10 Interview Questions
10 Questions to ask your potential Realtor
Source: How to Interview Your Real Estate Agent by Elizabeth Weintraub
http://homebuying.about.com/od/realestateagents/tp/Agentinterview.htm
Smart consumers interview potential real estate agents before deciding on whom to hire. Just as you are sizing up the potential for a good fit, rest assured that the real estate agent will likely be interviewing you, too. Be wary of agents who don't ask you questions and probe only for your motivation. You wouldn't work with just any agent off the street, and good agents are just as selective about their clients, too.
When Interviewing A Listing Agent, 10 Questions To Ask:
1) How Long Have You Been in the Business?
The standard joke is there's nothing wrong with a new agent that a little experience won't fix. But that's not to say that freshly licensed agents aren't valuable. Much depends on whether they have access to competent mentors and the level of their training. Newer agents tend to have more time to concentrate on you. Some agents with 20 years of experience repeat their first year over and over. Other 20-year agents learn something new every year.
W. Michael Keller’s answer: 5 years and among the top 140 Realtors in volume
2) What is Your Average List-Price-to-Sales-Price Ratio?
Knowing the agent's average ratio speaks volumes. Excluding sizzling seller's markets, a good buyer's agent should be able to negotiate a sales price that is lower than list price for buyers. A competent listing agent should hold a track record for negotiating sales prices that are very close to list prices.
W. Michael Keller’s answer: Negotiating for my clients is one of my best skills and my percentage rate will show that information upon your request.
3) What is Your Best Marketing Plan or Strategy for My Needs?
As a buyer, you will need to know:
How will you search for my new home?
How many homes will I likely see before I find a home I want to buy?
Will I be competing against other buyers?
How do you handle multiple offers?
W. Michael Keller’s answer: Through the Multiple Listing Service. Allowing you to be on an automatic MLS email sending of reduced and new listings of any real estate that fits your parameters. The number of homes is not predictable, but you will know when the “right house” is viewed. Competing for a home is always a factor and that is why it is important to be pre-approved for a mortgage before looking at homes. With the client’s permission, I recommend using a “bump clause” because that gives you the best chance to have the seller accept your offer.
As a seller, you will need to know:
Specifically, how will you sell my home?
What is your direct mail campaign?
Where and how often do you advertise?
Will you show me a sample flyer?
How do you market online?
W. Michael Keller’s answer: Through the MLS Listing Service, use of three personal websites, Windermere website, RealtyNow.com website, professional real estate signs at and leading to the home, professional flyer’s in the sign box, local newspaper ads, The Real Estate Magazine, Channel 12 Homes For Sale, Business Journal, open houses, Broker’s Open’s, out of State want ads, and electronic flyers to 1600+ Realtors.
4) Will You Please Provide References?
Everybody has references. Even new agents have references from previous employers.
Ask to see references.
Ask if any of the individuals providing references are related to the agent.
Ask if you can call the references with additional questions.
W. Michael Keller’s answer: I would supply you with my entire list of buyer-sellers within the last four year. Who you contact is the new client's choice. No relatives are on my list of clients.
5) What Are the Top Three Things That Separate You From Your Competition?
A good Realtor won't hesitate to answer this question.
W. Michael Keller’s answer: Everyone has individual standards: Honest and trustworthy in addition to:
Assertive
Excellent negotiator
Available 24/7
Good communicator
Friendly
Analytical
Able to maintain a good sense of humor under trying circumstances
6) May I Review Documents Beforehand That I Will Be Asked to Sign?
W. Michael Keller will make all listing forms available to you for preview before you are required to sign them.
As a buyer, ask for copies of the following:
Buyer's Broker Agreement
Agency Disclosures
Purchase Agreement
Buyer Disclosures
As a seller, ask to see:
Agency Disclosure
Listing Agreement
Seller Disclosures
W. Michael Keller’s answer: I would be willing to explain every required document and leave it with you for you to study. Upon my return, I am open to any questions.
7) How Will You Help Me Find Other Professionals?
Let the real estate agent explain to you whom they work with and why they choose these professionals. Your agent should be able to supply you with a written list of referring vendors such as mortgage brokers, inspectors and title companies. Ask for an explanation if you see the term "affiliated" because it could mean that the agent and her broker are receiving compensation from one or all of vendors, and you could be paying a premium for the service.
W. Michael Keller’s answer: Upon request, I will supply a minimum of two recommended companies or individual support people. It is against the Realtor Code of Ethics to be affiliated or compensated by anyone. The final choice is up to the client.
8) What Kind of Guarantee Do You Offer?
If you sign a listing or buying agreement with the agent and later find that you are unhappy with the arrangement, will the agent let you cancel the agreement? Will the agent stand behind her service to you? What is her company's policy about canceled agreements? Has anybody ever canceled an agreement with her before?
W. Michael Keller’s answer: I have a standard policy not to sign any agreements because I believe that the client should feel free to tell me “your fired.” Likewise, I allow myself that same privilege with a client. Both parties need to feel comfortable that the goal is being met.
9) Now That You Have Done A Comparative Market Analysis On My Home. What Is Its Selling Value?
Remember that there is a listing as well as a selling value that you should be aware of when discussing a listing price with a Realtor.
W. Michael Keller’s answer: I will explain which likeable homes have sold in your immediate neighborhood within the last 6-8 months. When determining the right Realtor you should not always go for the agent who suggests the highest price. The Realtor may be only trying to get the listing and will worry about the price reduction later. I will give you the price range and the final decision on the listing price is up to the client.
10) What Haven't I Asked You That I Need to Know?
Pay close attention to how the real estate agent answers this question because there is always something you need to know, always. You want an agent to take her time with you -- to make sure you feel comfortable and secure with her knowledge and experience. The Realtor should know how to listen and how to counsel you, how to ask the right questions to find out what they need to know to better serve you.
W. Michael Keller’s answer: It is my policy to give you advice and an opinion only when asked. When asked, I will be “upfront” with my answer and give you the best knowledge and opinion so that you can make a wise decision. I try very hard to be a good listener and that way I can give you good advice.
