Monday, January 30, 2023

Questions To Ask During Real Estate Interview

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Question #: What Do I Need To Do To Get My Home Ready

Commercial Real Estate Interview Questions YOU Should Ask [For Any Role]

The appearance of your home will have an effect on how fast you sell and for how much.

A common mistake that many sellers make is spending too much time and money on things that dont matter.

The goal is to spend the least amount and only on things that will bring a return on your investment.

And thats exactly what the answer should be about when you ask your real estate agent this question.

This will tell you how experienced and savvy the realtor is.

The best ones know exactly what should be done to make your home more appealing to buyers.

And if you plan on living in the home while its for sale, ask the realtor what items inside your home can stay and which ones should go.

The best real estate agents can walk around your home and immediately provide you with a list of what you need to do to get your home ready to sell.

Question #: How Many Homes Have You Sold

Whats the purpose of asking a real estate agent this question?

To make sure youre working with someone who has experience.

Working with someone who has minimal experience is going to drastically reduce your chances of making the most money.

There are many moving parts in a real estate transaction and you want to work with someone who has the experience youre going to need to maximize your chances of a successful sale.

Ask to see their portfolio of homes sold and when. The more recent, the better.

Some realtors have been in the business for twenty years with a lot of sales under their belt, but the number of homes theyve sold over the last several years is minimal.

You should aim to work with someone who doesnt just have the experience, but someone who also has numerous sales over the last several years.

How Many Real Estate Agents Work At This Brokerage

This might seem like a straightforward question, but always ask how many agents work at a particular brokerage. More agents could mean that the firm has more brand recognition, but it might also mean that its more impersonal. Small or boutique firms are great for those who like to work closely with others, but they generally offer less in terms of resources.

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What Does Your Firm Offer To New Real Estate Agents

Good answer: We provide headshots and business cards for all new agents. Also, we offer marketing stipends, free buyer leads, and continuing education courses for credit toward license renewal.

Proceed with caution: We dont provide any agent support. You are on your own.

New and experienced agents entering a new brokerage will need tools to penetrate the market and identify opportunities to help them navigate the industry. While brokerages arent expected to offer anything to their incoming agents, many will include a few items to help get their agents off the ground. Here are some common real estate agent support tools that many firms offer:

  • Access to the firms listing

What Offer Would Guarantee This House What Offer Would Be A Good Jumping

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If youre in a competitive market, an offer that is too low may not even be looked at by the seller. If youre in a market where negotiation is possible, you dont want to make an offer thats too high and risk overpaying. Experience should enable an agent to give you advice on exactly what to offer for a home and why.

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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.

Can You Send Over Some Client References

Youve checked performance data and online reviews. Yet, youre still not convinced. The next step is to ask for client references.

Youll want to find previous clients with similar deals as yours in the same area. References and anecdotal evidence may be the deciding factor between your potential agent candidates.

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Real Estate Agents Work For You

Lastly, keep in mind that during the buying and selling process, you just want someone that you feel is on your side. You trust them with everything from listing price to closing costs and everything in between. Make sure you are comfortable with who they are and how they respond to challenges.

If you like an agent and want to take the next step, ask them to send over some client references. There is no better place to find out what a realtor is like to work with than past clients. And remember these questions to ask a realtor as you go through your interview.

Once you have all the necessary information, sit down and compare each agent. Note what answers you liked and didnt like from the real estate interview questions.

If you like an agent that didnt give you an answer you approve of, is that something a second conversation would fix?

At FastExpert, we make the first step to hiring and interviewing a real estate agent easy. We have a network of over 50,000 real estate agents in cities across the country. You can browse top agents in your area, read their profiles and check out past client reviews.

Remember, deciding what real estate agent to work with is entirely up to you. Take your time and make the right decision to feel good about the outcome.

Does The Company Subsidize Memberships To Industry Organizations

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When youre just starting out in your career, memberships to groups like ULI for developers, NAIOP for office and industrial professionals, ICSC for retail professionals, and NMHC for multifamily professionals are going to be huge in building your professional network quickly.

