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Is Your OPEN HOUSE Open for Business?

Open houses have had mixed responses overall in my office.

In fact, most agents no longer pursue them in this market for fear that they do not have any "fast" response for a sale on the listing itself or they fear that they will not turn up future prospects. Some brokers don't like to do them either because it takes up alot of ad space with no clear indication of return. Real Estate Agents rarely measure the results of any marketing tactic ( and that is fuel for a whole 'nother blog ) or they use the number of visitors as the only measure of an Open House's success. We are, after-all, in a technology driven society that only expects a quick fix and to most who are only looking at the short term and immediate future --- open houses are a lot of work with no fast return.

I have experienced alot of traffic and a terrific return on the event itself because I have other measures of success ( or failure ) for the event. And, I keep them to a minimum and because I look at an Open House as a piece of the overall marketing puzzle with a significant place in the overall marketing mix. I rarely whip in an OPEN HOUSE at the last minute to appease the wants of the seller. Instead, I map out a plan ahead of time and I tie the OPEN HOUSE to all of the marketing tactics that go into marketing of the home.

When developing my listing marketing plan to include the OPEN HOUSE, I map out the plan and communicate the strategy with the seller. I illustrate to the homeowner, the strategy and the timing so they are included in the planning and they, naturally, buy into the overall event.

Some of the strategies that I use to position the OPEN HOUSE include:

1. New listing or premier showing of the home

2. New price or price adjustment

3. Neighborhood or community open house

4. Event /theme drive

Along with the strategies, I incorporate multiple levels of other marketing tactics to support the event itself. This is critical to the overall success of the event and will lead not only support the event itself, these lead to the overall long term marketing success --- the BRANDING of YOU!

INCLUDE AREA BROKERS

One of the most important of these support tactics is to invite the area brokers to tour the home a few days prior to the OPEN HOUSE. There, you network with these brokers and tell them that you will cooperate with them when they send a client/buyer to your open house.

MAILINGS

Don't forget direct mail! Mail invites to the neighborhood, your farm and prospects. This is why you plan the event ahead of time. Even invite past clients to come "visit". This is good for the OPEN HOUSE and good for future business.

BLOG

Use your blog to invite readers to your event. Offer referral fees to other Active Rain agents encouraging them to send buyers. Networking works!

INTERNET ADS

Overlay your existing website, office website or internet advertising to include the open house feature --- new content and timely information evokes responses. Print and share with your seller.

MARK THE MLS

Most Multiple Listing Services have the ability to mark the date for the OPEN HOUSE and Broker Tours --- use as many vehicles as possible to communicate and support the Open HOUSE.

USE EMAILS

Don't forget the ability to use email to market you event to out-of-area buyers and brokers. Lots of companies are out there to support your needs and your pocketbook. Keep hard copies of these emails --- and share with your seller as another means of advertising.

DRESS FOR SUCCESS

When you host an OPEN HOUSE, you are open for business. That means, the potential buyer or seller may get their first impression of you at this event. This not only includes your clothing, it includes your attitude. Are you dressed and confident to help people manage their largest financial asset? If you are not dressed for success, physically and mentally, people in turn will not think you are successful. And in turn, will not trust you...with their business. If you don't want to be there.....no one will want to give you their business. Sounds simple. And it is true.

BRING OTHER WORK WITH YOU

Maximize your work time and you will maximize your sales. Reading the latest novel or sports page will not help you --- use your time effectively. Be prepared to work on that sell sheet or future prospecting.

DO YOUR HOMEWORK

Arm yourself with solid information and mini-market analysis of area homes and sales. Give this data with your card to ALL who visit. AND, know thy neighborhood. Don't know anything about the area schools, homes or local history --- you will not sell the home to an out of towner nor will you get another listing there. ;)

After all is said and done --- go back over each of the above and analyze the results not just for the day but for your future business and the overall BRANDING of you! You will be surprised with the results.

Copyright - Pamela Stetson 2007, www.pamelastetson.com

Posted by Pamela STETSON on 10/19/2007 11:32 AM

Comments (53)

open house, marketing, home sales, mahwah

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53 Comments on Is Your OPEN HOUSE Open for Business?

