Thursday, September 22, 2022

How To Interview A Real Estate Brokerage

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What Kind Of Training Is Provided

How To Prepare For Interviews (Real Estate Brokers)

As a new real estate agent, training and education might be the most important question for real estate agents to ask when interviewing brokers. If you dont have experience or many connections, training and mentorship opportunities can make or break your success in real estate. Some brokerages have pre-established training programs for new agents, while at other brokerages, it falls upon the agent to find a mentor.

If youre already a licensed agent but are struggling to get your career moving and find a specific direction, you may benefit from Kaplans professional development courses. The Career Accelerator was designed to help new agents create a business and marketing plan from scratch to get their career up and running quickly.

Brokers Should Ask Agents These 18 Real Estate Interview Questions

As a broker you obviously want the best team of agents. However, you are an expert in Real Estate investments, not human resources. We created this list of what we believe to be the most important interview questions to ask before taking on a new agent. These questions are designed to give insights into whether this prospective agent would be a good fit, would be productive, and whether youd want to work with them.

How Many Real Estate Agents Should I Interview

Depending on the size of your local market, you should interview at least three agents so you can compare and contrast what theyre offering. But of sellers who use an agent, 63 percent contact only one, while 21 percent contact two, and 17 percent contact three or more. Its worth interviewing multiple agents so you can find the right person for your needs.

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Get To Know The Company

Your first stop is researching the company you are interviewing for. Real estate is a very wide field and each company has its own brand identity and industry focus. Look at their website to get a good feel for what they do and how they position themselves in the market to see how you can best align your own skills, talents and ambitions. Read their blog, look through their social media posts and see how they advertise their listings. The more you know about the company, the better prepared youll be and the bigger the impact youll make in the interview, as it shows you are invested, motivated and interested.

What Kind Of Software Or Technology Is Provided

Commercial Real Estate Broker Interview Questions

Its common for franchise and virtual brokerages to give agents free access to real estate tools, such as customer relationship management software. Boutique brokerages, on the other hand, sometimes dont have the same level of funding to provide the same tools for their agents. You can be extremely successful without having every tool on the market, but make sure you know what tools are the most important and how your brokerage will help you.

Good answer: A successful and trustworthy brokerage could use any number of tools and technology. Look for brokers who can tell you the exact tools they use and the specific reasons they chose them.

For example, when we asked Laura Rittenberg, President of Coldwell Banker Realty in Atlanta and the Carolinas, to describe the tools offered to agents, she said:

Proceed with caution: We dont use technology tools because we dont think theyre important.

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Key Questions To Ask A Real Estate Broker When Interviewing

Kaylee specializes in real estate, B2B, and SaaS companies. You can find her expertise in sales and real estate content on Fit Small Business.

This article is part of a larger series on How to Become a Real Estate Agent.

The majority of states mandate that agents must find a sponsoring broker in order to conduct real estate transactions. However, it is important not to rush the selection process, as the firm you choose plays a role in your success. Therefore, weve compiled 20 key questions for real estate agents to ask when interviewing brokers to help skyrocket your career.

In addition to these questions, weve also included several examples of answers an agent might expect to hear from a high-performing real estate brokerage versus answers that could indicate time for caution. Keep in mind that every brokerage is different, and even if they give you a bad answer, it doesnt mean that you should immediately rule them out. Take it, instead, as a sign that you should ask additional follow-up questions for further clarity.

Question : How Many Homes Did You List And Sell In The Last 12 Months

Agencies want to know you have a good track record before they take you on. Be prepared to answer real estate interview questions about your history with solid statistics and numbers.

  • Include the number of homes youve sold on your resume.
  • Talk about the types of homes, neighborhoods, buyers, etc. that are relevant to that agencys market.
  • Mention any awards or advanced credentials youve received.

How You Could Answer:

Here is a list of the 53 homes I listed and sold in the past year. Youll notice theyre all in the $250,000 to $400,000 range. Most are in Highland Heights, Brookfield, and Marlboro, and my clients tend to be families with younger children. I was Smith-Martins top seller three months in a row during that time.

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What Was Your Background Before Real Estate

I grew up in an entrepreneurial home. The family business was advertising, marketing, public relations and events. I learned at a young age that the ability to connect and communicate effectively could make a big difference in business. Building relationships is what makes the business far more fun and engaging. After completing my degree in Communications at Wilfrid Laurier University, I began working for a number of Advertising agencies in Toronto. Then I accepted a job at TBWA\London in England one of the top Ad agencies in the world.