Most of these organizations also have Young Leaders subgroups for real estate professionals under the age of 30 or 35, which make these excellent places to meet your peers and build relationships that youll have throughout the rest of your career.

Industry organizations like ULI often have dedicated groups for young professionals

With that said, you also want to make sure that the company youll be working for encourages their analysts or associates to be involved with these types of groups, allows for time to participate in networking events or industry functions, and ideally, they either partially or fully subsidize memberships to these groups for their employees.

Company funding definitely isnt a requirement , but just by asking this question, you can get a great sense as to how committed the company is to the growth and development of their employees. And in addition, in my experience, this is often an good indicator of potential for growth within the firm, as well.

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Interviewing Real Estate Agents: Example Questions And Tips

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed’s data and insights to deliver useful tips to help guide your career journey.

When working at a real estate firm, you may have the opportunity to interview candidates for real estate agent positions. Your ability to prepare for interviews and engage with real estate agent candidates will enhance your hiring decisions. By reviewing examples of real estate agent interview questions, along with interviewing tips, you can find the best ways to prepare for and conduct a real estate agent interview.

In this article, we cover who interviews real estate agents, explore why it’s important for the interviewer to prepare, list tips for conducting real estate agent interviews and provide a variety of example questions to help you properly evaluate a real estate agent candidate.

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Does Your Brokerage Have Social Gatherings

Good answer: Yes, we do host and attend social gatherings. We do not require agents to attend, but always encourage participation to get to know everyone better.

Proceed with caution: Our firm does not host and attend social gatherings. Those kinds of events are just a waste of time.

It is crucial for a brokerage to host and attend social events because the real estate industry requires making connections with clients, other agents, and brokers, mortgages, investors, etc. It is also a great way to socialize with colleagues outside of the office. However, hosting and attending social gatherings should not be mandatory for those who prefer not to attend.

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Will I Be Working With You Individually Or With A Team

If you enter an agent-buyer relationship with the understanding that the agent will be handling you personally, it can be alarming to be handed off to an assistant. Be clear about who you will primarily be dealing with, what your agent will handle personally, and what gets delegated to their support staff.

Its very important for an agent to have a good support system behind them to make sure that the buyer is looked after, explains Monaghan. Having a good support system sets buyers up to win because we can really dig in and understand their goals and whats important to them.

What Kind Of Prices Have You Advertised And Then Sold For

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This question can indeed be very telling! Asking how many properties they have sold recently is no real gauge. A real estate agent may have a solid track record in selling houses because they sell for less than the asking price on a regular basis. Perhaps they arent willing to negotiate or do the work that should be done to secure a higher selling price.

What you want to see is a clear pattern of the agent selling very close to the property list price. This way you will know that they have the sellers best interests in mind. Taking the first offer on the table, particularly when it is below the market average, may not be the most preferable way to sell your home.

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Have You Sold Homes In This Area And My Price Range Before

Two neighboring communities can be vastly different one could have lots of young families, with parks and great schools, the other could be a bedroom community for young professionals. Each will draw a different type of buyer. The right agent will know whos buying homes in your area, and how to market to them.

Plus, to sell a home, agents are also selling the neighborhood and its perks. If an agent has experience in your specific neighborhood, its a major advantage.

Will You Help Me With Getting A Mortgage

This question will shed more light on a prospective agents network and experience. Agents may be able to offer recommendations for mortgage lenders. They may also be willing to communicate with your lender if there are questions about the property or the offer during underwriting.

Youre not obligated to use your Realtors recommended lender. In fact, its helpful to compare mortgage loan terms and interest rates from multiple lenders to find the option that best fits your needs.

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Are You A Full

As with many types of jobs, some agents work in real estate as their full-time career, and some are part-timers. I would always recommend working with a full-time agent whose sole focus and attention is on real estate, market conditions and trends all of which are fluid dynamics that can shift weekly, says Katie Severance, a Realtor with Douglas Elliman in Palm Beach, Florida.

What Information Do You Think Is The Most Important When Youre Creating A New Listing On The Mls

Questions To Ask When Interviewing With Real Estate Brokers In NYC

Real estate agents create MLS listings for properties and record all vital details about the place. They know which features are required by the database and use the service frequently.

