Broker working with Sellers Flashcards

You may prefer our related Brainscape-certified flashcards:
1
Q

What is the primary criticism that sellers have about their agents?

A

lack of communication

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What kinds of things should you include in a weekly activity report?

A

Number of inquiries on the property that week
Number of showings
Advertising done that week
Open houses held
Number of open house visitors
Comments made by other agents or prospective buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What should you tell a seller to do if someone shows up on the doorstep wanting to see the home?

A

Get the person’s name and then call your office immediately so an agent can come to do the showing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the difference between an office home tour and an agent open house?

A

In an office home tour, the agents from your firm tour the property. In an agent open house, agents from other firms are invited to tour the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Why is it important to give the sellers information about the buyers who are making an offer on the property?

A

It’s a way to raise the sellers’ comfort level that they will be selling their home to people who will really appreciate it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

List three terms, not including price, that are important in an offer to purchase. (See screen 16 for other correct answers.)

A

Proposed closing date
Proposed possession date
Contingencies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How would you define a counteroffer?

A

A counteroffer is in effect a rejection of the original offer and the beginning of a new offer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What three things are important when accepting an offer?

A

The person or persons who made the offer or counteroffer must receive notice of the acceptance.
The acceptance must be made in a certain manner.
None of the terms of the offer can change as a result of the acceptance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

During the first few days, you are doing multiple property marketing tasks

A

preparing flyers and ads, getting the property information into the MLS, etc. – which your sellers may not be fully aware of. It may look like you are unavailable or not present.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Once you have secured the listing

A

let your sellers know what to expect in the first few days.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

When you meet with your sellers, you should share important information on the following topics

A

homeowner tips, activity reports, advertising plan, showings, and open houses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

It’s helpful to give the sellers tips or suggestions to help with the marketing effort

A

These suggestions should be written and include information about the cosmetic aspects of the exterior and interior of the home.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

An important part of your seller communication is

A

A weekly activity report

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Another important piece of information to share with your sellers is

A

your advertising plan. Sellers need to know the “schedule” of when their property will be advertised and the methods you’ll use to do that advertising.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Sellers are most familiar with

A

the “showing” aspect of the marketing plan, so be sure to advise them of how things could go.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

An open house

A

for agents can give you important feedback on your listing as well as get the property in front of more agents. It’s especially valuable for properties that are unusual.

Open houses for the public are the most familiar to agents, buyers and sellers alike. With any open house or home tour, encourage the sellers to have their home in the best possible condition.

17
Q

let the seller’s know

A

If at any time during the course of the listing period, you decide that you made an error in your assessment of what the property is worth or if the market conditions change in such a way as to suggest the price should be modified

18
Q

Likewise, you should schedule a meeting with your sellers a few weeks before the listing is set to

A

expire

19
Q

When you receive an offer of a property, you need to set up a meeting with the sellers to present it. Organize your presentation to cover:

A

A brief review of what has happened over the life of the listing
Information about the buyers
The offer itself

20
Q

Be sure that when you talk about the buyers

A

you say nothing that could be a violation of fair housing laws.

21
Q

Once you present an offer, the seller can take one of three actions.

A

Accept the offer exactly as it is written.
Reject the offer totally.
Reject the offer and submit a counteroffer to the buyer for his or her consideration.

22
Q

It’s important for you to make it clear to the sellers that a counteroffer is in effect

A

a rejection of the original offer and submitting a counteroffer gives the buyers a way out.

23
Q

Once an offer (or a subsequent counteroffer) is accepted

A

a contract is legally formed. Both parties are bound to complete the contract.