We’ve covered selling a house for sale by owner for our DIY doctors, but many physicians prefer outsourcing what can easily be a time intensive undertaking when they are moving or looking to purchase an investment property. However, finding the right Realtor is key, as different Realtors will have varying levels of expertise, experience, connections and networks, and negotiation skills, each of which could significantly impact which house you ultimately end up with and at what price. Especially when moving to a new market where you don’t have connections, it can be hard to distinguish a good real estate agent from one that’s not as savvy, responsive, or skilled. Below, we cover how to interview a Realtor, including questions to ask when buying or selling a property.
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How to Find Potential Real Estate Agents
Before you can interview Realtors, you need to find local agents to consider. There are a few main methods:
Look for word of mouth referrals. Let local friends, family, and colleagues know you’re looking for recommendations. Most people are more than happy to share their good experiences, or to warn you who to avoid with their horror stories.
Explore our local real estate agents database. We see questions all the time in our physician online community looking for recommendations, especially when they are relocating for a job and don’t have local contacts to reach out to for recommendations. We’ve partnered with residential and commercial Realtors for doctors to help you find local agents in your area.
Search online. If you are looking to sell your house, you can look up who the listing agent was for houses that have sold lately at the highest values in your neighborhood. If you’re looking to buy a house, you can look at houses that have recently sold and see who the agents on the 2 sides of the transaction were. You can also expand a general online search for agents.
While it involves a higher upfront time commitment, it can be helpful to find at least three Realtors to interview before signing a contract to represent you. This can help you compare their responses to our interview questions below and their experience levels and specialties to find the best fit. This is especially important if you can’t find a trusted agent through recommendations.
Pro tip: If you are interviewing real estate agents without a word of mouth referral, make sure to ask for a few references during the interview. Then call those references and ask them about the process. A lot of people can seem great on paper or in the first conversation, but you want to know that if that first impression translates to reality in day to day responsiveness and action.
General Tips for Interviewing Real Estate Agents
When hiring a Realtor, there are a few key points and tips to help you during the initial correspondence and interview process, regardless of whether you are looking to buy or sell a property.
Let them guide the interview, at least at first. While you’ll want to make sure you touch on most, if not all, of the interview topics below, you also want to get a feel for the agent’s process and personality. It can take months to get a house to market and through closing, just as it can take months to find a property in your target price range that has the features you desire. When you work with a Realtor, you’re developing a relationship, so you want to make sure you mesh well.
Gauge how quickly they respond. In hot housing markets, missed communications and meetings can cost you the opportunity to see a property before the owner accepts an offer or can cause you to miss showing opportunities to potential buyers. Closing dates can get delayed because information wasn’t conveyed in time. You want an agent who is available and responds quickly. Follow-up communications are even more critical than the initial outreach, as the agent is likely hungry to land a new client, but will also be managing other properties and clients as well.
Get a sense for the breadth of their network. One of the biggest advantages of hiring a Realtor is tapping into their network of other agents, whether through a large realty company they work through, their social media reach, their involvement in the local community, or other means. The more connected they are, the easier they can potentially find a suitable buyer looking to move soon or find a house that is coming to market soon, giving you a more competitive edge. Having connections may also allow them to better negotiate on your behalf or better navigate sticky situations.
Pay attention to how well they market themselves. Your agent’s job is to either sell your house or to help you land a purchase deal. Either way, they are working in a sales role. Their first job is to sell themselves to you, so pay attention to how they handle themselves during the interview process. You want an agent who is social with great communication skills.
Questions to Ask All Realtors When Interviewing Them
Along with the general tips above, be sure to ask Realtors:
How long have you been an agent? A high percentage of Realtors don’t stay in the profession for more than five years. Typically, agents who have been around longer not only have more experience but have greater networks and understand market trends better. They also are more likely to have been in one of the many challenging situations that routinely arise when buying a house and are better equipped to guide you in them.
How long have you been in this market in particular, and are there particular neighborhoods you tend to work in more? Along with experience buying and selling houses, you want to know how well your potential Realtor knows the particular city and even the particular neighborhoods that you are searching in. Housing market trends can shift considerably depending on where you live. You want them to understand what trends in your market are about what makes someone an attractive buyer or seller, how to hear about houses before they hit the market, when the best time to list a house is, what typical terms tend to be in terms of seller concessions or the amount of earnest money that’s expected, and more. “Local” markets can be huge in larger metropolitan areas and cities, and housing prices can vastly differ depending on the neighborhood and area within the city, so you may want an agent who is familiar with trends on a more micro level scale as well. You can search home listings online yourself these days, but you want someone who knows things like the traffic patterns in a particular neighborhood, which neighborhoods are desirable and why, upcoming changes in zoning or regulations, and what things will affect resale value in that market. Additionally, the more connections they have in that market with other realtors as well as vendors like mortgage agents, contractors, home inspectors, appraisers, and otherwise, the better they can help you navigate the home buying or selling process efficiently and effectively.
