received or delivered a final acceptance of the contract or counteroffer signed by both seller and buyer. You can make a note of it by sending an email to the office stating the transaction is mutual.

How long do you have to get earnest money to the Title Company?

  • 5 Business days from the contract date
  • You received earnest money when you wrote the offer but before the offer was mutually accepted...as soon as the offer is mutually accepted you have 3 business days to deliver it to escrow. You have a mutually accepted offer but have not received earnest money from your client yet, then your Client has 2 days to deliver the earnest money to you or the closing agent...If it is delivered to you within 2 days then you have 3 Business days from receipt to deliver it to escrow. Best practice is to receive earnest money upon writing an offer to avoid buyer missing deadlines by not getting earnest money to escrow in time.

At what time does an offer expire on the date specified on Form 21?

  • 9pm
  • 5pm
  • Midnight

Where can I look to see what items are included in the sale?

  • In the Listing Printout that you should also upload for your transaction
  • Call the Listing Agent

What addenda should I list and subsequently attach to the purchase and sale?

  • Form 22A, Form 22D, Form 22K, Form 22S or other Septic Form for the specific County if on Septic, 22T, 22VV Form 35 We do not list the Legal Description as an addenda but we include it as the Legal Description is Exhibit A. We do not reference Form 17 in the purchase and sale agreement addenda because it is not part of the contract but it can be attached following the forms if included as one of the seller provided listing documents. Form 22K may also be in the listing documents but still needs to be stated in the addenda. Form P1 and Form 41A are for your and your client's records only.
  • Forms P1, Form 41A, Form 22A, Form 22D, Form 22k, Form 22S, Form 34, Form 35, Form 35R, Form 17, and the legal description

Form 22A Quiz


The following questions will test your ability to locate and find vital information on form 22A.  To excel at this task read the manual for Form 22A thoroughly. Highlight each line item and explanation you feel is important as you go through the questions.



How do I know how much my buyer will pay as a downpayment?

  • Surely they will tell me the correct information.
  • Email or speak to the lender if it is not clearly stated on their pre-approval letter.

How do I know what loan cost provisions my buyer will need?

  • Email or Speak with the lender about how much in closing costs they can or should ask for based on the lender's fee structure and if they need any extra provisions to pay down debt out of the closing costs. Depending on their loan type they could require more in closing costs than other loans.
  • Guess or just put 3% every time.

Form 22D Quiz

The following questions will test your ability to locate and find vital information on Form 22D.  To excel at this task read the manual for Form 22D thoroughly. Highlight each line item or explanation you feel is important as you go through the questions.

What is the reason we don't have the buyer check a box for the Title Insurance?

  • Put your answer option here
  • Put your answer option here

How long does the seller have to get the HOA documents to the buyers after mutual acceptance?

  • 5 days if not otherwise stated
  • 10 days if not otherwise stated

How long do the buyer's have to respond after receiving the documents?

  • 3 days
  • 5 days if not otherwise stated.

What kind of things should buyers be aware of that might be controlled by HOA's?

  • Number of allowable pets, street parking, rv parking, types of fencing, approved paint colors, trees, kid toys in front yard, yard maintenance...etc.
  • Nothing most HOA's are pretty common sense.

Can you ask sellers to remove included items from the sale?

  • Yes
  • No

Form 22S Quiz

The following questions will test your ability to locate and find vital information on form 22S.  To excel at this task read the manual for Form 22S thoroughly. Highlight each line item or explanation you feel is important as you go through the questions. Note that there are different county septic forms.

Untitled single choice question (under construction)

  • Put your answer option here
  • Put your answer option here

Untitled single choice question

  • Put your answer option here
  • Put your answer option here

Untitled single choice question

  • Put your answer option here
  • Put your answer option here

Form 22T Quiz

The following questions will test your ability to locate and find vital information on Form 22T.  To excel at this task read the manual for Form 22T thoroughly. Highlight each line item or explanation you feel is important as you go through the questions.

