Open Houses in a Buyer's Market
Is it time to reinvent the Open House in a buyer's market? I know, Open Houses' don't sell homes-but I read that 48 percent of all Virginia Beach homebuyers go to Open Houses'. The house can actually become a successful tool for building trust and connecting you and your buyers with their dream home. Once that happens, you can help them connect with the right home financing to ensure that the transaction will close smoothly and on time.
Prospective buyers attend Open Houses' to get a feel for what they do and do not like-not necessarily because they want to buy the home they are visiting. So, when you hold an open house, focus on establishing a rapport with the guests who attend-gain their trust and talk with them about their likes and dislikes, including the number of rooms, floor plan and-most importantly-price range. Your local Mortgage Advisor should be available (at least by phone) during your Open Houses' and provide guests with a mortgage pre-approval decision-often in less time than it takes for you to give them a house tour! That way, you-and they-will know exactly how much house they can afford, and you may be able to guide them to other listings of yours that more closely match their preferences and financial situation.
Why not re-position the Open House event as a "cross-pollinating" listing tool. When you give a listing presentation to sellers, tell them that you can hold several complementary Open Houses' on the same day-visitors to one house may be more interested in one of the other houses that are open. Explain to your sellers that your other Open Houses' held on that day can bring buyers back to them. This is just another example of the value that an experienced real estate professional can provide in a buyer's market.
Never underestimate the importance of providing handouts at your Open House events. Get some customizable Mortgage Listing Sheets as they are ideal take-aways, and you can make sure your guests remember you by including your photo and contact details on each sheet, along with information about the listed property.
Here's a helpful hint: Don't leave listing sheets or other handouts on the table for guests to take themselves. Rather, make sure you hand them to your guests personally and strike up conversation to find out more details about what they are looking for. Are they a first-time homebuyer? You should have a First-Time Homebuyer Sheet that explains the home financing process in simple terms and it's the perfect way to show these customers you understand their needs. Do they know what type of mortgage they might want.
There are a lot of homes on the market and I think it takes more then just putting a home in the MLS to sell. Open Houses' should just be another weapon we have in our arsenal.
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