Whether you’re making your first or biggest purchase in real estate or you’re selling a house always start with a realtor interview.
You may not like what I have to say but if you can stay away from hiring friends, I’d recommend it for the obvious reasons.
Loss of friendship over arguments, bad deals or not putting enough effort into getting the house sold for the best price.
Before you sign any agreement there are important realtor interview questions you need answers to.
Like buying a car or anything for that matter you can end up with a realtor lemon that costs you a fortune.
When you’re in a buyers market houses sell like hotcakes no matter what the state of the house is in.
Houses in Canada are on fire selling for $100,000 or more over the asking price and it’s causing a stir for buyers and sellers.
What’s happening is that sellers are intentionally listing their home for a lower than average price waiting for the tug of war.
For example, a neighbour of ours just sold his house for $800,000 which blew us away but with 30 people interested he had no problem selling the first day.
Guess what? They are getting it and if the owner is downsizing to a cheaper home or lifestyle they are cashing in.
How Do You Conduct A Realtor Interview?
Today, I want to discuss how Mrs. CBB got the wrong end of the realtor stick as well as the importance of a realtor interview.
There are steps that I’ve discussed below along with realtor interview questions to get you prepared.
In recent weeks we have seem so many houses for sale in our neighbourhood and the interesting part is that they are seniors.
I don’t blame them. Get out while you can and downsize while the market is a giant hot pocket of buyers.
Besides leaving an entire home full of contents for your power of attorney to sell as an estate sale is a massive job.
Why A Realtor Interview Is Important
Think of a realtor as the customer and you are the boss.
If you hire a realtor before understanding their real estate history you could end up with that lemon.
The last thing you want to do is hire a realtor that doesn’t match your real estate needs.
For example, if you wanted someone who has a history of selling houses with excellent marketing abilities this could tick off one of your YES boxes.
Creating a list of interview questions to ask potential real estate agents is never a bad thing.
In fact, it’s a must as Mrs. CBB describes hiring the wrong realtor a waste of time.
Some might argue hiring a realtor is also a waste of time and to sell the house yourself.
These days ditching the home inspection and any other conditions just to win over an offer.
Not only that but buyers are writing letters to the seller which I will discuss more in another blog post.
The Lemon Realtor Jackpot
When Mrs. CBB bought and sold her first house all she did was pick a realtor that she often noticed for sale signs on.
Probably not the best idea as she later found out when he hardly ever showed up for an open house.
Instead he would send some lady who sat at the kitchen table and was completely useless.
Just to see how useless she was Mrs. CBB pretended to be interested in buying the house.
When she approached the lady there wasn’t a hello because she was just getting paid to sit and direct.
All she said was have a look around and here’s a business card if you’d like to call the listing agent.
Basically, she couldn’t answer any questions apart from what we could see and to contact the realtor.
It took one year to sell her house and it wasn’t until the price was reduced by $42,000.
She confesses she got the lemon realtor and next time we will either do the following;
- Research realtors in town and talk to friends for feedback (we don’t have relatives in our city)
- Conduct either an in-person interview, online or telephone interview with prospective realtors.
- Prepare realtor interview questions that would meet our expectations in whoever we hire.
We’ve also considered using Property Guys to sell our home privately without a realtor.
How To Conduct A Realtor Interview
The best realtors always come prepared and are ready for any realtor interview questions you will have.
As mentioned above you can conduct a realtor interview a number of ways so pick an option.
Personally, I like to do an in-person realtor interview so I can see reactions from head to toe.
If you agree with an in-person interview have a well-lit area available to chat and on a day there are no kids and pets to cause interference.
Ensure that you let the realtor know to bring references, recent house sales in the area that they’ve sold.
As well, if they haven’t sold any in your area see if they go out of their way to print comparable sales.
Take note if the realtor arrives with tools to measure the home as well because that shows eagerness.
Since commissions can be high from 1 to 6% agents need to step up and bring their all to the realtor interview.
They really are a dime a dozen and they know that the competition is fierce when trying to get referrals.
As well, don’t be shy to negotiate if you want to hire the realtor but with a lower rate.
16 Realtor Interview Questions To Consider Asking
I think it’s important to have potential realtors to have a look around your house to get a first impression.
Answering the questions below after a house tour may open up even more details had you just done a phone interview.
Luckily for us, Mrs. CBB has a background as a Human Resources manager so I’d let her take the wheel.
- How long have you been a realtor and what companies have you worked for?
- Are you a part-time or full-time realtor?
- Can I please see your real estate license?
- Do you work with both buyers and sellers?
- How many clients are you currently working with?
- In what ways would you market our home so it stands out among the rest? Please explain each
- Will you be conducting an open house or will I be working with other team members?
- What do you estimate the selling price of our house to be?
- Run through your process of the buying and selling negotiations so we understand.
- Could you please provide me with references that I can call?
- Are you able to explain to us the difference between home buying and home selling?
- How much are you charging and what would be the closing costs?
- What happens if a home inspector finds a problem?
- Looking around the inside and outside of our home what would be the first suggestion you would give us?
- What has been your favourite selling experience and why?
- Why should we hire you?
There are many other questions you may want to ask during a realtor interview pertaining to selling your home.
Each home is unique as is the city and area that it is being sold in.
Don’t forget to ask for contact information and the best time of day the realtor can be reached.
For Sale By Owner
Interviewing real estate agents can be time-consuming especially if you’ve narrowed your list.
The other option is to go the for sale by owner route either with a company or sticking a sign on your property.
If you’re prepared to sell your house alone and to save you and the buyers some money, go for it.
Like the realtor you still need to be prepared to answer any questions buyers may have and market your home.
Knowing everything there is to know about your home is critical in selling it for the best price.
For example, document all of the upgrades that have been done since you built or purchased it.
Knowing the date the house was built and any other extra tidbits that may already be on a listing ad but buyers will still ask.
Keep property photos and specs on a table for buyers to take along with them to compare with other homes they are interested in.
Real estate is all about marketing a home to the right buyer, knowing how to talk and motivate to close a sale.
There’s much more to the home buying process if you go it alone but the savings may outweigh the effort.
Choose The Lemon Or The Best Realtor For The Job
Don’t be fooled friends as there are many shady realtors in the pot and you need to pick the right one.
The good news is that when you sign an agreement with the brokerage for 2 to 3 months.
If you are unhappy talk to your realtor to let them know why you are choosing to leave.
Communication is key but it doesn’t always work out as planned and everyone ends up angry.
As well, you may find your realtor reluctant to let you go especially after they’ve spent money marketing your home.
Other reasons why a homeowner may become unhappy can include a realtor over-promising in their pitch, convincing the owner the home is worth more than market value, or added services such as staging and marketing materials were not delivered to their standards.Related: Breaking Up With Your Realtor Is Harder Than You Think
The first line of business is communication and doing your research and conducting a realtor interview.
Discussion Question: Do you feel that you could have made better choices when hiring your realtor?
If yes or no please comment below telling us what you would do differently in the future.
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