OCT

2007

In a poor market open houses are about as big a waist of time as shopping for things you don't need

Thanks James --- yes, they may be if you look at it that way.

Again, my measure for success is for long term business. I once did an open house and a year later ---- because of the way I handled the marketing of the OPEN HOUSE --- a neighbor of that listing called me to list her million plus dollar home. I listed it and sold it. That, to me, is a true measure of success for an OPEN HOUSE.... ;) Pamela

And, James....this was within the past 30 DAYS --- and in this market. ;)

H Pamela i will have to agrre with you.I also do alot of open houses and (excluding the frist one with neigkbors comin in)i too have been very succesful with them.Not only do people come in to check out the house they are also looking at what you can do for them because they may be thinking of needing an agnt to market there house .Keep up the good work. Joe

Pamela--this is an excellent blog because the success you receive doing Open Houses is a direct result of what you put into it. I think sometimes that the art of marketing these events is forgotten or lost in the shuffle.

Hey Joe --- thanks for your comments --- GOTTA Luv LBI!!! One of my fav spots. If you are interested in referrrals...and visa versa...let me know!! Thanks again & happy selling! ;)

Yes, Sandy --- you always get what you put in... I know that my mood in the morning directly affects the results I have that day. Believe me not every day is super but....you have to keep going at it or get out as they say. Thanks! Happy selling. ;)

Great post. The more the marketing the more successful the open house.

Hello Pamela, Great post, I myself don't push open house any more due to lack of results. I hold broken open houses and sometimes even the agents are not coming out to preview.

Good advice..I've got an open house tomorrow that I am dreading so I need all the encouragement I can get. Thanks!

Hi Pamela. I'm not a big fan of Open Houses (if the owner prices it to sell it will be sold fast even in this market). I prefer to make a couple of hundred calls, rather than wait for 5 or 10 people (that may not be qualified) to stop by. Best of luck. Great post by the way. If was to do an Open House I would certainly follow the guidelines you have above. Best of luck and keep doing what you do.

The only way you can get business is to do business...and sometimes that means holding Open Houses even when no one shows up. Somehow they pay off, even though it doesn't feel like it that day.

Great Advice. I am doing a last minute open house, tomorrow during the Parade of Homes the local builders are doing in the same area. It is going to be for an Age Restricted area of Bryan, Texas. Since our market is Bryan/College Staion, home of Texas A&M, it is a great location, that won't be student populated. With the Parade of Homes already advertising, it saves me a bundle!!! I am going to look up some more of your ideas and see what else I can do. Thank you

As a mortgage planner that works with Realtors in helping them attract, retain and close more business I have to agree with Pamela. Did you know that 45% of all inquiries end up buying within 12 months? While an open house may not lead to the sale of "that" house they are fruitful to get new buyers into your lead hopper as well as potential listings as Pamela alluded to. Once you get a buyer that is "looking" you now have to manage that lead through a drip marketing system. Remember, if they are out looking at houses chances are that they WILL buy in the next 12 months and 58% of buyers end up working with the first realtor they come in contact with. If worked the right way open houses can be great places to create new business.

Hi Pamela,

Congrats on your featured post! Your advice is very good indeed and those who don't think so are only fooling themselves. When times are changing, returning to the basics is just what is needed. Great to see one of our local agents on the featured posts. Good job!

Hi Maria -- I think you meant, broker open houses ( not broken open houses ) or perhaps it was a freudian slip...lol. I am not suggesting to do them just to do them...or have many of them...they should be strategic and heavily supported via marketing efforst and have multiple reasons for them. Thanks for your post. Happy selling.

Hi Keisha --- Good luck tomorrow AND plan other things around it. Invite a few contacts to attend, maybe even a resource like a mortgage broker, home stager, or other local resource. It is a good time to network... Happy selling!

Hey Vincent....thanks for your comment. Yes, sometimes I don't look forward to things OR sometimes things are way OVERDONE....used wisely and prudently with other measures built around it...will maximize your results. Thanks again!

