How Much Do You Charge For Your Services
As a buyer: If youre a buyer, you shouldnt have to pay real estate commissions as the seller is responsible for paying the buyers agent commission. Read your buyers contract in detail and discuss any situations with the realtor to see if you will ever be responsible for paying a commission.
As a seller: During the interview, once the realtor has gone through all of the other questions youll want to talk money. The most important thing to focus on is what your net return will be. Most agents dont charge a flat fee but take a percentage of the homes final sale price. This percentage will cover both the listing agent and buyers agent commission.
A note on real estate commissions: The negotiation process during offers is a huge player when it comes to getting more money in your pocket. Real estate is 100% commission based, and if as a realtor we cant even negotiate on our own behalf to feed ourselves and our family, then how do you expect us to stand strong and be a shark when it comes to negotiating on your behalf? Its not going to happen. Discount realtors just dont have the skills, which is exactly why they discount. Thats the only value proposition they have. The realtors that are out there, hustling for you, grinding for you, and ultimately that are going to get you the highest profit are often times going to be the most expensive. Dont make the mistake of saving money on the front end only to lose money in the backend.
What Expenses Am I Responsible For Vs What Does The Brokerage Cover
Like commission splits, each brokerage is different when it comes to expenses, so be sure to ask what is provided versus what you have to provide. Some brokerages offer subscriptions to Customer Relationship Management platforms, marketing support, and mentorship programs, while others may offer not much more than a desk.
Describe A Time You Had A Demanding Buyer
A real estate agent must work effectively with all types of clients. The goal of the question is to evaluate the candidate’s ability to handle a complex or demanding client. What to look for in an answer:
- Interpersonal skills to build rapport and trust with the client
- Communication skills to fully understand the client’s needs and wants
- Interest in providing a positive client experience, regardless of demeanour
Example:
“I’ve had several buyers who were very demanding in their requirements. For example, one wanted a particular type of property, and regardless of what I showed them, they didn’t want to see any of my suggestions. I made sure to ask lots of questions to get a sense of what items were essential and what were nice to haves. Once I understood that…”
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The Top 5 Things You Should Research When Choosing An Agent:
For a more in depth guide to researching real estate agents, see our blog post on the 8 Steps to Choose the Best Realtor.
People often find one person who stands out among the rest early in their research. Theyll get excited, book an interview, then close the deal. I cannot recommend enough that you pursue additional agents before making a commitment.
How Long Have You Been A Real Estate Agent
This question is not as straightforward as it sounds. Ultimately, the answer depends on how one defines being an agent.
Many people hold a real estate license and dont actively practice. Someone may have been licensed for 30 years, but if theyve only represented a handful of clients, their tenure as an agent doesnt necessarily speak to their experience. Delving deeper into how many clients theyve represented over their career will give you a better idea of their experience level.
- Quick tip: Real estate agents are governed by the laws of the state in which they are licensed and each state department provides the ability to look up license status, including the date issued, any licensure lapses, as well as any past or current rules violations, using the agents license number. The Arizona Department of Real Estate provides a good example of the information you can gather.
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What Mentorship Opportunities Do You Provide
As a new agent you want to look for mentorship programs and opportunities that pair you up with an experienced agent in the field so that you can learn through experience and practice. Real estate is not something that you can master by simply attending countless hours of trainings and modules. On the job training is crucial.
Usually mentorship opportunities will cost you a percentage of your commissions in the beginning but that is not always a bad thing. You want your mentor to be incentivized to help you succeed so that they will have a stake in your business. The best mentors are the ones that actually care about your success and growth as an agent.
How Many Clients Are You Servicing Right Now
As part of the interview, try to figure out how many clients is the agent is actively working with and how many are buyers against sellers. This is another way to tell how good an agent is at what they do. More clients like to work with agents with a strong sales history. The real estate industry is very active. So, if your agent is working exclusively on your case, dig deeper into finding out why.
Dont forget to ask where his or her clients come from. If most of his clients are referrals from previous clients, you can rest assured that he is a first-class agent. If on the contrary most of his clients come from online marketing, and he has few or no referrals, you should be concerned.