What percentage of your professional time do you spend being a real estate agent? While we are obviously a fan of side gigs, it’s important to understand how available the agent will be to you, particularly in a hot market. As a physician, you may not mind that you can’t see houses in the middle of the work day, but you also may not have a lot of time for phone tag. If it takes a real estate agent 5 days to schedule a showing at a house you want to see, that may be too late. If they’re trying to negotiate with the other side while also juggling work responsibilities at another job, that could also result in you losing the house to someone else that has an aggressive agent that closes the deal before you have a chance to present your case.
How many clients do you typically have at a time? Understanding how many clients they are simultaneously working with will help you gauge what bandwidth they’ll have for you.
Are you a part of a larger team, and if so, what percentage of this process can I expect to work with you? Being part of a team has its advantages and disadvantages. On one hand, you have access to a network of people that may know about houses coming onto the market or potential buyers, and if your Realtor can’t make a showing or showing request, you have backup options. On the other, you want someone who understands you and your preferences when looking at a house, and who will be able to identify dealbreakers or issues based on what you’ve told them in the past. Understanding how often you’ll be working with the person you sign the contract with is important.
How many sales did you close last year? This can help you determine not just how active they are, but how effective they are and how successful they’ve been in the past. If you aren’t sure, ask them directly as a follow-up question. If they do a high volume, we also recommend asking if you will be working directly with them throughout the process, or if you might be handed off to associates. While not a deal breaker, this can cause a higher likelihood of communication issues, and in general you want to understand expectations so that you don’t feel as though it’s a bait and switch later.
How will you communicate with me throughout the home buying or selling process? Again, it’s important to have an agent that meshes well with your preferences. If you are a text message person, you may be annoyed with your agent calling your five times a day, or vice versa if you prefer to just get to the point with a quick conversation and don’t want to be texting back and forth over the course of an hour. You may also prefer non-urgent things to be communicated via email so that they don’t interrupt the flow of your day or so that it’s easier for you to stay organized.
What sets you apart from other agents? If they don’t cover this during their introduction, check if they hold any certifications or qualifications. Some may have awards or recognitions based on their experience from local associations or have been ranked as a top agent. Others have experience as appraisers, contractors, or mortgage agents and may be better equipped to point out potential issues with a house or help you navigate challenges that come up.
What does your commission structure look like? With the recent regulation changes, this question is critical whether you are buying or selling. Some markets may still be favoring the traditional practices, where the seller paid the full commission fees split between the buyer’s and seller’s agent. In other markets, you may see a shift in sellers only covering their Realtor’s fees, which puts the buyer on the hook for paying their Realtor. Some agents charge a flat commission rate of the purchase/selling price, while others offer different options based on the level of marketing/assistance you want. You may also be able to negotiate these percentages, and this is the time to do it.
What are the terms of your representation contract? Buyers are likely going to find themselves having to sign contracts with recent changes, just as sellers have traditionally done. You want to make sure you understand the length of representation you’re committing to and the implications if you need to part ways before completing a real estate transaction.
How to Interview a Realtor When Selling Your Home or Property
When selling a house, there are certain questions you’ll also want to ask:
What percentage of your business is working with sellers?
When would you recommend listing for optimal timing?
How long are houses sitting on the market in our current environment?
What is your typical marketing strategy? Open house? Virtual tours? Pamphlets? Social media ads?
Is there anything you would recommend for getting the house ready to sell?
Do you help with staging?
What price range would you suggest listing my house at?
What is your typical purchase price versus original listing price on the houses you’ve recently sold?
What is your process for making sure we gather and respond proactively to buyer feedback?
How to Interview a Realtor When Buying a New Home or Property
Buying a home also has a unique set of interview questions:
What percentage of your business is working with buyers?
Will you help me with the loan process and walk me through closing?
Do you have a list of recommended home inspectors that can help me?
How do you get paid?
What happens if I find a house I’m interested in on my own (FSBO house, house a friend or neighbor is selling, etc.)?
What is your normal availability for showings? How much notice do you typically need for setting one up?
How will you present my offer to the seller?
How will you help me navigate a bidding war, should one arise on a property?
How many houses have you sold in the last year that are similar to the home type I’m looking for?
Conclusion
Primary residences and investment properties are usually the largest assets people own. Having a professional by your side can help you avoid potential hurdles and pitfalls, but having the wrong Realtor representing you can add additional stressors. Take the time to thoroughly research and interview Realtors before signing any sort of agreement or contract.
Additional Real Estate Resources for Physicians
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