As Realtor for 32 years, I see trends and have gladly embraced
high tech as it relates to Real Estate and marketing listings. I know and measure what is effective and what isn’t both from the standpoint of marketing a home AND from a standpoint of self-marketing. When deciding to do an Open House on a property there has to be strategy involved. Low on that list should be to make the Seller happy. Truthfully and selfishly, my time is too valuable for that. I will generally schedule 2-6 Open Houses a week. That is how important I believe they are to my Sellers and to myself.
Do I PERSONALLY Do Open Houses For Every Listing? Absolutely Not.
If a home is overpriced, because the Seller isn’t listening to my advice, I do not do an open house.
If a house is not in my PRIMARY (2-3 towns) I delegate/offer the Open House Opportunity to a Team
Member or other Realtor.
Do I Do Multiple Open Houses for a specific property?
I do if the home is a readily visible home from the street.
Yes, if it is in a “hot” price range.
Absolutely if there is a substantial change in price.
This year, there have been several homes that I have held Open Houses both week end days every week end until they were sold.
What Makes My Open Houses Worthwhile For the Seller?
First and obviously, the people who attend make it worthwhile. Often times, I hear, I only had nosey neighbors through the home. Many times those are our BEST Buyers and if they themselves don’t buy they will be talking about the home to friends, family and co-workers. You must remember that the #1 reason buyers buy is to be closer to family and friends.
I also sometimes hear, I only had 2 people through or even worse no one. That Realtor is missing the point. The added visibility the home gets when the Open House is promoted fuels future showings. Those Buyers who already are represented by a Realtor or those who didn’t find the date/time convenient will now make appointments to see the property in the coming 1-2 weeks.
How Should That Listing Be Promoted For Maximum Effectiveness?
Even just throwing the date on the multiple listing service is effective as from there it will populate all of the other frequently searched site. Your Realtor should go beyond that however. Social media is king. It is now possible to target the most likely buyer and promote the open house JUST to that group, whether it be geographic, interest, based or financial. Print media is still alive but does not have the REACH that the internet and social media provide. Other ideas include sending out invitation to the neighboring homes (usually I send out 200). Finally signs, signs, signs. One or 2 is NOT good enough. I put out 8-12 Open House signs for every property.
Presentation is Key.
At an Open House I have ready for those who come through, professionals done 4 sided brochures about the property, local market statistics, Home Buyer and Home Seller Guides which I have created, MLS sheets and disclosures about the home and a handout of other homes in the price range for the looker to compare. Why would I let them see the competition? Buyers do not buy in a vacuum and my listings are the best prepared and priced out there. Don’t be afraid of the competition.
I also get to the home early to make sure it is ready for inspection. Just today I did a little last minute weed pulling at a usually well-manicured higher end home. Of course I turn on lights but it is more than that. Things like taking in the garbage pails, removing old newspapers from the driveway, doing a once over to straight beds, magazines, maybe a quick spraying with a room freshener, setting the temperature to a comfortable level all play into the experience of the Buyer.
What Do I Get Out Of It?
Hopefully, and foremost I sell the home myself, introduce it to a Buyer who will visit again with their own Realtor or increase the visibility to possible Buyers. It also gives me a chance to see the home through the eyes of a buyer and to make recommendations to the Seller. Maybe the gorgeous gardens that the Seller values are a negative to the buyers as they see them as high maintenance. Maybe since the Sellers moved out I notice that the windows could stand to be washed.
Secondly, and selfishly, I see it as increased exposure for me and my brand. I see it as a job interview with every Buyer that comes through. My communication skills are key as I make Buyers feel comfortable and make some kind of CONNCECTION with them. From dressing the part, to my enthusiasm, to my market knowledge, to my professional presentation pieces, I am making an impression and starting a relationship. I follow up with these Buyers and if they are not interested in the home I am doing the Open House at, I try to find how I can be of help. Do they need to see other homes? Do they need to get their credit inline? Do they need to find out if they qualify to buy a home? Do they need me to visit their own homes to help them prepare them for future sales?
In summary, in my opinion, Realtors who do not do open houses on a regular basis are looking for the quick buck rather than looking at the short term benefits for the Seller and the long term benefit for themselves.