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Agents: Do You Find Value in the Brokers' Tour?

Today was tour day in my office. A group of us braved the 25 degree temps and made the rounds. It just so happened that one of the homes was in the neighborhood of a new listing I'm soon taking, so I was happy to see it on the tour sheet.

During the car ride, we were discussing the value of touring our inventory. At times it seems tedious, especially when the northern Illinois weather isn't cooperating! We came to the conclusion that viewing the inventory is worth the couple hours a week we spend on it. Even if the homes are in "cookie cutter" neighborhoods, we have more credibility when we can say to our buyers "yes, I saw that home last week and it has a gorgeous finished basement!" When I was a brand new agent it was an invaluable tool to learn the market...not to mention the learning that went on in the car listening to veteran agents talk. I'm no longer a newbie, but I still find value in this.

What say you? Do you attend the brokers' tour? If not, why?

Posted by Lisa Schmitt on 02/03/2010 11:22 PM

Comments (20)

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20 Comments on Agents: Do You Find Value in the Brokers' Tour?

FEB

2010

I absolutely agree that the broker's tour is an important part of selling real estate. Many times you might view something and then find the perfect client for the property. Always good to KNOW the inventory!

Yes, I think that a few hours a month is a cheap price to pay for the local knowledge of a dozen or so agents.

Yes I think it is valuable. I think sellers appreciate it too. We tour every week! Some agents are too lazy to do it, or maybe they don't think it is valuable. It shows support for our fellow agents, and helps with pricing and suggestions for the listing. :) I think it is the professional thing to do!

Lisa-I try to do the Brokers tour, I think it is a great way to see what the New inventory is.

Lisa, I'd love to tour more if I could. I just can't justify the time spent. I work hard to get buyers and sellers and try to get to know the inventory while doing "double duty."

If it is done right it can be a good tool. However, I feel that we are trending towards a more socialized, internet savvy society. I feel that it is maybe more important to put our best foot forward in those areas instead of taking our time to see a few houses. In our area, some of which is rural, we did not tour out properties at all. We had quit going on a physical tour, but actually looked at all the new listings via the net and a projector. We were able to see way more properties and it allowed all of our sellers to have exposure to all of our agents not just a select few in certain areas. I am for sellers!

FEB

2010

Lisa: However it is accomplished, I think it important to be well-versed and knowledgeable about the inventory of homes available. I would think, however .. that nothing beats the physical visit to a home. I've always thought that homes have an almost living, breathing personality to them ... something you can't detect from a picture alone. Maybe that comes from having seen and visited so many homes during my appraising days ... not sure. But some homes just seem to have "something" that others do not and you feel it immediately upon entering the place. Again, you don't get that from a pic. I think it's great that you take the time. I think it will end-up giving you an edge ...

Gene

Hi Lisa,

I find house tour valuable as do my sellers. We fill out feedback forms for the sellers plus we give verbal feedback to the listing agent as we walk through the homes. The comments usually serve to reenforce things I've already told the sellers.

A few years ago, we were on tour and I called a Buyer Client from the house to "walk her through" as I was viewing it. She met me there that day and wrote an offer. It wasn't an area that she was targeting, but the house was perfect for her!

Nothing beats knowing your inventory ...

Sue

Lisa--Absolutely! As Gene (#7) stated so well, all the photos in the world can't take the place of "being there". I think it's helpful to sellers to get as much agent feedback as possible, and I think we raise the level of service we offer buyers when we can elaborate on properties that might have caught their eye on the internet. I want to know as much as I can about our local inventory, plus I've also learned a lot from other agents, many of whom I never would have gotten to know without the Broker Open Houses.

(and let's not forget one of the side benefits...free lunch! ;-) )

I try to do the tour every week. I live in a fairly small city, so eventually I will probably see just about every home for sale around here, and that can't be a Bad Thing! I don't like it when I get an up-call and haven't seen the house in question...I don't feel I can talk about it as well as I should be able to.

It's true, homes have a palpable personality or "feeling" about them that has nothing to do with the decor or color scheme, but is part and parcel of what make them appealing to certain byers. And you can only get a sense of that personality by actually visiting them.

FEB

2010

There is no substitute for a physical visit, no matter how good or accurate the pictures. Touring is a great way to quickly see the inventory (vs previewing each home on your own) plus it is a great way to develop relationships and network with other agents, which I find invaluable.

Lisa--I agree with you 110%. It is worth every minute. My first company toured for years until they were bought out by company that did not believe in touring. Now I am with their competitor who tours and the stats prove the value of touring. Thanks for posing this question.

Lisa,

Our neighbourhoods are far from cookie-cutter. Our homes are 50 years to 150 years old. Clients really must feel the home to know if they want to make the "compromises" or "investments" in renovations. And so, they have to visit the home.

My opinion does not get my clients too far.

But, there are agents here that still do the classic touring and then tout it to their clients that they know all about the homes on the market. I have seen what these agents know about homes and am not impressed just becasue they ran in and out of the home on a Tuesday morning.

My take on touring is that we ahve enough photos online, an agent's description, declaration forms and survey maps are now uploaded in our listings for further information and I can always contact the listing agent for more detail to advise my clients. I guess it depends where you live and what products are on market in your area.

Yours sounds more like a caravan event. We don't go in large groups on a set route, but just on our own to visit those on broker's tour. Yes, it's helpful. Sometimes the MLS listing doesn't catch my eye so much, but seeing it in person prompts a call to a would-be buyer.

The tour is invaluable with getting agents aquainted with new listings out there in the community and it also gives some a chance to meet and socialize with other agents.

You sell what you know. I definitely think it is worth it if you work with Buyers.

I've found tours to be very helpful. Especially when a new agent- as I learned so much from the other agents while in the car with them & learned the areas I was unfamiliar with as well as short cuts I'd have never known about.

Sometimes it's a caravan, sometimes not.

Often I'll tour alone, especially if I see an address in an area that I'm about to list a home in, etc.

I forgot to add in my original post that I think tour is especially valuable for agents who take floor time. As Sonsie pointed out, if you get a hot call on one a listing from your office, you sound much more credible when you say that you've been in the home.

And most of the time the lunches are pretty good! <wink>

FEB

2010

When I was a Realtor I never missed out on the opportunity to interact with my peers, as well as visiting properties. It was a winning endeavor, and I counsel my real estate Clients to do the same.

Stop by the ActiveRain Super Bowl Party if you get a chance. Geaux Saints!

FEB

2010

Lisa - Welcome to the Rain. Yes I value broker open tour days as it is my job to know the inventory of my own areas... Shouldn't we be knowledgeable of our towns? It is the difference between full timers and part timers in my humble opinion... Best of luck and keep on blogging

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Lisa Schmitt

Plainfield, IL

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Coldwell Banker Honig-Bell

Address: 5700 W Caton Farm Road, Plainfield, IL, 60586

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