Potential real estate agents have to face series of questions about their knowledge and market experience by smart consumers before hired by them. In a real estate firm, like any other firms like a law firm, a real estate agent will likely be interviewing you. Apart from generic quality of a typical interview process, be vary of agents who don’t ask you questions and probe for your motivation. After all you would not want to work with just any agent off the street, and as a potential hire, you are just as selective about your customer too. Be prepared to explain your vast experience in the industry and share your honest opinion on the current market and economy related to the real estate industry.

Real Estate Interview Questions:

Why do you choose to be a real estate agent? How long have been doing this?

This might sound a bit paradoxical but fact of the matter remains that there’s nothing wrong with a new agent that a little experience won’t fix. Or be that the case, it should not mean that freshly licensed agents are not worth consideration. It all depends on whether the agents have access to experienced/ competent mentors to help understand the entire business knowledge to closing the deal with the customers and the level of their training. If you are newer than the others in the industry, your positive points are that you will tend to have more time to concentrate on your customer. You will concentrate on stitch the deal according to your customer in getting the best deal for them. At the same time, if you are 20 years experienced in the real estate market, you clearly know that every year you learn more lessons than your previous one. So, try to pitch your answers between these points and come forward with one that best suits the case.

What is Your Average List-Price-to-Sales-Price Ratio?

Always remember, average ratio speaks of volumes. While your interviewer is interested to know your volume of cases that you have handled in your tenure of your industry experience, this is tied to the credibility of your answers to the first question. So, while you have placed yourself in a suitable pitch during the first questions, plan answering this accordingly. While agents or the seller seem to get bloated by the market hype or the loan authorities, a good agent always looks for avenues to lower the price from the list price for the buyers. This not only pleases the customer, you as an agent demonstrate your negotiating skills against the current market values with right combination of reasoning and risk factors of a real estate market. At the best, you as a competent agent should hold a track record for negotiating sales prices that are very close to list prices. Therefore, listing agents should have higher ratios closer to 100%. Buyer’s agent ratios should fall below 99%. You should mention that you will first check what the property under consideration is or have knowledge on what is the worth of the property in the area of interest, so you know the sensitivity of the property. And remember, you must always refer and educate your customers about the low’s and high’s of the real estate in a longer run.

Do you have your Best Marketing Strategy? And how do you customize it for the needs of clients with different requirements?

If your customer is a buyer, you probably need to know:

• How to search a new home?
• What are the likely considerations your customer book marks a house?
• How many homes will you likely show before your customer find  the right home?
• Will you be competing against other buyers or other agents?
• Does the seller have any/ multiple offers already?
• Are you in a position to decide on how much to offer yourself or you need to discuss with the customers every time?

If your customer is a seller, you may probably equip yourself with the following information:

• How to find buyers for the property?
• Do you have your direct mail campaign?
• A plan to advertise the property and expense estimates?
• How do you share your marketing plans for the property with your customer?
• May be you will show him your banners and listing in famous search engines?
• How do you want to market the property online?

What Are the Top Three Things That Separate You From Your Competition?

As a confident and potential hire, you should not hesitate to answer this question and will be ready to fire off why she is best suited for the job. Everyone has their own plus points,  but a smart agents would say what most customers want. In other words, how would you want your agents to be.

• Assertive, Honest, Friendly, Analytical and trustworthy
• Excellent in negotiations and communication
• Phone and/ or email contact details
• A good sense of humor under possible circumstances

Will You be able to Provide References if we want to hire you?
Everybody needs references. Even new agents should have references from previous employers.

• You should provide reference of people who have credible business in the real estate.
• The individuals of references are related to the agent.
• Ask if you can call the references with additional questions.

What list of documents do you review before you ask your customers to Sign?
As you have listed your qualities as a good agent that sets you apart from the rest, you should always be a professional who makes forms available to your clients for preview before they are required to signed by them. If at all possible, provide all the documents upfront.
If your customer is a buyer, you may consider asking for copies of the following:

• Buyer Disclosures
• Buyer’s Broker Agreement (exclusive or non-exclusive?)
• Agency Disclosures
• Purchase Agreement

If your customer is a seller, ask to see:

• Agency Disclosure
• Listing Agreement
• Seller Disclosures

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