It's the end of the year and I've got my new business plan for 2011 on paper but now I've got second thoughts. In 2010 I think I did about 25 open houses.
I can't think of a single buyer that bought a listing because of an open house in 2010.
I can't think of a single buyer I met at an open house and worked with to a closed transaction in 2010.
I can't think of a single neighbor or other drop in at an open house that listed their home with me in 2010.
So recently, in my 2011 plan I decided not to do open houses. I was thinking that I can always find another agent in my office to hold my listings open. If I get all of my listings priced exactly right, they will sell the first week anyway. And I have lots of other things I could be doing on Sundays.
But then I caught part of a Celtic's game on TV. I don't know about you but when I see parquet flooring, when I see the Celtics on TV, I think of Robert Parish, Danny Ainge, Kevin McHale and Larry Bird. 1980's NBA basketball. Sure, you've got your favorites and I respect that. But...
I remember watching Larry Bird in the finals of the NCAA tournament in the late 70's and one interviewer caught him pre-game or post game practicing left handed shots. The interviewer asked him why? And Larry told him it was because he was no good at shooting left handed. Years later, as a pro, Larry told his team mates he was going to take all of his shots left handed in a game. He didn't, but he got more than 20 of his 47 points left handed.
The point is, maybe my open house skills are rusty. Maybe I need to practice them some more and find a way to make them work in the current economy. So I'm going to add open houses back into my 2011 business plan. I'm going to put a little more thought into the advertising and the presentation. I'm going to meet some interesting people and convert them into clients. 2011 is going to be a good year.
Glenn, in my 2001 business plan I included a goal of doing at least 2 open houses a month and preferrably 4. In the past I haven't had much success and I can't trace a single closed transaction to an open house I held. However, I looked at the overall number of new contacts I'm aiming for (a real weakness for me) and thought about how many contacts I made at the last open house I held. I look at it as a numbers game and if I can make 10-15 contacts holding an open house, then I've done pretty good. I try to build a rapport with those who stop by, including neighbors, and I always give them a few cards, not just one. They may not end up being a buyer, but if I've built enough of a relationship with them, they may give my info to someone else. Another consideration for me was my goal to be the neighborhood expert, so I am very selective about which properties I hold open. I want the neighbors to remember my name and associate with their neighborhood. To illustrate my point, my daughter and I were out driving and we saw an open house sign that an agent had posted on a busy corner. My daughter suddenly pipes up with how this agent is always holding open houses in that particular area, so she must know the area well and have a lot of listings there. Bingo! Out of the mouths of babes (and she's a teenager). That's how I want people to think about me.
I hope you're new strategy works out and wish you a healthy and prosperous new year.
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519
Seems to me that the people that show up (if any do) at open houses are random. I gave up doing them a couple years ago because of the unpredictability.
Short Sales, Foreclosures, Rentals, Income Real Estate - Anaheim, CA
Commercial & SFR, Anaheim CA, Real Estate & Short
Glenn i'm glad you decided to put open houses back on for 2011! I hope you keep us updated with the progress and the success that you gain from it. That's also a very interesting story about Bird with the left hand... good stuff for a basketball fan like myself. Thanks!
Debbie DiFonzo - United Country VIP Realty, SW Missouri - Lebanon, MO
Lebanon MO and Buffalo Missouri Real Estate
I have mixed emotions on open houses. They do not generate a lot of traffic in our rural area - but as Lenn mentioned you really don't know how an open house could benefit you in the long run - in ways you never will know.
I do less than a handful a year - this post has me thinking - maybe add a few more?
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate
"A little more thought into the advertising and the presentation ..." That's the thousands and thousands of left-handed shots Bird took in practice so he could be ready for game situations. Maybe you could even bring a little of Larry to each open house, like knocking on 33 doors around the listing. Good luck!
Say no more ! I have open houses figured out dont do them ! Well Sort of. If you have a lead generation system where you are getting leads on a regular basis then dont do them. If you decide to hold them because you lack sufficent lead generation you have to make it an event. I rarely do them but when I do I invite neighbours, make it an event put up 10 signs minimum , balloons advertising etc etc ( you get the idea) . A properly run open houses can generate leads and double traffic.
Personally I always felt like a wallflower putting up signs standing on a corner going are you working with anyone etc etc.
I eliminated open houses and my numbers have not declined and my quality of life has improved greatly !!
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com) - Lexington, KY
The Central Kentucky Home Inspector, Lexington KY
Pateince and persistence get it done. Seems lots of agens complain about nothing from open houses but, those who really work them, say they pay off.
What the heck do I know, I'm just an inspector, but I find that if I really want something to work, it takes hard work to make it succeed. Perhaps some people just don't put enough effort into making them work.
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS
Glenn - Take Lenn's advice to blog about it. Google seems to love open house blogs, they shoot up to the top right away and stay for quite awhile, which means that any backlinks to your website are valuable.
The Real Estate Network 719.331.4824 - Colorado Springs, CO
Mark and Janelle Potter Realtors - Broadmoor Colo.
Hi Glenn. Loved the blog and watching the Bird video. I went to Indiana State right b/4 Bird years, but l lived in Terre Haute for those great basketball times. Recieved my degree in Marketing. I believe in open houses just like Kristi. You are marketing the home, but best of all your face and company is out in the community as a leader in your industry. Open houses are just another way to market your sales plans. Scale back, but make them the event of the neighborhood.
Mark
Glen: Happy New year. I actually enjoy doing open houses (most of the time). Even if I don't get a new client (which I often do) it's a chance to interact with the buying public and gauge their buying sentiment and also get their opinion on the house I'm holiding open.
Good for you taking a second look at yourself rather than the open houses. If you have people show up and you aren't converting them, then it isn't the open house that is the problem.
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