There is a common rule to judge the progress and advancement of a country, and that is to evaluate and examine the infrastructure and real estate development. A country is viewed to be a developed country if it boasts of rich real estate and infrastructure, which not only provides widespread employment opportunities to its citizens but also contributes significantly to the government by way of taxes and other receipts.
A real estate agent is a professional with having a deep and thorough knowledge of the real estate markets along with excellent negotiation as well as persuasion skills. It is one of the most demanding professions in the world which commands a high salary and lucrative incentives, Considering the level of competition prevailing in the country, it is necessary to prepare thoroughly for the interview process by studying the frequently asked questions.
21 Best Interview Questions To Study
1) What Do You Understand By Mortgage In Real Estate?
This question tests your knowledge and understanding of the practical aspects and core principles of being a real estate agent.
Sample Answer
Sir, the mortgage is a type of loan which is extended to the buyers of a home by a financial institute. Usually, the immovable property purchased is kept as collateral by the loan sanctioning bank until the loan is completely paid off. The mortgage rates are decided by several banks based on the economic conditions prevailing in the country. The higher the mortgage rates, the lower would be the level of transactions in the real estate sector and vice versa. Hence, it is safe to assume that mortgage rates and real estate transactions maintain an inverse relationship with each other.
2) How Do You Prepare Scripts Of A Home Tour?
This question tests your knowledge and understanding of the practical aspects and core principles of being a real estate agent.
Sample Answer
In order to impress, convince and persuade a customer it is necessary to prepare and recite an effective and impactful script during a home tour. The best way to do so is by mentioning all the facts and unique things about the real estate property along with mentioning the extras that the buyer could avail of at no additional cost. The surroundings of the property, its proximity to the schools, colleges, and banks, neighbors, the society, almost everything that is specific and related to real estate are mentioned in the script so as to give a complete overview to the buyer.
3) How Will You Sell A House With A Disturbing Element Attached To It?
Every house has its own unique story. There have been frequent instances of murders, domestic violence, and robberies in a few particular houses. The owners of these houses, put their houses for sale but are unable to find a prospective buyer. Being a real estate agent, you are supposed to handle and manage such properties and sell them using your effective communication skills.
Sample Answer
Sir, selling a real estate property is all about persuasion and impressing a customer by manipulating his or her psychological thinking. It is true that selling any property with a disturbing element attached to it, is difficult to sell, but it is necessary for the people to move on. If I ever handle such a property, I would first of all completely renovate the property so that it looks bright and new. Further, I would offer the property at a lower price and would counsel the prospective buyers to look on the bright side of life instead of focusing on the bothering past.
4) How Necessary It Is To Check Documents Before Putting Any Property For Sale?
This question tests your knowledge and understanding of the practical aspects and core principles of being a real estate agent.
Sample Answer
Sir, checking documents is highly necessary and in my opinion, mandatory before listing any property for sale. There have been frequent instances of fraud, and cheating wherein sellers hide consequential details about the real estate property, such as unpaid dues, loans, left mortgages, etc. Hence, as a measure of caution, it is my habit to always collect all the documents related to the real estate property and get them checked through an attorney. If I receive a green signal, then only I list such property on our various channels and mediums.
5) How Much Commission Do You Expect From A Single Real Estate Sale?
Apart from a fixed salary, a real estate agent is compensated with additional benefits upon affecting a sale. This question requires you to share a percentage, that you expect to receive from the organization. Prepmycareer recommends that before sharing any percentage figure, you are expected to conduct deep market research and survey.
Sample Answer
Sir, I am a committed professional and have made a deep research on the similar percentages offered to other real estate agents operating in a similar industry. I would be more than happy to receive anywhere between 15% to 20% of the total sales value.
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6) Name At Least Four Documents Prepared or Involved In A Real Estate Transaction.
This question tests your knowledge and understanding of the practical aspects and core principles of being a real estate agent.
Sample Answer
Sure, sir, these are:
- Mortgage contracts
- Leases
- Several Deeds and
- Closing statements from the parties
7) Are You Willing To Frequently Travel In and Out Of the City?
This is a job-specific interview question wherein an interviewer wants to know whether or not you are willing to travel extensively for arranging property tours or inspections of the properties. You are advised to answer this question in a positive manner.
Sample Answer
Yes, sir absolutely. The role of a real estate agent commands frequent and consistent traveling both in and around the city for organizing property tours, inspection, verification, etc. Hence, be assured that I would never refuse to take part in any traveling activity whenever it is expected of me.
8) Can You Handle Stress and Performance Pressure?
