Online Marketing And Advertising
- I have read the Internet is a critical tool for selling homes. How will you market my property online?
This is probably one of the most necessary interview questions you ask the Realtor! You want to align yourself with a Realtor with a strong understanding of online and social media marketing. More than 90% of all buyers find their home online. The Realtor you choose should be marketing your home EVERYWHERE!
- Do you have your own personal Real Estate website for marketing homes, and if so, does it come up in competitive Real Estate searches such as State, City, and the worlds Real Estate or homes?
This is an essential consideration when hiring a Realtor. A top Real Estate agent will invest in having a fantastic website that not only looks outstanding but, more importantly, attracts buyers for local Real Estate searches. Most buyers will type things like the city, state, and the words Real Estate or homes for sale. As an example Hopkinton MA Real Estate.
You want your home in the spotlight, which can be achieved when the agent you select understands search engine optimization and achieves the 1st page of Google rankings for keyword searches buyers most often use.
- Do you have a Real Estate blog to market your clients properties, and if so, is it ranked highly by Google? Do you use your blog as a marketing tool to drive traffic to my home or condo?
- Do you use social media marketing in your business, such as Google Plus, , and , to reach other Realtors and potential clients?
Basic Interview Questions To Ask Your Agent
- Do you work as an agent full-time?
- You dont want someone doing this as a hobby. Ask which MLS the Realtor belongs to.
Can I Work With More Than One Real Estate Agent
If you’re selling a home, you’ll sign a contract with one agent, and you can’t work with anyone else during the time specified in the contract . If you’re a buyer, unless you sign a buyer’s contract, there’s no law that you must work with one agent. Agents follow a code of ethics that preclude them from working with clients who are working with other agents, and it’s also unethical for a buyer to work with more than one agent.
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Do You Have A Mentorship Program
Some states require new agents to find a mentor. Even if your state doesnt, having a mentor is great for most agents just getting their start in the real estate business. Conversely, perhaps youd like to put your experience to good use and help a new agent find their way. Regardless, always be sure to inquire about a brokerages mentorship program as its often a good sign that theyll care about your long-term success.
Operational And Situational Questions
- How will you attract new clients to our company?
- What are the most effective advertising techniques? Explain how you use social media to promote properties.
- Describe how you inspect a property. What are your main points of focus and what do you ask the owner?
- When do you identify a purchase closing as successful?
- What questions do you ask tenants to identify their needs?
- What documents are required to close the deal and who signs them?
- Do you use any tools or applications to organize your list of properties?
- How do you manage your appointments?
- If you had to sell a property in a neighborhood youve never been before, what would you do?
- When you advertise a bargain, how do you ensure competitors wont reach to it?
- A young couple is looking to buy an apartment. What kind of houses would you suggest to them? How would your approach be different from other cases?
- Do you have a network of mortgage lenders and constructors you collaborate with?
- What are your obligations as a Real Estate Agent? Are you familiar with industry best practices?
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How Many Listings Does Each Agent Currently Have
Good answer: We currently have around 10 listings for each agent.
Proceed with caution: Some agents have 20 listings, some have two listings.
A brokerage may have many listings, but the distribution and system used to manage those listings impact the opportunities an agent will receive. While most brokerages have a few top producers, it might be a concern if one or two agents have the bulk of listings and other agents are having difficulty finding any. This might indicate that the brokerage fails to support and encourage its agents.
How Do You Handle Prep Work And Staging
Selling your house requires hard work. Your agent is responsible for:
- advising you on what is necessary to stage
- guiding you through prep work, such as repairs and curb appeal
- connecting you with verified professionals
You need to find out what your responsibility is in the deal and what the agent will not do.
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Question#: Will You Also Represent The Buyer
This is a great question to ask a real estate agent when selling because their answer can tell you about their integrity.
Can a realtor who is selling a home also represent the buyer?
In most states, yes.
Should they also represent the buyer?
Your realtor will play a big role in how much money you make. Negotiating is a big part of this.
The right realtor can literally net you thousands more just by knowing which questions to ask the buyers agent and when.
When they also represent the buyer, they cannot negotiate for you.
You can see this in the agreement youll sign with them.
Heres where it says this in the listing agreement used in California.
Why would your real estate agent want to represent the buyer?
To double their commission.
The total commission you pay when selling your home is usually split 50/50 between your listing agent and the buyers agent.
If your real estate agent also represents the buyer, this means they make twice as much.
Unfortunately, many real estate agents are willing to risk their integrity to make this happen.
In many cases, the end result means a lower selling price by tens of thousands of dollars.
The point of asking your realtor this question is not just to save you from potentially selling below market value, but also to test their integrity.
The immediate answer you want to hear is that they will not represent the buyer.
Anything other than this is a red flag.
What Happens If The Inspector Finds Something
Theres nothing worse than finding your dream home and discovering it has termites, right? Not necessarily. Talk with your agent about how theyll handle unforeseen problems. Usually, terms can be worked out with the seller in the form of repairs or concessions to make up for any issues uncovered during the inspection.
How You Could Answer:
I think good communication skills are vital to helping someone find their perfect home. I take time to ask questions and listen to what my clients tell me so I can make a good match. I make sure Im familiar with the homes I show, so I take a quick tour and study the MLS sheet before I take a client to see it. Im also empathetic. Ive been in the market for a new home several times, and I know how it feels to be overwhelmed with too many showings and frustrated when youre shown homes that dont match your criteria.
Real Estate Agent Interview Questions
Real Estate Agents act as the liaison between sellers and buyers. Theyre responsible for the entire sale/purchase process, from researching properties and negotiating prices to promoting through advertisements and coordinating the purchase closing.
