Joe Spake's Memphis Real Estate Blog

So you are interviewing real estate agents

Joe Spake (InCity Realty) — Thu, 04 Apr 2013 08:15:15 -0700

I encourage consumers to be well-informed, to do research, ask lots of questions and be comfortable with their decisions. I have been interviewed by both potential listing and buyer clients a number of times over the years. I am always amazed at the range of questions and wonder how the interviewers are weighing my answers.

Where do those questions come from?

Choosing your agent is a popular topic. There are literally thousands of articles and blog posts on how to interview a real estate agent. Just Google a term like "interview real estate agent", and you can arm yourself with hundreds of questions and interview strategies. There's the statistical approach: how many homes did you sell in the last 12 months, average days on the market, list price to sales price ratio. There's the area knowledge approach; experience approach; license and designation approach (how many groups of letters are after your name on your business card?).

What questions should you be asking?

In a recent interview I was asked what questions I would ask a real estate professional I was considering hiring. I probably blew the answer with some some questions oriented toward making my strengths look stronger, but later, as I thought about that question more, I realized that I had not hired an agent to represent me in over 16 years. If I were a consumer moving to another city and didn't know any agents other than their reputations online, my interview questions would go something like this:

1. Are you a full time real estate agent - is that how you make your living?  How many hours do you work at real estate a week?
Rationale:  If an agent works another job, do they really have time to put everything they have into helping their real estate clients. Are they available when necessary, or are they at work at their "real job".
2.Are you a specialist or generalist?  Do you handle different types of properties - residential, commercial, investment, or do you concentrate on residential 100%? Do you specialize in specific neighborhoods or do you work a 50 mile radius from your office?
Rationale:  If you are buying or selling a residence, it just makes sense that you would work with an agent who has an intensely residential orientation. Neighborhood specialists have a much keener insight into the micro-markets that the home you are selling is situated in, and much more knowledge of the condition, value, and quirks of the neighborhoods where you may be interested in buying. Also there is the availability factor of an agent who is out of pocket (and possibly mobile range) showing properties in the woods somewhere when you need to reach them.
3. How will you communicate with me?  The answer here can be quite revealing. Ask the question, and let the agent talk, because what they say IS the way they communicate. After they have done the speech ask about access hours, regularity of status reporting, updates on the market, whether you will be dealing with an assistant or the agent, etc.
Rationale:  Communication is extremely important. Answers to this question and the discussion that follows should give you the feeling of a communication connection.
4. Do you work alone or use assistants?  There is not necessarily a right or wrong answer here, just a matter of YOUR preference.
Rationale: If you are comfortable signing up with an agent and immediately being assigned an assistant to work with you, this is a non-issue. If you want to work one-on-one with your agent, this is an important question that needs to be answered on the front end.
5. Is your negotiating approach Win-Win?  Another revealing question, and totally subjective depending on your approach to negotiations and life in general. Let the agent talk - they will tell you how they negotiate. Listen. Does it fit your style and personality?
Rationale:  This is a part of finding a good match. Maybe you think win-win is a little to warm and fuzzy, and you are into slash and burn negotiations - your choice.
6. What will you do to make the process as stress-free as possible?  Yet another revealing question. Listen to the answer - this is a good way to tell if an agent has a plan or if she is just a BSer. Rationale: You need to feel comfortable with the process and you want to know how the agent keeps the stress levels low.

These questions will help you penetrate the hype and well-practiced scripts that many agents use to get your business. Consider these as essay questions rather than short answer or multiple choice. There really aren't any right or wrong answers here, but coupled with what you have already learned in your research, the agent's answers to these open ended questions should give you a lot of insight into how they work and the quality of the relationship you will have with them.

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