What I Learned at Broker Open Houses Today

In Chicago, Tuesdays are the day that most broker open houses are held.

Our company is getting ready to launch a marketing campaign in Chicago's Urkainian Village neighborhood and, wanting to get a better feel for the submarket, I attended four broker open houses today.

I was very pleased with what I saw and heard:

GREAT TURNOUT - All four properties I toured had at least two different groups of agents while I was there. 

HONEST FEEDBACK - Agents were open and honest with their feedback on the properties.

CONSTRUCTIVE CRITICISM- Sharing of ideas and discussion of how to sell the properties more quickly.

Admittedly, there were raffles and food and other such things that lure us to attend but, more importantly, it was encouraging to see agents helping agents.

What I learned today:

Broker open houses are still a great medium for a "check up" on your listings. 

Don't over-leverage internet marketing and don't forget about straw poll feedback analysis

Attend and hold broker opens - a great opporunity to give and get input from other real estate pros.

 

 

 

 
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8 Comments on What I Learned at Broker Open Houses Today

I don't mind attending Realtor luncheon's as long as they are in my selling area. I just received an email today that was an invitation to a builder realtor luncheon. Of course I will not be attending because I just don't have that kind of money to drive out of the way with gas prices like these.

05/13/2008 06:09 PM by Angelia Garcia (Francesca Realty.LLC)


Sorry, I do not believe in Broker Open Houses. They just do not work in our area.

Cost wise they are a waste of money for that broker. go late and they want you to take the leftovers to your office that end in the trash.

Most that come are from the same office unless the word is out that you are serving LOBSTA.

They are great if you want a free lunch.

Like Sunday Open houses, rarely if at all get a buyer for that property.

Listen about who is pregnant. I do not need to listen to that.

I feel that I could get more out of knocking on the door of an expired listing.

 

05/13/2008 06:33 PM by Richard Pino (Carlsonre.com)


Richard, I can't tell if you are trying to be funny or not but your incredible negativity surprises me. You could have left it at you don't believe in Brokers opens or that they don't work in your market.

Andrew, My partner, Tony is known for his Broker's Opens. The ones that he initiates usually draw between 25-40 agents each time. He goes all out with a theme and keeps this alive with great food and great information. I have heard agents from many different firms talk about how great his functions are. He recently held a neighborhood open house, just for people in that neighborhood. It culminated in a party at the last house and they had to kick people out as everyone had a great time. Bottom line, if you are going to do it, do it right. Opening a box of Ritz and some Cheez Wiz just doesn't cut it.

05/13/2008 07:46 PM by Jim Hirschhorn, GRI, Real Living - Orlando (Real Living Real Estate Solutions)


Angelia- We're lucky here in Chicago in that the dense nature of housing here enables us to cover a lot of property in a small geographic area.  Point taken on the gas, though.

Richard- I can see you have a strong opinion on the matter.  Thanks for stopping by, I guess...  ;-)

Jim- Couldn't agree more with you on the Ritz/Cheez Wiz comment.  You still have to incent people to attend your broker open over another.  Tony sounds like he's got the right idea.

05/13/2008 11:08 PM by Helios Realty and Development


I'm glad to hear that Broker Open Houses are working for someone! In our market, the only people who attend them tend to be brand new agents (who are always more than willing to share their "expert" opinions) and agents who have no business -- the succesful agents are usually busy being succesful.

The one thing we have found that works VERY well is to search our MLS and find who has actually been a Selling Agent within the neighborhood and inviting the top 10 or so to a private preview of the property followed by a networking lunch at a local nice restaurant.  Invitations are handwritten and addressed, require an RSVP, and are exclusive (non-transferable.)  This has been particulary effective with our luxury home properties. 

05/14/2008 07:51 AM by Real Living Signature Properties


Whats wrong with Ritz?

05/14/2008 12:30 PM by Real Living Partners


John - I'll be sharing your idea with our agents.  Thanks!

Hoyt - I would have thought you to be a pork rinds kind of guy....

05/14/2008 04:32 PM by Helios Realty and Development


I love Broker Opens! Going to another today. My sellers love getting the exposure to a group of agents with active buyers they are working with as well as feedback and constructive criticism to help their home SELL! Glad it is working for you in your area too.

05/15/2008 08:08 AM by Charity Lane (Remax 100)


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Real Estate Brokerage: Helios Realty and Development
Andrew Magliochetti CCIM
Chicago, IL
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Helios Realty and Development

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