By: Ted Highland, Product Manager, Kaplan Real Estate Education
Updated: May 19, 2020
When you go out to interview prospective brokers to associate with (and here are some tips about interviewing them), you should be aware that the broker is evaluating how you are going to appear to buyers and sellers. In other words, it is not just a job interview. It is perhaps the most important sales presentation you are going to make. Picking the right broker to associate with (learn more about how in this article), and having them pick you, can determine how successful you are going to be in the real estate business.
Just as a highly successful real estate salesperson prepares for the questions potential clients want answered, a successful job candidate must be prepared to answer the questions brokers might ask before making a decision to hire them. These questions include the following.
Question 1: Why do you want to get into the real estate business?
There are typically three common responses when a broker asks a prospective agent this question:
- Because I love property.
- Because I love people.
- I want to make a lot of money.
While a person needs to relate positively to property and be a people person, ultimately the broker wants to hear that a prospective agent wants to make money. If you want to really impress a broker, don’t even wait for this question to be asked. As soon as you sit down, state in a positive and confident voice, “The reason I want to get into the real estate business is because I want to make a lot of money!” In addition to knocking the broker out of her socks, it will prompt the broker to ask the next question that is paramount.
Question 2: How much money do you want to make in your first year in the real estate business?
When asked this question, the majority of people interviewing with a real estate broker say, “I don’t know.” This forces the broker to attempt to dig the answer out of the candidate, who is supposed to be selling themselves to fill a sales position. Often, it is excruciating for the broker. You, on the other hand, are going to go to the interview prepared. Whether you want to make $10,000 or $100,000, you should have a definitive number ready for the broker. Brokers typically don’t care what your amount is, as long as it is sufficient for them to realize a profit based on your goal. No matter what you say at this point, be prepared for the next question the broker is going to ask.
Question 3: How much time are you prepared to invest in order to make that amount of money?
Again, this is information that most brokers feel is vital to determine in advance. While most brokers are interested in “full-time” agents, what constitutes “full-time” varies quite a bit. It is not unusual for some real estate salespeople to work seven days a week and 12 to 14 hours a day. So let’s say that you want to earn $100,000 per year and work 20 hours per week. The probability is good that the broker has an existing agent associated with him who is already accomplishing that objective.
The answers to these questions will help the broker determine if you are going to be a good fit in the organization. Preparing to answer these questions in a confident and persuasive manner will certainly increase your odds of landing with the broker of your choice.