Hello Chelle --- You are soooo right! That is why I try to minimize the bad stuff and maximize the good stuff..... so that results will follow. I hate wasting time so that is another reason to multi-task during the OPEN HOUSE! Thanks... ;)

Thanks Stephanie --- I appreciate your comments and wish you good luck tomorrow. I am sure that you will be able to put a positive spin on your marketing activites in order to garner better results. Don't forget to share with your sellers and the seller's neighbors! ;)

Great post and ideas.

Wow.... great stats Dave. I love those numbers and will use them in the future. Measurement is key and I know that eventually hard work and effective marketing will pay off. Thanks again!

YES, Lisa ... I was excited, too. AND, I was tagged with a meme today as well. When it RAINS it pours...LOL. I am glad that the info was helpful and that it made a featured post! Thanks for your positive feedback and your ongoing support. It does really help! Thank you.... ;)

Hi John... thanks for your comments and your post. I am glad that it helped. Happy Selling. ;)

Pamela, I like your strategy. I do open houses expecting the worst outcome yet prepare for the best! As a buyers agent, I'm am trying to do at least two open houses a month at targeted listings - high traffic or at new construction sites (to help meet a goal).

I did get burned out doing opens for a previous listing, which is why I'm trying to limit it to two.

Hi Judi --- thanks for your comments. Yes, we all experience burn out...and from time to time we all need to take a fresh look at an old tactic. Keeping the seller's in the loop really HELPs, too.

One of my first posts was on how I turned a stalled listing into a sale at an open house with just creating a sense of urgency. I handed out contracts at the door and explained at the door as of this open house the sellers were dropping the price $5,000. The attendees were the first to know. If they were interested in this house not getting away, I could help them complete the contract OR they could call their agent BUT I was presenting all offers at the end of the open house. Sold it that day.

So, I agree it is all HOW you conduct your open house. In a slow market, get creative. Let's share what does and doesn't work in our marketplace. Thanks for the post. I will take your ideas I am not using and incorporate them.......I love Active Rain............ Thanks!!

WOW...this is terrific and I will share with others that I am mentoring in my office. I love it. Thank you for sharing this valuable approach with me ( since I missed the first post! ). I will go to your blog and read more...thanks again Becky ... ;)

Pamela,

Those are some terrific open house tips. I also do a lot of open houses and have decent results. Thanks for sharing your ideas!

Thank you Steve, for reading and sharing your encouragement. I do appreciate it and if you have any ideas...would love to hear them. I am always learning something new. Happy Selling.... ;)

Hi Pamela,

Thanks for the information, I am a new agent and I recently did an agent open for a listing in a new subdivision and it was now very encouraging, each home had a prize for the agents (mostly gift cards), we had a drawing at the end for each house to determine who got the prize. It seemed to me that agents were more concerned with getting the prized than actually previewing the homes. I will definitly use these tips that you have shared!

Nice to see there are a few agents that still believe in open houses. I am at one right now, on my laptop, browsing active rain in between visitors. I firmly believe that no matter how many ads I run or mailers I send out, there is no substitute for getting out there and actually talking to people! I let them get to know me. I have picked up many clients from open houses. Some have called weeks or months later. I have had people comment on how often they see my signs, and they just assume that I am the neighborhood expert. I provide info for that house, the others for sale in the neighborhood, a CMA and an area map, along with my card and brochure. If I have a house that is in a good traffic area and is vacant, I will open it any chance I get! I may not sell that house off of that open, but there is a good chance to sell the one down the street...

Hi Pamela-

As a home staging professional, I have seen the networking that can occur on a well publisized OH. Don't forget to call a home stager to support the seller in polishing the house before those internet photos!

Like anything, it's how you do it that generates the results.

Hi Pamela,

Great post and thanks for sharing your thoughts on open house.

Real estate is about being seen and heard in one's local community. Whether the market is good or bad, there are buyers looking around. If a house is well priced, it will attract buyers to one's open house. Whether a prospect become a buyer depends on a realtor's ability at building a relationship with the prospect. The opportunity is there to get new business with open house.

