Chapter 7: Servicing Listing Flashcards

1
Q

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

A

Lack of communication.

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2
Q

When you meet with your sellers after you obtain the listing, what is one of the first things you should share with them to get them involved in the process?

A

It’s important and helpful to give the sellers written homeowner tips for improving the cosmetic aspects of both the interior and exterior of their property.

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3
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

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4
Q

How can you prepare your sellers for receiving offers?

A

Share a blank copy of the purchase agreement with them and go over each of the paragraphs on the form. Also talk to them about the possibility of getting a quick offer and the consequences that could result from the tendency to reject such an offer.

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5
Q

Name four traditional marketing tools that you should use with every listing you get.

A
For Sale sign 
Photos 
Classified ads 
Fliers 
Lockboxes and MLS listings are also critical, but can only be used with seller permission.
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6
Q

What are some important tips for home tours?

A

Sellers should not be at home.
Have some light refreshments for the agents.
Play soft mood music.
Give each agent a property flier.
Have agents fill out a short evaluation of the home.

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7
Q

In addition to agent and MLS home tours, what are some other ancillary tools you can use?

A

Neighborhood canvass letter
Agent open house
Public open house

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8
Q

What should you keep in mind when developing your marketing plans?

A

Each plan should be client-specific - that is, have some standard tasks, but also some activities that are customized to the particular sellers.

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9
Q

If there is no interest in the property on a given week, the agent should:

Skip the activity report for that week.

Share that information with the sellers.

Tell the sellers you expect an offer to be coming soon.

Tell the sellers it’s time to reevaluate the price.

A

Share that information with the sellers.

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10
Q

Which of these marketing tools is not considered a traditional tool?

Flier

Classified ad

Photos

Video tour

A

Video tour

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11
Q

Which of these forms is not filled out by the seller?

Smoke Detector Compliance

Modification of Terms

Transfer Disclosure Statement

Water Heater Compliance

A

Modification of Terms

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12
Q

If someone shows up at the seller’s door unexpectedly to see the home, the sellers should:

Tell them to call your office.

Invite them in and show them around.

Take their names and call your office.

Ask them to leave.

A

Take their names and call your office.

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13
Q

All of these statements are true except which one?

Virtual tours are an expensive marketing tool to use.

An agent should print off a copy of the listing on the company’s Internet site to send to the sellers.

Participation in the MLS increases a licensee’s inventory.

Property evaluations from other agents have valuable information for sellers.

A

Virtual tours are an expensive marketing tool to use.

The technology for creating virtual tours allows the agent to take digital photos and simply load them into a software program that produces the virtual tours. Once the broker has invested in the software, the agents can use it for a low monthly fee, making this marketing tool quite inexpensive.

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14
Q

All of these items are important to include on your weekly activity report except which?

Number of calls that week

Agent comments about the property

Classified ads placed on the property

Number of hits on the company website

A

Number of hits on the company website

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15
Q

You should try to attach a rider strip to your For Sale sign that has:

Your home telephone number.

Your GRI designation.

Your cell phone number.

Your fax number.

A

Your cell phone number.

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16
Q

Which of these is not a helpful homeowner tip?

Display lots of family photos to impress potential buyers.

De-clutter your garage and basement.

Bake muffins or cinnamon rolls to create a “homey” feel.

Make sure all light bulbs and lamps are working and are bright.

A

Display lots of family photos to impress potential buyers.

17
Q

Which of the following actions by an agent would most probably upset the sellers?

Conducting an agent open house.

Sending a weekly activity report.

Sharing all visitor comments two weeks before the listing ends.

Placing a classified ad in the weekend paper.

A

Sharing all visitor comments two weeks before the listing ends.

18
Q

All of these activities are appropriate to do within the first few days of obtaining a listing except which?

Give the sellers a copy of some homeowner’s tips.

Discuss modifying the listing price.

Explain your marketing plan to the sellers.

Have the broker send a “thank you for listing” letter to the sellers.

A

Discuss modifying the listing price.

A listing price modification, if made at all, should be made after the property has been on the market for a while with conditions changing or indicating that the listing price is too high and should be modified.