What to look for in an answer:

  • Meets Multiple Listing Service deadlines
  • Understands how search preferences work on the MLS
  • Maintains current information for all listings

Example:

Buyers search for properties based on square footage, number of bedrooms and bathrooms and the school district theyre in. Buyers also want closing-cost details ahead of time, so I make sure that I include all those details on each MLS listing.

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How Many Homes Have You Sold In My Neighborhood In The Past Year

The number of homes the agent sold last year tells you how active they are in the market and how effective at their job. Compare their number to the average for your area, which can be found using this HomeLight tool that analyzes historical sales data in every city across the United States. To see how they stack up, select your city, then scroll down and look for the chart with the Homes Sold / Yr figures. A top agent will be above your citys average.

You also want an agent whos sold homes in your neighborhood. One city could have multiple neighborhoods with vastly different characteristics from the quality of schools to access to public transportation. Working with an agent with experience in your area is a big advantage.

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.

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Download Our Free Resource The Complete Real Estate Inside Sales Agent Starter Kit

  • What motivates you?
  • Tell me about a great sales or prospecting book youve read and what it taught you.
  • What have you noticed about changes in response rates over different mediums? Is one medium more successful than others?
  • What’s your opinion of continuing education in the sales role?

How Will You Communicate With Me

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Do you prefer to talk on the phone? Are you more comfortable texting? Maybe email is the most effective way. Whichever you prefer, be sure you and your agent agree on a primary communication method so youll know what to expect. Many agents use a smartphone app to schedule showings and provide important updates. If so, make sure they take the time to help you install the app and teach you how to use it.

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How Do You Help Buyers Stand Out

In competitive markets, its not enough to just put in an offer. Buyers often write offer letters, introducing themselves and explaining why they love the sellers home. They may offer to waive an inspection or other contingencies to sweeten the deal.

Ask your agent what they recommend, and how theyve helped other buyers stand out from the crowd.

I remind sellers they have to get up early, they have to make their beds and put the dishes in the dishwasher. If they want to get top dollar for their house, they have to be in top condition.

  • Bonnie FleishmanReal Estate AgentBonnie FleishmanReal Estate Agent at Douglas Realty LLC5.0

How Will You Help Me Sell And/or Buy A Home In A Competitive Market

Are there very few houses for sale in your area? Are the ones that are on the market selling, like, immediately? Are sellers getting multiple offers? Are there tons of cash offers?

If the answer to any one of these questions is yes, then youre in a red-hot, competitive market. You need someone who really knows what theyre doing. Again, this is not the time to call mild-mannered Aunt Sally who sells a few houses on the side each summer.

If youre looking to buy, youll want someone who knows the community inside and outand is an expert negotiator. If youre selling, you want to know how accurate their pricing is. Find out their sale-to-list ratio, which you get by dividing the final sale price by the asking price. The closer this number is to 100%, the better. If its well over 100%, that means theyre getting more than asking price for the homes they sell.

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Why Do You Want To Work For This Company

Employers ask this question to learn about you and determine how you may fit in at their company. Consider which qualities and values you have that align best with the company. It’s also a good time to mention what you admire about the company.

Example:’I’ve met agents who work for GB Estate at networking events and have always admired how professional they are and how happy they are working here. I’d love to work with such dedicated team members for a company that values work-life balance as you do.’

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Questions To Ask When Choosing A Real Estate Broker And Advice For Newly Licensed Agents

The Most Fear-Inducing Real Estate Interview Questions [and Answers]

The first step to your successful career in real estate is choosing the right real estate broker to work for and knowing what questions to ask. There are wide differences among real estate brokerages, both in what they will offer you as well as the commission splits, expectations, and culture.

Many new real estate agents base their decision on the best commission split and that usually isnt the best route, especially when you are new to the industry.

We highly recommend that you meet with at least three different brokerages and do your research on each one beforehand . Once you find the three that look the most appealing to you, schedule time to meet and ask the following questions.

While you are researching different real estate brokers, be sure to check out what eXp Realty, the innovative cloud-based brokerage voted Top Places to Work by its agents, has to offer!

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