Before your interview, make sure youre aware of legislation, as licensure requirements vary per location. In most cases, its also useful to hold a drivers license and be able to work flexible hours. Experience in a similar role is nice to have, but also keep an eye out for candidates with a sales background. Customer service-oriented professionals are usually perfect fits for this position, with the necessary training.
Real Estate Agents work in a very competitive space, so you need a candidate with a dynamic personality who can manage competition. They usually work on commision or have specific bonus programs. Use these questions to find how they work to achieve goals and their past experience with sales quota. To succeed in this role, your candidates must have excellent communication skills and the ability to make attractive oral and written presentations. They also need to have strong negotiation skills to compliment client needs with business objectives. Candidates who have a knowledge of real estate markets and best practices will stand out.
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How To Prepare For A Real Estate Interview
If youve familiarized yourself with the aforementioned questions and tips, youll be ready for your interview. Just bear in mind that every firm is unique. Before your interview, do your due diligence and research the brokerage, from their official site to their social media, to better understand their brand. Use a few of their favorite buzzwords in the interview, or perhaps mention one of their listings. The more prepared you are beforehand, the more confident and natural things will be. Couple that with a good nights sleep, a substantial meal, and the fact that its a two-way interview, and youll be making real estate sales faster than you can say REALTOR®. Happy job hunting!
Whats Your Commission Fee
This is more important for a seller because the buyer doesnt typically pay the agents commission. It comes out of the final sale price. The standard commission for a real estate transaction is usually 6% of the final sale price and split between the sellers agent and the buyers agent.
Commissions can vary depending on the circumstances. Thats why you always need to discuss real estate costs openly with the agent on the front-end so you know exactly when to expect. Dave never recommends cutting corners when it comes to choosing a quality real estate agent, though. Remember, your goal is to net the most money, not pay the least in fees. Its always better for you in the long-run to partner with the best agent you can find not necessarily the one with the lowest fees.
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Are Real Estate Agent Fees Included In Closing Costs
Yes, real estate agent fees are included in home closing costs. The commission fees are typically 6% of the home price. This commission is split in half3% for the sellers agent and 3% for the buyers agent. Its common for the seller to pay for both agent commissions. In other words, working with an agent is usually free for the buyerwoo-hoo!
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How Often Will We Be In Touch
You will need to find out how accessible your agent will be throughout the process. Do they have an administrator who assists with communication?
Tips For Acing Your Real Estate Interview Questions
Finally, if youre still a little nervous, it could be that you need a little more preparation. Here are a few tips for your next interview.
- If youre offered water or coffee, take it. It builds rapport and gives you a moment if youre ever hesitant about answering a question, it allows you to delay.
- Dont be afraid to say, I dont know. Maybe you dont know your exact revenue numbers. Estimate and tell them that youre estimating you arent expected to know everything.
- Clarify later. If youve ever had a moment of I should have said this! dont delay. Send an email. You can always say something like, You asked me about a time when I had a difficult client. I just remembered It increases your interactions with the interviewer.
- Give yourself more options. Connect with multiple brokerages. When you know that you have other options, it isnt as stressful to go through a bad interview.
- Schedule your interviews at the right time. Most of us have a time when were on it. If youre a morning person, schedule interviews in the morning. If youre an evening person, place it in a later slot.
- Ask for feedback. Even if you dont land a spot in a brokerage, ask for feedback. Most interviewers are more than happy to give it. Dont worry it isnt going to be something like We didnt like you. Instead, it will be something you can work with, like, We loved you but there was another candidate with an additional year of experience.
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How Many Clients Do You Represent At A Time
You are really asking: Will you make time for me and my needs? You want the agent to explain to you how they handle their workload and their teams capacity to meet your needs.
When an agent works too many deals simultaneously, youre more likely to work with their assistants and team and not the actual agent. On the other hand, you dont want to be a real estate agents only clientthat signals a dying business.
A related follow up question is: How many current deals are you working on? Asking this question clues you in to how active and up to date they keep themselves with market trends.
Batterman recalls a competitor who advertised hundreds of transactions but they havent sold a house in five years. The entire market shifts within a year, so her competitor was way behind the times.
Do You Specialize In Buying Or Selling
Some Realtors may choose to work exclusively with buyers, while others work only with sellers. And some can act as dual agents, representing both the buyer and seller in the same transaction. Dual agency is rare, and its illegal in several states. A dual agent cant take sides or give advice.
The answer to this question will help you get a better idea of whether the agent is attuned to your side of a real estate transaction. Ideally, you want someone who is passionate about your deal, whether thats finding the perfect house with a picket fence or selling the condo youve outgrown.
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Question : What Makes You A Good Real Estate Agent
Your interviewer will want to make sure you know your stuff. But this is one of the real estate interview questions that reveals your self-confidence as well, which is just as important in jobs that depend on successful client relationships.
- Focus on one or two of your best qualities.
- Explain how and why those qualities have contributed to your success.
Question #: What Are The Costs
You probably want to know how much youre going to walk away with.
The equation to figure this out is simple:
A chunk of the closing costs is going to be the commission.
There are other closing costs too, such as escrow fees, title fees, and attorney fees , but the commissions will be the largest part of your total cost.
Heres an example of the closing costs a seller pays in California.
Depending on your area and price point, the total commission is generally in the 5-6% range and is usually split between the seller and buyers agents.
Check with your accountant, but usually, all of your closing costs are tax-deductible.
Asking the realtor about the costs during your first meeting will allow you to compare their services and fees to those of other realtors you might interview.
And commissions are negotiable.
But you need to be careful.
Some listing agents who charge a lower fee are the ones who wont go up to bat for you.
So ask the realtor this follow-up question.