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Open house for a bank-owned property? For a separate listing agency?
Why not?
In my neck of the woods, it's a seller's market. Inventories are low. Buyers are actively looking. Multiple offers are fairly common because there are fewer properties to show.
Agents who want to use the old-fashioned (and in our area, fairly effective) way of getting prospective clients through open house, here's an idea:
If your agency doesn't have enough listings for you to hold open, then call a reputable REO listing agent and see if you can hold HIS or HER listing open. And yes, you can pick and choose which properties you want.
It can be done and is being done.
One of our agents called an REO listing agent for a truly magnificent property near the beach. The place was mobbed by curious onlookers which included potential buyers. She picked up at least two prospects from the that particular open house.
Another local agent has been doing this for sometime.
It helps forge a relationship with the REO agent, it helps the local agent find new business, and it allows the prospects to view the property on weekend.
Win-win scenario.
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