In most businesses, 80% of the sales are done by 20% of the people. That's the traditional 80/20 rule that you hear so often. In Real Estate, however, it is a stunning 94% to 6% ratio! That is just an incredible statistic, but it makes sense to me. You see, unfortunately, becoming a Realtor® is very easy. You take a course and pass a Real Estate test and there you have it. Most agree that the barriers to entry shouldn’t be that easy but unfortunately, it is.
So how do you avoid picking a poor Realtor® to work with? Asking great Real Estate interview questions goes a long way! Trust me when I tell you, these questions will make an unskilled agent very uncomfortable.
Maybe it sounds harsh, but this is YOUR HOME we're talking about. You'll want to ask hard questions to know you and your large financial asset (your home) are in good hands. Don't be afraid to ask questions like:
Now you're asking about the marketing and advertising practices they have planned for your listing.
Perform a google search and see if their website ranks well with Google. Check out their social media and see if they are active and responsive. See if they have a written or video blog that is updated regularly.
Also, ask what they think the selling features of your home are. Are there any improvements they would suggest you make? Who do they think will be the buyer for their home?
Aside from entering the home in the MLS, what else will they do to sell your home?
Open houses? Prepping for showings/ accompanying other agent showings? Do they attend the photoshoots, inspections, etc.?
The biggest let down between clients and Realtors® is the expectation of communication. It helps to establish these expectations ahead of time. Find out how you will be notified of showings, and feedback following the showings. Will you hear from them weekly?
Find out if they have a team of people helping them, or if they are a one-man-business. If they have a team - what are the positions and backgrounds of the team members? Do they work exclusively for them?
What are the agent’s commission fees? Are there any other brokerage fees you should expect? Is any of that negotiable? Remember, a good agent will help with negotiations - and can often make up for higher commission splits they might charge.
Also, ask about common closing costs. These vary by area.
We recorded a live webinar about this topic, which includes more information about each bullet point. Click "play video" to watch!