The real estate agents are assigned fixed targets that must be achieved by them in a time-bound manner. Hence, it is necessary that you answer this question in a positive manner and convince your interviewer to work superbly in a hectic working environment.
Sample Answer
Yes sir, undoubtedly. I am a disciplined and loyal employee of the organization, having a profound ability to maintain my productivity, effectiveness, and functionality in even the most hectic and stressful working conditions. I have the desire as well as skills to effectively execute all the projects and tasks assigned to me before the deadline.
9) How Do You Prioritize Between Several Tasks?
This is a trending interview question that is asked by a variety of interviewers nowadays so as to understand the strategies and techniques followed by the employees across their working tenure. You are supposed to share your own strategy that has most probably worked for you in the past.
Sample Answer
Sir, in order to effectively prioritize the several tasks that I am being allotted for the day, I arrange them in an order which is based upon their level of difficulty. The tasks which are tough and are time-consuming are placed at the top of my list only to be followed by the tasks that are less tricky and less time-consuming. This way, I am able to work upon the tough tasks at the very beginning of my shift when I have a fresh mind.
10) Rate Your Computer and Software Operating Skills On A Scale Of One To Five.
The real estate business is highly technical and technologically modern nowadays. Being a real estate agent you are now expected to have advanced knowledge of utility software such as MS Word, MS Excel, MS Powerpoint, etc. Hence, always answer this question in a positive manner.
Sample Answer
Sir, I have an excellent knowledge of the entire MS Office suite along with advanced information of the BIOS, RAM, CPU, and other basic elements and parts of a computer system. I have also undergone a six-month computer training course from a reputed institution, which taught me a variety of software that is useful in the profession of a real estate agent. Hence, considering all the facts, I would like to rate myself with a 4.8.
11) What Is The Role Of Demographics In Choosing A Set Of Prospective Buyers?
This is a question that tests not only tests your core principles of real estate management and sales but also evaluates your basic knowledge of the various marketing principles.
Sample Answer
Sir, demography is an important factor that plays a crucial role in deciding and defining the set of buyers that are to be tapped and contacted. Suppose, we are selling low-end flats and houses which are primarily designed for the urban lower middle class families. Then, there is no point in contacting people that are rich and can afford expensive real estate properties.
12) When Can You Start?
It is common for interviewers to get a quote of your availability during an interview session itself. This question in no way guarantees your selection and hence you are expected to control your emotions at almost all the times while giving your interview.
Sample Answer
- For Fresher/Unemployed Individuals: Sir, I want to express my ability to start immediately at your esteemed buiness organization. This is primarily due to the fact that, I have no prior business commitment or any obligation, that I am supposed to fulfill.
- For Employed Individuals: Sir, I am currently working with an organization, but since I was deperate for a job change, I have already submitted a notice with them, indicating that I want to leave the organization. It is my current employer’s policy to share with me a relieving letter within 15 days of the receipt of the notice. Hence, adding two further days of buffer, I would like to join the organization on or after (___mention the date of your joining____)
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13) What Motivates You To Work?
This is a common interview question through which an interviewer wants to know the primary motivational factors that enable you to work hard and stay focused at all times at your workplace. This question is highly subjective and depends largely upon a person’s personal conditions, circumstances, and situations. Hence, avoid all sorts of generic answers and always focus on an honest and unique opinion.
Sample Answer
Sir, I am a person from a lower middle class family, with being the sole earner in a family of six members. Hence, in my honest opinion, money is the primary motivational factor for me that prompts me to persevere and achieve my goals and objectives in a time-bound manner. Further, I also have a burning desire to earn recognition and promotion at my workplace which is possible only if I work hard and achieve the sales targets assigned to me by my employer.
14) Which Is Your Favorite Animal?
This is a personality evaluating question which requires you to have a piece of additional knowledge apart from your regular principles of real estate. Whatever animal you choose, you have to elaborate and explain some of its brief qualities so as to justify your answer. Hence, always prepare for such questions as these are widely used nowadays.
Sample Answer
Sir, I would like to pick a wonderful animal, and that is a Horse. Since time immemorial, a horse is helping humans in a variety of ways, be it transportation, or sports. I am deeply impressed by the determination and strength of a horse. Further, the level of commitment that a horse shows towards its master is commendable, which teaches us loyalty and devotion towards our own employer organizations. Hence, without disrespect to all the other animals, If God gives me a chance to become some animal, I would choose to become a horse.
15) The Role Of A Real Estate Agent Is Similar To That Of Sales Executive. Comment On This Statement.
This is a tricky question that is specific to your job profile. You are required to answer this question in a positive manner without degrading your own position and profession.