Find the best buyers agent: Fill in the form below and within 24 hours we will send you the best buyers agent in your area as well as a checklist of interview questions and a quick video explaining each of those questions. Just click here to fill in the form >
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How Many Real Estate Agents Should I Interview
That all depends on how much work you want to put in. If youre committed to finding the best deal, the more agents the better. Of course, you cant fully vet dozens of agents in an interview, so UpNest recommends interviewing at least three to adequately compare agents. Ultimately, the answer to the question, How many real estate agents should I interview? is up to the person.
Questions To Ask Your Real Estate Agent
Your real estate agent can make or break your search for a home. Thats why its important to hire a great one. But how do you know when youve found an agent you can trust? The best way is to interview them.
We know it sounds strange, but you are in fact hiring your agent to do a paid job, even if you wont be writing them a check directly. So once youve found one or two who might fit the bill, schedule an interview with each of them by phone or, even better, in person. You could meet for coffee in your neighborhood or in a neighborhood where youre looking to buy.
Not sure what to ask? Below is a list of questions that we think should cover the bases. You probably have others, which you should feel free to add. We pulled our list together with some help from Dawn Lane, an independent Las Vegasbased broker and Realtor.
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Considering Real Estate Take Our Quiz First
Perhaps the best way to decide whether to pursue a career in real estate is to take a quiz. Weve made a Should I Become a Real Estate Agent quiz just for you.
In it, well ask you some basic questions. While they may seem unrelated, our goal is to determine whether youre serious about pursuing a career in real estate.
If our quiz determines that you should become a real estate agent, well give you a clear roadmap to help guide you in your journey. While this profession is not easy, its certainly rewarding.
But dont let us distract you any longer jump right in and answer some questions in the quiz module below!
Interview Questions To Ask A Realtor Whether Youre Buying Or Selling
Whether youre a buyer or a seller, there is some general information that youll want to know about each candidate youre considering. These three questions will help you decide whether a Realtor has the professional expertise, local market knowledge and communication skills youll need in a partner on your real estate journey.
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The Best Questions To Ask A Realtor
Before you hire a realtor, you should interview them to find out if theyre:
- Legitimate
- A good fit for your needs as a buyer or seller
- Able to offer the most value compared to other local realtors
We talked to real estate agents and other experts to find out what questions you should ask a realtor before you commit to working with them.
If you havent started talking to a real estate agent yet, or if youd like to compare your options, our friends at Clever Real Estate can match you with multiple top agents in your area.
Clevers agent matching service is 100% free and the company pre-negotiates better rates with agents on your behalf, so you can list your home for just 1% or earn up to 0.5% cash back when you buy your new home.
How Should I Sell The Property
Do they think my property should be sold at auction? If so, why? If not, why not? Perhaps they believe that you should put it on the market and accept the best offer. Is it a buyers or a sellers market at the moment? A sellers market may see the property sell within a two-week period. A buyers market may see the sale drag out over a two month period, or even longer. Use their information and advice as a guide and helpful comparison when you speak to other agents.
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Let Perfect Agent Help You Compare Real Estate Agents
Online agent finders like Perfect Agent are the easiest way to get access to a pool of different agents who already match you basic required criteria. This is done by completing a simple, quick questionnaire in the comfort of your own home before one of our recommended agents sells said home in a flash, that is!
Your answers give us an idea of what youre looking for, and Perfect Agent then recommends a number of agents to you. From here, you are free to interview each agent as you embark on finding the perfect fit for you.
Interviewing multiple agents ensures that you dont make hasty decisions about who helps you sell, but rather make an informed decision that best suits your property, your personality and your pocket. Contact Perfect Agent to find your resident property expert today!
What Questions Does The Agent Ask You
Just like in any job interview, the onus seems to be on the hiring manager to ask the questions, but often its the questions asked by the interviewee that gets them the job.
A real estate agents chief task is to be your representative when dealing with other parties in the transaction. This simply is not possible if they dont know your needs, priorities, and expectations. So while these are all important questions to ask when choosing a real estate agent, the most important questions of all will be the ones they ask you.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.
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Helping Your Prospect Make A Decision They Feel Good About
Youre probably familiar with the idea that buying decisions are foremost driven by feelings and later justified with logic.
