If you are going to host a broker's open for a home listed over $1 million you better party like a rock star or you are only going to humiliate yourself. Let's face it, as much as we would like to believe that brokers or agents go to open houses to actually look at the house, the sad reality is almost all go for the free food. The small percentage that actually have a customer and go to scout out the property are a rare breed indeed.
However, why get cheap and take a chance? If you want agents to come to all of your future broker's opens you better give them a reason, and that means setting up a nice spread.
If you cannot afford it, and I sympathize with those can't right now, get a sponsor for crying out loud. There are many mortgage brokers and title companies that just love to co-host these types of events. Don't be too shy or embarrassed to ask.
I have been to several open houses over the last few months and noticed that the food and drink were slim pickens big time. I was not only hungry going in, but more embarrassed for the hosts who dared put out such a cheap spread. If you want to get a big turn out you need to give the customer what in retail is called the "loss leader." You bait in the customer with something so cheap you are taking a loss on it in order to close on the bigger item or items to make up for it. So, you lose on the food, but make up for it on the sale of the house quicker. This philosphy works. Just read the Sunday paper. Every big name store has a loss leader. Yours should be food.
Just yesterday I went to a $1 million+ home in a very expensive neighborhood and the host agents served brownies. Brownies I say. The flyer never said anything about brownies, just lunch. Now, if I am the homeowner I am immediately wondering how on earth these agents expect to attract customers when they get chintzy? If they are making little effort in the open house what effort are they making publicly advertising?
I will say this, however, if that were my listing I'd mortgage my own home to lay out the spread and get customers in there to buy. I'd coddle that home as if it were my only first born child, giving it all the love and nourishment it deserves. I treat my clients who list with me like rock stars. Whatever it takes so long as we are both on the same page philosophically. I am just like a football coach at times; Buy into my philiosophy and I will take you to the Super Bowl. Needless to say, I had to go eat lunch after lunch. Maybe I deserved it because I only went for the free meal, but I did do my due diligence and actually toured the home completely before partaking. Am I the only agent who does this?
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