Untitled single choice question (under construction)

  • Put your answer option here
  • Put your answer option here

Untitled single choice question

  • Put your answer option here
  • Put your answer option here

Untitled single choice question

  • Put your answer option here
  • Put your answer option here

Form 22VV Quiz

The following questions will test your ability to locate and find vital information on Form 22VV.  To excel at this task read the manual for Form 22VV thoroughly. Highlight each line item or explanation you feel is important as you go through the questions.

Untitled single choice question (underconstruction)

  • Put your answer option here
  • Put your answer option here

Untitled single choice question

  • Put your answer option here
  • Put your answer option here

Untitled single choice question

  • Put your answer option here
  • Put your answer option here

Form 35 Quiz


The following questions will test your ability to locate and find vital information on Form 35.  To excel at this task read the manual for Form 35 thoroughly. Highlight each line item and explanation you feel is important as you go through the questions.


How many days does my buyer have to get an inspection done and decide whether to terminate or not based on the report?

  • Within 3 Business Days
  • Within 10 Days unless otherwise specified

How long does the seller have to respond to a repair request Form 35R?

  • Within 3 days unless otherwise specified
  • 10 Business Days

What happens if the seller doesn't reply?

  • The contract is terminated.
  • The buyer still has to reply within the appropriate time period as if the seller had responded.

How long does the buyer have to respond to the seller's response for repairs and decide to either agree or terminate the agreement?

  • Within 10 Days
  • Within 3 Days unless otherwise specified

What happens if the buyer doesn't reply?

  • The inspection contingency is waived and the parties must move forward with the agreement, the buyer needs to make sure any negotiations happen within the prescribed period of time or else the inspection period could be automatically waived even if they were still negotiating repairs. TIME IS OF THE ESSENCE.
  • The contract is terminated.

How long does the buyer have to complete a neighborhood review?

  • 5 days
  • Within 3 days of mutual acceptance unless otherwise specified.

Seller Provided Forms and Assignment 6

Seller Provided Forms that the Buyer needs to either sign or review 

If it isn't in the listing documents...as a Buyer's agent you need to request them from the listing agent.

Form 22K - Identification of Utilities are often missing from the listings, buyer can sign the blank form and submit it with offer to have seller fill out and return within the required time frame. In the future, be a good listing agent and fill it out completely for your listing, it is the little things that are greatly appreciated.

Form 17 - Seller Disclosure  don't have your buyer sign until seller has returned it fully filled out (no missing line items) and you have gone over it with your buyer. Should be included in listing attachments but isn't always and most often isn't filled out completely.

Legal Description of Property -  Agent needs to read carefully and confirm the legal description with county tax records or in realist to see if there are any parcel numbers missing or view which specific on the parcel map. Buyer needs to initial and date legal description (each page if multiple pages). 

Assignment 6 (10 minutes or less): Create a practice offer for the listing information we've given you at last week's class. You can choose to do it by hand or through transaction desk.  Email it to Tonia DeBeaux 

[email protected] 

360-632-6271 text her that you've sent a practice offer for review. 


Commission Disbursement Form

Representing Sellers Broker Portfolio Week 4

Seller's Side Prep Assignment 7

Getting Things In Order For Your Seller

Assignment 7 Compile Seller's Section of your Portfolio (1 hour): Put the Listing Presentation booklet in your front folder pocket. After your buyer's section we are going to create a seller's section so print Reviews, 3 Keeping Current Matters Infographics for Sellers, Up-to-date Market data from Trendgraphics, include an American Home Shield Brochure, your listing photography, staging info and marketing samples for the Listing Launch, a sample Cloud CMA with Seller Net Sheet, followed by these preliminary agreements.

The very first documents your Seller should sign

Form P1 - The Law of Real Estate Agency Pamphlet 

If the link above doesn't work, you can find this form on the NWMLS website under Xpress Forms or through Transaction Desk.