Are There Mentorship Opportunities

Tips to Master Real Estate Interviews with Brokerages

Having a mentor as a new agent will be one of the most valuable tools in your entire career. A mentor who knows your area and your target market will be able to offer you extremely relevant and valuable expertise to help you learn more quickly. Some brokerages offer a mentorship program for six to 12 months.

Even if there isnt a formal program, there could still be mentorship opportunities. Ask the broker to describe their leadership style and management background. A good indicator of a high-performing real estate company is a managing broker who takes pride in the success in their team. For example, Rittenberg describes her experience like this:

I have over 30 years of real estate knowledge and expertise to offer new and experienced agents, and prior to joining Coldwell Banker, I managed sales offices for two national franchises, owned and operated two independent real estate companies, a mortgage company, and a real estate licensing school. I love this industry, our agents and support staff, and Coldwell Bankers Core 4 Values. More importantly, I have assembled an unparalleled leadership team that is committed to supporting our agents and helping them realize their potential.

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Do You Provide Photography For Listings

Naturally, excellent photography is one of the most important aspects of marketing your listings. Some of the top brokerage firms provide photography services for their agents, but some dont. Its important to know, especially if you have a certain marketing budget to stick to when youre just starting out.

If the brokerage youre interviewing doesnt provide those services, its up to you to decide if you can afford to outsource. If you can, you may want to ask if there are any local photography companies theyd recommend, or if they have any restrictions about outsourcing.

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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.

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Interview With Real Estate Brokers: Basics

At a minimum, speak with 2 or 3 brokers from different agencies. Ask prospective brokers the same list of questions, in order to compare their answers. Find out what they would do to sell your house.

Above all, choose a broker that you feel comfortable with and like. This person will help you make the biggest sale of your life, so find someone you think will do a good job!

What A Real Estate Agent Does

Interview Questions to Ask a Real Estate Broker from Homesale Realty ...

As a real estate agent, you help your clients in many key areas of buying and selling property. Your duties can be quite diverse and include:

  • Performing market research in the general area to get accurate prices for buying and selling.
  • Inspecting properties to verify the condition of the property.
  • Appraising property and reviewing related documentation.
  • Price negotiation for both selling and purchasing a property.
  • Reviewing and assisting with the pre-approval process
  • Negotiating on financial matters such as repair costs and offers when selling a property.
  • Reviewing any buyers finances and related progress.

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Most Common Interview Questions And Questions You Should Ask The Company

We are back! This weeks post will provide some tips to help you ace your next interview!

Before you go into any interview, RESEARCH the company and learn more about what they do.

1. Read through every page/tab

2. Look at their most recent transactions/listings. Whats their deal size?

3. What kind of assets do they focus on?

4. What kind of markets?

5. Who are the principals? How long have they been doing this for? What is their track record?

6. Do they have a competitive advantage?

7. Is there something that you dont understand ? Great! *Write it down. Try to research and understand how it works.

THEN, Google the company. What else comes up when you search for the company? Click on articles that mention the company or any broker affiliated with the company.

At this point, you should have a basic understanding of the company. Now, its time for the interview!

Most Common Questions:

1. Tell me a little bit about yourself

a. This is your introduction / first impression! Tell your story but keep it short and sweet .

b. Talk about where you went to school, what you majored in, past projects or experiences and find a way to tie it into this real estate position

2. Why are you interested in real estate?

3. Why do you want to work for this company? Why do you think you would be a good fit here?

4. What are your strengths?

5. What are your weaknesses?

6. What are your goals? Where do you see yourself in 5-10 years?

7. What are you looking for in a company?

How To Interview A Broker

Getting started as a real estate agent, you learn that all agents must be supervised by a broker. So how do you decide what broker and brokerage is going to be right for you?

The first mistake many new agents make, is thinking that its like a job interview. Thats only half true. The main fallacy there, is that as a real estate agent, you are working for yourself. Your business is you! Not the brokerage you work for, not your broker, you are your own boss. You are not trying to convince the broker why you should are good enough for them, you are interviewing them, to find out if they are good enough for you! You are in charge of your own career, and you need to have the right tools at your disposal to build your business. They are not hiring you, you are hiring them.

Training is the number 1 concern you should be looking at in a brokerage, especially new agents. You come out of the pre-license course with a strong understanding of the laws and rules regarding real estate transactions and agency, and you need that foundation in order to succeed as an agent. The next step, is how to sell yourself, and how to provide the right service to your clients, so that they come back again and again.

