“Real Estate Agent related Frequently Asked Questions in various Real Estate Agent job interviews by interviewer. The set of questions here ensures that you offer a perfect answer posed to you. So get preparation for your new job hunting”
The Realtor should be making sure they explain to you how they get paid and what exactly they do for the money earned. Commissions can vary from agent to agent but don't be shortsighted here. If the going rate is X don't necessarily think you are saving money if agent tells you that they will charge Y instead.
There is no magic number to look for here; just use your common sense. If the number is very high or very low consider that a red flag - you are looking for someone with a thriving business who still has time to devote to your home sale.
Good word of mouth tends to spread within neighborhoods, so if your real estate agent has had a lot of home sales in your area, that's probably a good sign. Familiarity with your neighborhood can only help your agent sell your home.
This question will allow the agent to demonstrate what stands them apart from their competition, both as an inpidual agent and as an agency.
► How long has this property been on the market for?
► Why is the vendor selling?
► How much will the vendor accept?
Asking these questions is a great way to gauge whether you are comfortable with the types of responses your agent is giving to potential buyers!
Membership in this professional organization is what allows a real estate agent to use the title Realtor. Being a Realtor means that the person has agreed to follow the organization's ethical guidelines and to keep up with continuing education.
This is an important interview question because a Realtor that is confident they will get the job done should have no problem with this clause.
Real estate agents love to share their knowledge and expertise. A real estate blog is a great venue to share their wealth of knowledge. Ask potential buyers agents if they have a blog or an example of article they have written. If they provide you a URL for their real estate blog, be sure to check it out. What types of articles have they written geared specifically towards buyers? Have they written articles giving advice for first time buyers? General home improvement articles?
As a real estate agent, representing buyers is different than representing sellers, period. There are different "tasks" that a buyers agent is responsible for during the transaction and the same for the sellers agent. It's important to know how many homes a potential buyers agent sold last year while representing buyers.
Having another job shouldn't necessarily cut a potential real estate agent out of the running, but you need to be aware if this is a part-time gig before committing. Someone who also works somewhere else may be harder to reach and could miss out on opportunities to show your house.
A full service Realtor should be at the home inspection, bank appraisal, etc. You are paying this person a lot of money. Make sure they earn it! They have a fiduciary responsibility to YOU!
There are some buyers who believe that real estate agents would prefer to only have to show a couple houses to their buyers before they purchase a home. This is true. In most cases, a great buyers agent will only have to show 5-10 houses to their clients.
Why is this? A great buyers agent will be able to identify their clients wants, needs, and preferences. Sometimes this is able to be done with a simple face-to-face meeting and sometimes after looking at a couple houses. A real estate agent who shows 25 houses to you without narrowing down and being able to identify what you are looking for is wasting not only their time but also yours.
Advertising takes place in two forms:
Traditional - newspapers, signboards, agency window display and brochures
Digital - online advertising that reaches clients through their digital device such as online listings on agency and third party websites (realestate.com.au, domain.com.au etc) and e-mail marketing/brochures.
Depending on the type of property and its location, digital media options may be enough - have a look at what similar properties are doing in your area.
For agents across Australia, vendor paid advertising (fondly known as "VPA") is the ideal. The practice, however, varies by market, property type and agent. Will your agent put money on the table for any marketing costs or is it your responsibility? It pays to find out to avoid any surprises. Also, it may be of use when it comes to negotiating commissions. If you bear all of the marketing outlays, the agent may be willing to reduce their rate.
Real estate sales practices keep changing. So do the laws governing many specific aspects of land ownership. You are always best off working with someone who keeps her education current and is trying to make herself a better representative for you. As long as you are asking about education and background in the business, don't be shy about asking for a resume. There is no reason for a real estate agent to withhold that information.
This is a personal preference issue, but one that you want settled in advance. Many real estate agents use a "lock box," essentially a special key holder with a combination that is given to a buyer's agent. The buyer's agent brings clients to your home, opens the box, and uses the key to show people around your empty home.
It's convenient, particularly if you live a busy life and can't always be around the house to open the door for a showing. Still, many selling agents prefer to be present or to send their associates for walk-throughs, hanging around to answer questions about the home.
You can consider it either a service or a privacy issue, but consider it in advance so that you can let the agent know your preferences. Remember, you want the agent to hire you as a client; if trekking to your house for each showing is more work than she cares to do but you think their presence is important neither you nor the agent is going to be happy with the relationship.
This is where the agent details the comparative market analysis and tells you what he thinks you can get for your house. Obviously, some level of agreement between you and the advisor is necessary.
What you are listening for is a fair market price based upon current market conditions and the urgency of your need to sell, as well as a strategy that makes sense if the house doesn't attract buyers and you need to cut your price to get more interest.
Don't be impressed by big numbers; some agents price everything high in order to impress potential clients. After the contract is signed, the house goes on the market at an inflated price before dropping to the more reasonable price suggested by less-aggressive (or, perhaps, more scrupulous) agents.
If the projected price is below your expectations, find out whether the agent's calculations or your impressions of the home are what is askew.
Make sure you know the agent's feelings about how long a home should sit on the market before dropping a price because you do not want the relationship with the agent to deteriorate later if there are pricing surprises. Many homeowner-broker relationships sour when the parties disagree on the next pricing move; since you both make money on the sale of the home, you are teammates, and you'll function best if you agree on strategies before the game begins.
All REALTORS are licensed real estate agents, but not all licensed real estate agents are REALTORS. REALTORS hold themselves to a higher standard in addition to the standards required by the state licensing board plus in most areas, only Realtors can access their local MLS.
This will give you an idea of the volume of work a real estate agent is used to taking on. This number alone is not enough to base a decision on, but keep in mind that a very high number may mean the agent is not able to give each client as much personal attention, whereas a very low number could be a clue that homes are languishing on the market.
It makes sense that the Realtor you hire is the one who has direct communication with the buyer when an inquiry is made. At many Real Estate offices this is not always the case. Often times there is an agent who answers the phone on a particular day and they get the lead. This is not ideal if the Realtor has never seen your home before and the buyer is asking specific questions about the property.
There are several different types of campaigns your agent may recommend as follows:
► Auction - a sale, usually in public, by an auctioneer, in which property is sold to the highest bidder.
► EOI - Expressions of Interest - a deadline is set by which potential buyers submit a bid of what they are prepared to pay.
► POA - Price on Application - property will be listed with a sale price of "POA" so that vendors will need to contact agent to receive details.
► Tender - the selling of a property through seeking of written bids
► Sale - the process in which potential buyer's negotiate with a real estate agent to purchase your property.
Campaigns will be market dependent, for example, Melbourne favours auctions as where Brisbane generally doesn't.
Another question worth asking is how they plan to arrange viewing of your property- is it via scheduled 'open house' times or by appointment only?
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