Great Post - Great Ideas

We are at the holidays why not try a food drive Open House?

Great Post! I some the ideas that I've received from the other comments. I've moved away from newspaper ads since I've discovered that properly placed internet ads work great. Plus, I knock on doors around the home to invite the neighbors.

While I agree with you that they need to be a purposeful method of marketing yourself and your property, I can't think of a better couple of hours than to spend catching up my top producer account or reading at a open house....whether my listing or not. After all, my earning potenial is $0 just sitting on the couch.

OCT

2007

For those who seek only immediate success with little effort it is easy to complain and find reason not to do an open house. I believe an open hose plays a number of roles in getting the home sold and in helping buyer's agents such as my self find buyers. I am always looking for an opportunity to sit someone's open house because to be it is an integral part of my job.

Great post, Pamela. I have tried several of your ideas, and have had absolutely no visitors at a recent Open House. I also did a broker's open and put a lot of prep work and marketing into it, and only 4 agents came. I'm really getting frustrated with the whole thing, but with your ideas I will try it again...

Marlene Scheffer, Realty Station, Bremerton, Kitsap, WA

Hi Katie --- I , too, am not sure about the prize angle for Brokers. We should do our jobs and visit broker opens to get a good eye on inventory, pricing and to be able to give our buyers advice. If you have only seen properties on paper --- you are not doing your job. Thanks.

Dawn --- You are so right and you have a GREAT attitude. And, it will pay off in the long run. You will not garner additional buyers or sellers when your attitude says, " I don't want to be here or this is a waste of time." Thanks for your comments and keep up the terrific work! ;)

Hi Katie --- I suggest to new agents to invite their potential resources to open houses --- home stagers, lawyers, mortgage people --- heck --- even your dentist. Come to the open house, share ideas and ... it will pay off in the long run. Thanks again. ;)

You are sooooo right. Thanks Paul !

Hello James --- I can't agree with you more. You have to be out there and be creative. Real Estate is hard work...no one promised it would be easy but as they say....you got to be in it! Thanks for your comments.

Rebecca --- It is funny that you mentioned the food drive. See my recent blog --- Sweet 16 --- my daughter had a food drive for her birthday. In order to get into the party, you had to bring a food or personal care product to donate to the local chapter of the Center for Food Action. She collected and donated about $ 600 worth of food. We are going to add that to our portfolio of themes for our OPEN Houses this season.

Thanks!!! Great idea!

Jonathan --- you are right, too. If there is literally nothing doing --- I do the same. I write, call, catch up with the market and other things --- online! Terrific. As long as no time is wasted it is time well spent, I always say....thanks and happy selling!

Hi Darryl --- You are so right. I glaze over with anyone who complains and whines.... I love your bio by the way. You see --- if you have the right approach from the get go...it shows in everything you do. You will EXCEED expectations! Happy Selling!

Marlene --- it is very easy to get frustrated. Just work through it and first, assign more ways to measure your open besides attendees. For example,

I will call 10 new prospects from the open.

I will FAX 20 brokers an invite.

I will knock on 5 neighbors' doors, invite them and hand them a card.

You get the idea. That way you will see --- down the road --- it was time well spent. Your hard work will pay off in the long run. Just keep going....

Happy Selling

Anything will work of you approach it with a positive attitude. Great post. I do open houses--especially with a new listing--and use postcards, email, the MLS, my web site, Criag's List, a sign rider for the whole week previous, etc. Every opportunity to shake someone's hand and say HI I am Gerry Banister, a REALTOR, and give them a business card, is worth the effort.

What a refreshing look at holding Open Houses. I also like your last bullet - do your homework. So many agents don't and they look like "greeters" instead of qualified agents.

OCT

2007

Great advice. I will be doing my first open house here in Cyprus where they have not even heard of open houses. Hopefully my marketing of it will bring me some new business if not a buyer. I will follow your advice! Thanks.

Hi Pamela, thanks for sharing your Open House tips! They're great! Bookmarked :)

OCT

2007

Great tips! Hopefully a lot of agents can learn from this site and we all can benfit from such professionalism...

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