Signing Instructions: Have all Sellers involved initial and date the first page of the Form P1

Business Affiliation Disclosure

This is also where they can choose whether they want to include an AHS home warranty. If they don't want to just yet keep this form for later just in case. Let them know they can request that they can offer it up front to buyers as part of the purchase and sale 

Form 1A - Exclusive Sale and Listing Agreement 

If the link above doesn't work, you can find this form on the NWMLS website under Xpress Forms or through Transaction Desk.

Commission:

 Form 1A is where you discuss your commission this may vary depending on what the owner needs to net for the sale of their home. Here is where some negotiating and number crunching comes in such as doing 2.5% instead of 3% for yourself if they agree to pay $1,500 towards staging the home.  You can also do 3.5% for yourself and 2.5% for the buyer's agent, or 4% for you and 3% for buyer's agent. or an equal split. All commission is negotiable and really comes down to what your seller can afford (they may not be able to afford to sell based on the CMA) but you do want to ensure that you get paid for your time, after all you will have listing costs to cover and this is YOUR BUSINESS and you should never ever work for free.

List Date:

How long does it take to get a listing together? It depends. 30 days out is optimal just to ensure that everything that needs to be addressed has time to be addressed. 14 days is extremely difficult so bear that in mind. Also note that our office likes to list homes on Thursdays as part of our JLS Listing Launch so that it has enough time to populate major websites. Be aware of major holidays on that following weekend that may derail your open house plans. 

Sole Owner:

Make sure they are the sole owner(s)...or this could be a problem requiring contacting the title company to get some deeds changed. 

Signing Instructions: Fill out the form completely. Everyone needs to sign and date, even you.



Seller's Listing Presentation (under Construction nearly finished)


Seller Representation Training

Your access to the members only John L. Scott Intranet comes with a tremendous amount of resources. 

The following videos are going to be imperative to your success as a Listing agent.

VIDEO 1

In a new window or tab, login to the John L. Scott Intranet and select the link below. 


If the link above does not work you can find this through the John L. Scott Institute training courses.

Select the Course titled: 

Complete the course. When you register for the course and complete it they will send you a completion email where you can print off the certificate. Print it off and put it in your portfolio.

Assignment 1: Practice your Seller's Presentation Booklet. 

There is no right or wrong way to practice, one example would be to write 2 talking points on a sticky note for each page and practice going through the pages another example would be to record a video of yourself presenting. How great would it be for your social profiles if you had a video of your Seller's presentation.

Present your Sellers' Presentation Booklet to another agent and ask them what they would talk about on some pages. 

Continue to practice your Seller's Booklet until you no longer need the sticky notes. v

VIDEO 2 

In a new window or tab, login to the John L. Scott Intranet and select the link below. 

Sales - Working with Sellers

If the link above does not work you can find this through the John L. Scott Institute training courses.

Select the Course titled: 

Assignment 2: Complete the course. When you register for the course and complete it they will send you a completion email where you can print off the certificate. Print it off and put it in your portfolio.


VIDEO 3 Cloud CMA

In a new window or tab, login to the John L. Scott Intranet and select the link below. 



Assignment 3: Create a sample Cloud CMA with a Seller Net Sheet and put it in your seller's section of your portfolio.


The Listing Input Sheet  (under construction)

You should have taken a required course from the NWMLS on the listing input side of Matrix. 

You can go through the paper based form with your clients. 

Form 


Seller's Forms Scavenger Hunt

The following questions will help you understand the basic seller's side forms. Please review the manuals for the forms to have the best chance of success.

Should sellers leave any line item unanswered on Form 17?

  • No. There is a checkbox for N/A if not applicable all lines should have 1 checkmark.
  • Yes, iif it doesn't apply.

Seller's Side Promoting the Listing (under construction)

Listing Launch Roll Out

Sign Posts and Signs - Where to order and when

Big Websites Zillow, Trulia, Redfin,

Advertising on Facebook.

Transaction Desk Webinars

Links for Webinars for Transaction Desk

Here are some helpful links for Transaction Desk you can also take the class provided by the NWMLS to fulfill clock hours.