Broker's Open Houses ~ Do They Work?

I believe in hosting public & broker open houses just for the feedback alone.  You have buyers and brokers who will not mince words and will give you their honest opinion about what they like and don't like about the home, and more importantly, discuss pricing.  This feedback is then important to share with the seller.  So I'm all for it! 

I think it's a great awareness campaign. We still don't get a large turnout in my area...even with free food, but I like to go to see the property. I like having first hand knowledge of the inventory. Do they work??? It's difficult to say. The turnout is so low, that not too many agents are seeing the property, but all it takes is one buyer to get a deal done.

I believe it is a Realtor's responsibility to be familiar with the inventory in the market they serve. If you don't know the inventory how can you recognize which house is perfect for the buyers you are working with?

The best way to familiarize yourself with the inventory is Broker's open houses. Each time I attend one, I rack my brain for who I have that this home would be ideal for, not just in terms of bedrooms and bathrooms. The layout, area and character of a home determines whether it will work for an individual or family.  If you don't have anyone at that moment then when some one asks for a specific feature or eliminates an  aspect of a home a particular home you saw may come to mind. I think they are important.

Gary ~ I believe Broker Open Houses are a local custom. In my area we very rarely hold them but my friend in Pasadena has a standing appointment every Thursday for a broker caravan. However I believe Open houses can be successful so this Saturday I am hosting a Broker/Public Open House.

NO, double no.  Waste of time.  Not once did an agent that attended my open house ever bring a buyer after previewing the home!  That went on for years with no results.  I would say that it was good for newer agents so that they get to know 'their product' especially in subdivisions.  Newbies don't tour anymore & I'm not sure how they get to know their market anymore.  I stopped doing these way over 15 years ago - same with regular Open Houses. 

If they don't produce results why do we keep doing it?  Oh, but that's right, you're special, so you expect a different result right?

The only time I've seen them work well is when they are "New Construction projects." Then, I think a Broker's Open makes good sense. Otherwise, nope from me.

I make a point of touring new listings and opens on the weekends..or naturally when I'm looking with buyers. I generally avoid Broker Open houses...not my cup of tea, even when they bribe us with $100 Nordstrom gift cards. ;)

Seldom.  I have attended many and most arre still on the market a few months later.  A great networking idea.

Hi Gary, I am strong advocate for the Brokers Open. My last Broker's Open a couple weeks was a huge success at a stunning property with owners that were past clients and 12 year friends, Attendence was 90+. Even the Brokers were impressed with the attendence. But the best comment came from a couple neighbors that stopped me outside. They said they have never seen anything like this, every Broker in town seemed to be here. I think it was partially my pitch of the property and true story I told there about the family that owned it When I took my seat, I saw tears and smiles coming from my real estate colleagues.

I guess it depends on what your objective is.  If it is to get the house sold, no, I don't think that you produce a contract from a brokers open.  But does it give you great feedback, yes.  Is it good for networking, yes.

I don't think a broker's open has ever resulted in a direct sale, but I do think they give us an opportunity to familarize ourselves with what is out there. It's nice to be able to tell a buyer or seller that I've seen this or that house and how it compares to their house or one that they may be considering purchasing. Plus, I do think it's nice to "reconnect" with other agents.

I'm not an agent....but I did have an interesting experience selling a house 9 yrs ago.  The agent we hired to list our house was not local to my neighborhood....big mistake.  She had a broker open and not one agent showed up.  After several months on the market with very little showings and no offers we switched to a local agent.  She had a broker open and the house was FULL.  Sold within 2 weeks.  Interesting.

To Sharon above:  It's unfortunate that in some parts, agents will not show listings that are held by an out-of-area agent. My most recent one did get several agents with one bringing back a potential buyer a couple of days later. Mostly, I value the feedback from agents who've been around forever.