The role of emotions in decision-making of all kinds is so critical that one of the worlds foremost neurology scientists, Antonio Damasio, found that patients whose brains couldnt generate emotions, either as a result of brain surgeries or medical conditions, also had severe difficulties making decisions.
Interesting stuff, but what has it got to do with convincing a lead that you, the inexperienced real estate agent, is the right choice? In a word, everything.
If you know how to appeal to the appropriate emotions, you can improve your odds of having a prospect feel you are the right agent for them.
In a study reported by Zoovu, SMITH suggests there are eight emotional mindsets that drive customers buying decisions. There are two that new real estate agents are likely to encounter more often than the others. Understanding these emotions, you can use the strategies suggested below to help prospects of different minds picture you as the right choice.
Validation
Of the North American shoppers surveyed by SMITH, 20% were motivated by a need to validate their choices. These consumers dont want to make a wrong decision, and they sometimes find it difficult to make up their minds. What typically works to convince this type of prospect to do business with you is your expert advice and other peoples opinions .
Remorse
Familiarity With The Local Market
General real estate experience is good, but your agent also needs experience in your area. If youre moving to Los Angeles, hiring someone who knows all about real estate in San Diego wont do you much good.
Look for an agent whos closed a lot of homes in your area and whos involved in the local community. Do they live, volunteer, or send their kids to school there? These things let you know youre getting an agent who cares about location in more ways than one.
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Question : Whats Your Experience In The Neighborhood
Agents can only learn so much from real estate classes. A good agent should have real-life experience in your area. If theyre new to the business, they should be part of a team led by an experienced local agent who can guide them through the sale.
When asking about experience, look for agents who know the neighborhood and its nearby attractions and someone that can demonstrate the perceived market value of certain features of your home.
How To Interview A Realtor When Buying A Home
We know that buying a new home takes time. It probably took years of planning before you finally decide that this is the right time!
Heres the thing if its your first time buying a house you will have a lot of questions on your mind. Do I already have enough money? What should I do first? Is there someone I can talk to who will answer all my questions?
Actually, yes!
A real estate agent, more specifically, a buyers agent is the perfect person who can answer all your inquiries about buying a house. But, prior to hiring an agent to represent you, you have to find several candidates and find the one with whom you are most compatible.
This brings most potential home buyers to ask another question Do I need to interview a real estate agent?
And the answer to the last question is a resounding YES! To find the agent with the right attitude and expertise to meet your needs, you need to conduct an interview. Use this opportunity to ask relevant questions.
Agent interviews usually take place in an office or over the phone. Here are a few guide questions that could help you if you have no idea how to interview a realtor when buying a home.
Pro Tip: If you are thinking about working with a relative or friend, make sure you interview them too and hold them to the same standards as the other agents because that friend or family member may not be the best agent for you. You can see more on this topic here
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How Long Have You Been In Business And What Is Your Sales Volume
When youre placing what is most likely your largest investment in the hands of a professional, its important to understand their level of experience in the industry, says Jen Horner, a real estate agent with RE/MAX Masters in Salt Lake City, Utah. Youre looking for signs that the Realtor knows the market well and will protect you and your money throughout the transaction.
As part of this question, ask for sales data to back up the candidates recent transactions, and ask them to explain the trends theyre seeing in the market. These might include such details as supply and demand, the number of days a property is staying on market and what contractual terms are winning deals from both a buyer and seller perspective, says Horner.
What Are The Most Critical Skills To Be A Successful Real Estate Agent
A successful real estate agent has a combination of various critical competencies, such as communication, organization, and negotiation skills. The goal of the question is to evaluate the candidate’s opinion of the essential skills that create success for the position. What to look for in an answer:
- Awareness of the full scope of duties and responsibilities of the role
- Interest in continually improving their professional skills
- Ability to identify the most critical skills for their career
Example:
“In my opinion, the most critical skills for a successful real estate agent include attention to detail, negotiation, and communication skills. Attention to detail is crucial to ensuring everything is accurate on documentation, listings, and correspondence. Negotiation is vital to getting the best price for either the buyer or seller. And…”
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