Ask about:

  • How long is the training provided?
  • What are the goals of the training?
  • Is there a mentoring program?
  • Can you shadow another agent?
  • Is there continual training for experienced agents?

Find out what support services they provide:

Institute of Real Estate Education

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What Price Would You Recommend If I Were In A Rush To Sell And If Timing Were Not An Issue

Asking this question shows you what an ambitious pricing strategy might be versus a tighter, more efficient pricing strategy, says Steven Gottlieb, an agent at Coldwell Banker in New York City. It will also show you if the agent is capable of critical thinking and navigating a complicated market.

Many agents quote potential sellers unrealistic asking prices in order to win the listing, Gottlieb says. Requesting more than one asking price makes it harder to fudge the numbers. You should also ask agents to show you the real estate comps and explain how they arrived at the proposed selling prices for each scenario, he says.

Inquire About Any Fees To Pay For Joining The Brokerage

Questions to ask a real estate broker|super transparent

As the cliche goes: You have to spend money to make money. Although it doesnt apply to every real estate broker, working with some brokerages could mean having to spend a few dollars on occasion. Dont panic, though. These expenses often go towards beneficial aspects of your career, so the money isnt wasted.

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How Much Do You Charge

Don’t ask if the fee is negotiable because all real estate fees are negotiable. Agents typically charge from 1% to 6% to represent one side of a transaction, either the seller or the buyer. A listing agent might charge 3.5% for herself and another 3.5% for the buyer’s agent for a total of 7%.

The adage that you get what you pay for is also true in real estate. Top agents tend to charge more.

Real Estate Agent Interview Questions

Practice your response to these questions. In many cases, it can help if your response uses the STAR technique, which frames your answer in terms of situation, task, action, and result.

  • On average, how many homes have you sold each year as a real estate agent?
  • How do you utilize the Internet and social media to sell homes?
  • How do you stay organized and ensure that you never miss an appointment or arrive at one late?
  • Do you have experience using video and virtual tours to market your home?

Tips for responding: Assuming you do have experience using video and virtual tours, an ideal response would provide an example of how you’ve used this technology to sell a home.

  • What do you know about brokering sales and leasing transactions across multiple property types?
  • Tell me about a time when you struggled to build a relationship with an owner, investor, tenant, or broker. What would you have done differently?

Tips for responding: One strategy for responding to this kind of question is to show how this situation was a learning opportunity for you. Focus more on how you’ll handle the situation in the future than what went wrong. You want to avoid saying you’ve never struggled to build a relationship since that can seem dishonest.

Tips for answering: In your answer, it can be helpful to discuss how you manage customer expectations, use information gained during your first showings to tailor the next rounds, or talk about the importance of the initial meeting with the customer.

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How To Get A Job As A Real Estate Agent 6 Steps To Get Hired

Knowing what to do to easily get a real estate agent job is important if you are seeking for one.

How to Get a Job as a Real Estate Agent 6 Steps to Get Hired

To easily get a job as a real estate agent, you need to know what to do to make yourself irresistible to hirers.

This post contains the information you need to be able to get ahead of others in the competition for the job of a real estate agent.

We are confident that your chances of getting the job will improve significantly if you applied the tips shared in this article.

6 Steps to Get a Job as a Real Estate Agent

The following steps will help you in getting a job as a real estate agent fast:

1. Prepare for the Real Estate Agent Job

You cannot just start working as a real estate agent without getting prepared for it first. You will find it difficult to excel except you know the rudiments of the job.

There are certain skills, abilities, qualifications, knowledge, and experience that you are required to possess so that you can prove your competence and finally get hired.The following qualities are what most employers look for in any real estate agent seeking a job:

  • Ability to work independently combined with excellent interpersonal skills
  • Strong sales, negotiation, and communication skills
  • Pleasant and trustworthy
  • Knowledge of how to use information technology
  • The ability to apply theory to practice.

2. Find a Real Estate Agent Job

Using Online Job Boards

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Do You Have Any Favourite Neighbourhoods In Toronto

Questions To Ask A Real Estate Broker

I grew up at Yonge and Lawrence so I must admit that it still feels like home to me. I have fallen in love with The Annex and Riverdale as an adult. Both neighbourhoods offer century architecture, tree-lined streets, parks, creative-minded residents, youthful energy and easy accessibility to the rest of Toronto. The Annex, in particular, provides a vibrance that is not found in many other places in downtown Toronto students, business people, professors all make for a great neighbourhood.

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