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Is it an Open House, or a Job Interview?

By
Real Estate Agent with REMAX EXECUTIVE REALTY

It is pretty typical to meet buyers at open houses, but I wonder how many agents realize that these encounters are really job interviews? 

Next week my buyers will close on their new home, and I think their story is worth telling.

I met my buyers at an open house back in February.  I could tell by their questions they were serious and qualified buyers.  I stayed in touch with them, but not aggressively.  What I didn't know was they were making a list of potential buyer agents from their open house interviews. Pretty smart!

In September, when they were ready to hire an agent, they narrowed their list to 10 (they told me they visited 100+ open houses over a 6-month period!).  They interviewed everyone by phone, and narrowed the list to 4, whom they would interview in person.

I cleared the hurdle of the phone interview.  Being a naturally competitive person, I loved the idea that I would get a chance to show that I have the right stuff to be the best buyer-agent.  I was impressed that these FIRST TIME BUYERS had taken the process so seriously.  I wanted to be their agent!

I was the first person they interviewed.  I showed them my power-point presentation on buyer agency.  I showed them a folder from another transaction in which I represented the buyer, so they could tangibly see all the information they would receive when they chose to work with me.  I pulled up deed research, Google research on the owners, MLS stats, net sheets, and much more so they could see how I would work to make sure they got the best possible deal.

After all that...they didn't choose me!?  They called to tell me that I was the first runner-up.  I was more disappointed in that call than I would have been losing a multi-million $ walk in!  I had really pulled out all the stops and was crushed they felt someone else would do a better job.

A week later the phone rang.  It was my buyers calling with the most flattering piece of news perhaps I've had in my entire real estate career!  They told me they had fired the other realtor and wanted to know if I would accept them as clients.  What they said was, "every time our realtor answered a question we found ourselves asking "what would Margo say about this?" and then we realized we were with the wrong realtor!" 

These buyers brought out the best in me as a realtor, and I thank them for that!  I took great pride in giving my all to prove to they made the right choice.

Posted by

Margo Otey

Hi Performance...Outstanding Results!

REMAX EXECUTIVE REALTY

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Comments (23)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I can count several satisfied home buyers who met me on Open House. 

Nov 24, 2010 11:13 PM
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Wow, what a professional presentation Margo, I guess others might say you were "lucky (when opportunity meets preparation ;-)

Nov 24, 2010 11:29 PM
Margo Otey
REMAX EXECUTIVE REALTY - Westborough, MA

@ Michael: I agree that sellers visit open houses for the same purpose of interviewing agents.  It is important to be on your game!

Nov 25, 2010 01:18 AM
Margo Otey
REMAX EXECUTIVE REALTY - Westborough, MA

@ Len & Bill: thanks for your comments and support!

Nov 25, 2010 01:19 AM
Margo Otey
REMAX EXECUTIVE REALTY - Westborough, MA

@ Chris: So many times buyers skip the process of making a concerted effort to find the right agent.  They see a house they like and call the listing agent for a showing.  This doesn't guarantee that their needs will be served.  In fact, by working with the listing agent they are dividing the agent's loyalties.  These buyers took the right approach: identify the agent with whom you will work best, and insure that agent has the professional skills to get you across the finish line.  Hire your own agent, if you want to have the best representation.  Thanks for your comment!

Nov 25, 2010 01:25 AM
Brien Berard
Remax Professionals Laurel MD - Laurel, MD
Maryland Real Estate Agents - Laurel Real Estate

Margo, this is a great story.  I especially liked your comment that these buyers brought out the best in you.

Nov 25, 2010 06:15 AM
Bryan Spann
SYSNE LLC - Houston, TX
Agent

The ability to evaluate oneself is a great quality.

Nov 25, 2010 07:00 AM
Sam Fischer
Lloyd Pans - Coeur d'Alene, ID
Better Life Through Better Food

Sounds like you had all your ducks in a row and you were ready to go! There is a difference between wanting to do a good and knowing you can do a good job. So, GOOD JOB Margo!

Nov 25, 2010 07:31 AM
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Margo:  That is just fabulous.  What a great story.  I think in just about everything we do... we're on a job interview.  Funny, though... sometimes they are interviewing us, and sometimes we are interviewing them.  Congratulations.

Nov 25, 2010 08:48 AM
Faye Y. Taylor
StepStone Realty, LLC - Floresville, TX
Country Living with City Convenience -Wilson Co TX

It is always a job interview.  Every time you meet with them because they can always fire you. 

It is amazing the lack of preparation for a lot of agents.  We have almost had people hug us for our books that we give them during each step of the process.  The books are for their information and comfort to understand the process.   And it is easy to say "look at your green book to find that information" 

We color code our books.  Red = first meeting with steps to buy and information needed for buyers (red hot client)   green = contract to close steps (green = moola)       Blue for listing presentations = how to sell & prepare to sell (blue= blue skies ahead)   yellow = short sales (yellow = sunshine & joy to come)

Our clients appreciate any extra help you give them.  And if it is a detailed person it gives them a folder to keep all their paperwork for the process.

Nov 25, 2010 10:44 AM
Anonymous
Maya Garg

Hi Margo,

Great story and I am inspired too.  I love your approach.  I do have same approach. I explain whole process of buying to them in our first meeting and educate them thoroughly and have never seen a client who has not returned back to sign Buyer agency.  I feel if you are honest,and professional everyone values your opinion.  We are lucky we get to settle the families in their first home or move up homes.

Thank you for sharing and congratulations for closing the deal.

 

Nov 25, 2010 11:19 AM
#13
Amber Boyd
Novus Real Estate - Wylie, TX

this is a great post!!! please keep them coming!!!

Nov 25, 2010 04:06 PM
Jim Hale
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website

An Open House is often an interview.  A two-way inquiry is best...whenever you have the time to have decent conversation.

Nov 25, 2010 05:41 PM
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Margo:

This is an important story for those who look down on open houses. They can work on so many levels.

Nov 25, 2010 11:18 PM
Lori Cain
Own Tulsa - Tulsa, OK
Midtown Tulsa Real Estate Top Producer

Wow - I've never even heard of such a detailed presentation for a buyer's agent - I would love to see it. Did they ever say WHY they chose the other Realtor first?

Glad they came around!

 

Nov 25, 2010 11:39 PM
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

You worked hard and deserve to be the one. Great piece.

Nov 26, 2010 12:36 AM
Margo Otey
REMAX EXECUTIVE REALTY - Westborough, MA

Thanks for the comments everyone.  Just like sellers who don't want to hear the marketing presentation and want only the price, most buyers don't want to hear about buyer agency - they just want to see the house.  This shortcutting deprives the buyer of a full understanding of the scope of services that are available if they choose the right agent.  I am happy to see by the comments there are so many agents who feel as I do and work hard at good buyer representation.

Nov 26, 2010 02:02 AM
Mark Montross
Catamount Realty Group - Burlington, VT
Listing and Buyer Specialist

We have gotten many listing leads at open houses so I would say that you should always go with the premise that you are being interviewed whether it be by a buyer or a seller.

Nov 26, 2010 04:53 AM
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

Those buyers really did take the time to do their research, great job Margo!

Dec 13, 2010 02:24 AM
Margo Otey
REMAX EXECUTIVE REALTY - Westborough, MA

Thanks Patricia!  These were very deliberate buyers - in every aspect.  When I called for the post-closing follow up they were pleased to tell me that the house they chose suits them perfectly!  A great reward for me as their buyer agent - knowing I listened carefully and served their needs well!

Dec 13, 2010 04:08 AM