I always loved REALTOR© Open Houses to build my business and now is the time to prepare for the fall market and the open house season. Here are some of my personal favorite ways to prepare for and maximize your effectiveness and time invested into open houses.
What is the Goal of a Real Estate Open House?
My personal goal for an Open House is to generate 3 potential buyers or sellers from a properly executed open house.
Do you think picking up 3 potential buyers or sellers for a few hours work is worth it?
I thought so...
- Select your home on salability, location, traffic, curb appeal, condition, style, and area.
- Pick a date at least 2 weeks out to plan and prepare properly for this event.
- Pick a partner. Share in the cost and lead generation with an ancillary partner like your lender.
- Preview and tour comparable homes, check price changes, expired listings and call selling agents for details of recent sales. Know everything!
- Provide some proper food and beverage at the open house. Wine and cheese if appropriate.
- Advertise online. 62% of buyers respond to online vs. print. (Survey by Harris Interactive)
- Post a sign topper advertising the open house day and start time at least a week in advance.
- Always advertise the start time and never the finish time. “Open @ …….” Or “Open from…..” this will allow you to manage your time wisely.
- 1 week prior. Record an invitation video in front of the home you are hosting the open house event at.
- Email the invitation video to your database. Post the video on your social media pages and the sellers social media pages too.
- Door knock the neighborhood surrounding the open house and invite everyone for lunch and say goodbye to their neighbor.
- Door knock the expired listings around that open house and invite them. Ask if you meet a potential buyer at your open can you show them their expired home?
- 90 minutes prior to the open house put out 20 to 30, yes 20 to 30 open house signs around the area that you are hosting the event. Dominate the area and be top of mind.
- Create a finance option sheet on the home with the assistance of your lender.
- Bring business cards, feature sheets, personal brochures, and company information.
- Provide different branded handouts like "Buyer and Seller Mistakes to Avoid".
- Wear your company name badge.
- Bring your laptop or tablet and load the app “Open House Pro.”
- Provide Open House feedback, Home Buyer Questionnaire and Guest registry forms.
- Bring a google map of other homes For Sale like the one you are hosting. Ask them to call you to view them.
- Focus on one couple at a time. If possible, only allow one couple at a time into the open house.
- Follow up all leads the same day as the open house.
- Consider multiple opens in a day at different property types, areas, and price points.
- Try morning, evenings, weekdays and not just the Saturday or Sunday afternoon Open House.
- Why not offer to host this type of Open house event with a For Sale By Owner? You might end up with a listing.
- Successful Open House agents spend at least 40 hours a month and take six to eight opens that will generate 2 or more sales.
Now that you are armed with some proven field-tested open house techniques make them a part of all your future opens starting now. It's the REALTOR© who does the extra little details that in the long run stands out head and shoulders above the rest.
Do you want to be that Agent in your market?
Strength and courage,
Wade
