Interview questions
Here are some specific questions to ask: Negotiations: I’d like to learn more about how you negotiate. Can you give me some insight into how you approach negotiations? Do you have different strategies you use and can you give me examples of them? Can you tell me some stories about your transactions and how you negotiated them? And you can give me examples of when you won and when you didn’t. What do you try to find out about the seller before you negotiate? (Hint, the more you know about the other side when you negotiate the better.)
Show house vs sell house: When you show me homes what are you trying to point out to me? Do you have an approach to showing homes that makes you different? If I hired you what would make my experience with you different then with any other agent? If I saw the home with the listing agent and then with you what would be different about the experience? I know you aren’t the home inspector but what kind of things do you tell me about the condition and possible repairs needed? Do you give me any insight into the physical part of the house and potential problem? How do we go about finding homes to look at? Is there a process you recommend to finding a home? (Hint, you want your agent to show you all the good and bad of the home. The need to tell you how this home will look to the next buyer and not just sell you on it) The transaction: Are there ways you protect my interest during the transaction itself? Can you give me any examples of how you accomplish this? I don’t want an agent who basically stops working once we are in contract. I want to get a better understanding of how you continue to go to bat for me up to the closing? Do you have any examples of how you handled any problems at a closing? What kind of problems can happen at the closing? Educate me more about what happens after we are in contract. Explain to me the home inspection process and how you handle this? How do you negotiate repairs to be made? (Hint. A lot of things can go wrong after you are in contract. You want to make sure the agent is still going to be involved and not just wait to collect their check) Possession: Explain to me how possession works and what you typically do? What possession would you want me to have? If I don’t have possession at closing what risks am I taking? How does this potentially impact me? Explain how the contract protects me from possession after closing? Do you recommend having the seller pay rent if they are staying after the closing and if not why not? Should they sign a lease and put down a security deposit to protect me from damages and if not why not? (Hint, when possible it is best to have possession at closing. These possession questions are a good way to see if the agent takes the path of least resistance or are they going to educate you about all the risks and benefits.)
How do they handle problems? Can you give me some examples of how things can go wrong during a transaction? What are the typical pressure points during the process? When is a buyer or the seller most likely to become stressed and how do you protect me from myself? How do you prepare a buyer for the right expectations? How do you handle a client when they don’t listen to your advice? Can you give me some examples of when you made a mistake and how you handled it? (Hint. The job of an agent is to deal with problems and create the right expectations. Asking these question helps determine if they have a grip on this or not) The contract: Explain to me the more important aspects of the real estate contract? When structuring a deal are there ways to enhance my position? Explain how your approach differs if you are representing a buyer or a seller? Is there any particular advice you give buyers when writing a contract? Explain to me what the earnest money deposit is? Is there an approach you take to earnest money and how does this impact me? What kind of deposit do you suggest and why? Assume there are three choices to earnest money deposit, small, medium or large. Don’t factor any thing else into the transaction. Which one would you suggest to me and why? (hint, the smaller deposit decreases your exposure to risk. If you are trying to negotiate and project strength then a larger deposit may be appropriate, in a sellers market a larger deposit is appropriate. But if nothing else factors in then the smaller the better) Now you can be in control of the process and not be controlled by the industry. They want you to be caught into their traps and fall into the typical patterns. To avoid this all you need is some knowledge about how things work, what your options really are and how to take control.
WHAT THEY AREN’T TELLING YOU: Agents behave like water and will take the path of least resistance. Too many agents are so sales oriented they will do what is easiest and most likely to get the sale.
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