Sample Answer
I believe, this statement is partially true. The sales executives of an organization, deal in products that are not as valuable and sophisticated as real estate. Since a majority of the real estate transactions are of high value and consist of a high purchase price, a real estate agent is required to have superior communication skills as well as persuasion skills in comparison to the sales executive. Further, a real estate agent has to take more pain in selling real estate properties as compared to normal goods and products.
16) How Will You Close The Deal Between Two Avaricious Parties?
This is a practical job-related question, in which you have to share the real methods and strategies using which you would deal with such a situation.
Sample Answer
Sir, it is common in real estate to encounter and deal with parties having a sole motive to earn material gains. The buyer would like to buy the property at the cheapest possible price and the seller would always like to sell the property at its peak rate. The primary role of a real estate agent is to bring both parties on the same page.
In order to do so, I always create hype and shortage of such properties, in the mind of the buyer and in the case of the seller, I always convince them by saying that this buyer is genuine and willing to offer an adequate market price. I always use tactical skills as well as the lay psychological impact upon the thinking abilities of both the parties so as to convince them and give effect to the completion of the deal.
17) Which Is The Most Effective Procedure For Advertising Real Esate Properties?
This is a practical job-related question through which your techniques, strategies, and core knowledge in relation to real estate are tested and analyzed.
Sample Answer
Sir, gone are the days when real estate agents solely relied upon the newspapers and other forms of print media for advertising their properties. It is true that these mediums are still widely used, but in my opinion, they are ancillary to social media advertising. The best way to advertise so as to enable your advertisement to be viewed by a large section of the population, I prefer social media marketing. I create contents that are impactful and have the ability to directly communicate with the buyer. Post creating these advertisements, I place them on several social media sites.
18) What Is Your Major Strength?
This is a common interview question through which an interviewer wants to analyze your level of self-awareness. This question appears in almost all the interview sessions conducted across the world, hence it is recommended that you give serious preparation towards this question. In order to do so, a candidate can prepare a written report and mention all his or her strengths, that closely relate to him or her. Post this, you are expected to prepare at least two major strengths of yours.
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Sample Answer
Sir, I believe I have a lot of strengths in me, some of which are natural and some are developed by me through hard work and perseverance. However, since I am being asked to share a single strength I would like to share the strength which is closest and dominating in me. I am a person, who has the ability to make wise business decisions in a deteriorating or inconducive business environment. This is primarily because of the fact that I have an excellent concentration and nerves of steel, which enables me to stay focused throughout my working day.
19) How Can You Contribute To Our Organization?
This is a personality evaluating question in which you have to tell the interviewer the ways or the manners through which you can help the organization in its operations and procedures. You are expected to give an answer in which you align your strengths with the job profile.
Sample Answer
Sir, I am a disciplined and committed individual with a knack for solving problems and a go-getter attitude. I have the ability to persuade clients in an adorable manner and convince them of my superior communication skills, so as to invest in a particular real estate project. In addition to this, I have excellent mental as well as physical strength, which allows me to travel from place to place without taking any considerable break. If hired, I can contribute to the organization, with my skills, knowledge, and experience, which would not only enhance the sales of the organization but also increase the customer base.
20) Why You Chose Us?
This is a common interview question using which an interviewer checks the interests, commitment, and seriousness of a candidate towards the organization. It is necessary that a candidate answers this question in a positive manner by reading the achievements, understanding the business, and analyzing the methodology used by the organization in conducting its operations. The best way to prepare for this question is through the official website of the organization.
Sample Answer
Being a decades-old business organization, with operations spread in more than 18 countries affected through more than 5,000 branches and 18,000 employees, these facts speak volumes about the stature, respect, and the level at which this organization is operating and conducting its business. I really wish to be a part of such a successful business organization that not only values its employees but also helps them to achieve their own personal goals and objectives. I believe, this organization has the ability to add considerable value to my resume.
21) Do You Have Any Questions For Us?
It is a common habit of the interviewers to ask this question towards the fag end of an interview question. This question not only gives a candidate an opportunity to clear his or her doubts and apprehensions regarding the organization, its work culture, work timings, job profile, etc. but also enables them to express their critical thinking abilities and skills. Hence, it is necessary that a candidate always attempts this question and ask a few relevant questions from the interviewer. For reference, the following model questions could be studied:
Model Questions
- What are the various work timings in several different shifts?
- Is it the company’s policy to give paternity/maternity benefits to its employees?
- What are the various projects that are in the pipeline for the organization?
- Please share with me the procedure for calculating overtime allowance.
- What are the specified number of leaves granted by the organization to its employees?
Download the list of questions in .PDF format, to practice with them later, or to use them on your interview template (for Real Estate Agent interviews):
References
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