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BROKER'S OPEN HOUSES--TO ATTEND OR NOT TO ATTEND?

By Barb Szabo, CRS

Real Estate Agent with RE/MAX Above & Beyond

December 17, 2008 05:36 AM

Here in Cleveland Ohio agents are afforded the opportunity to see a great many homes in their market area every Tuesday by attending a broker's open house. The listing agent will hold it open anywhere from 10-2 and often serves a snack or light lunch.

colonial small house house w/3car gar

This is meant to be a means of exposure for the seller, and a by product is an education on market conditions, and pricing for the agents who come to preview the property. This is so much more than going to lunch. Every house I see is another one in my arsenal. How many times have you been dead on with your price on a listing appointment because you had seen so many homes in the area? How many times have you thought a list agent was wrong about the price because you had seen so many homes in the area? Of course we can 't look at them all because that's unrealistic, but we can look at the ones for which we may have a buyer or for which we may have a competing listing down the road. The idea is to see enough so that you get a good feel for the neighborhood.

THIS CAN BE A GREAT OPPORTUNITY TO SEE HOMES IN WHAT YOU CONSIDER TO BE OR WOULD LIKE TO BE YOUR MARKET AREA

For me it's a valuable tool. What do you think?

When a seller asks you "Have you seen the other 4 homes for sale on my street?" what will your answer be?

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Laura Kombrink

RE/MAX Alliance - Collinsville, IL

As a listing agent that holds broker opens...I find it very valuable to get feedback from the agents that stop by. I always put out a survey along with lunch. It helps me when I have to talk with the seller about whether or not we've priced the home correctly. After all...the seller may not take my word for it, but how can he argue with that many experts?

Dec 17, 2008 05:57 AM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Laura, In the past several months I have seen agents get price reductions time and time again because of the opinions given at a broker's open. Thanks for stopping by.

Dec 17, 2008 06:09 AM

Lissa Uder

RE/MAX Next Generation, LLC - Lebanon, MO

Your Lebanon MO Real Estate Agent

Great points! I try to view all the homes I can. If I am driving by a vacant listing and have time, I'll stop in. It is extremely helpful to have an idea of what's available and whether or not it meets the needs of the client before showing it to them. Makes us look like we know our business.

Then there's the fact that if we show we're willing to work along side other agents, they are more willing to work with us and sell our listings. I'd rather make 50% of something than 100% of nothing.

Lissa Uder, Your Lebanon MO Real Estate Agent

Dec 17, 2008 07:07 AM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Lissa, I'm with you. I don't think an agent can see too many houses. Knowledge is power. Thanks for your comments.

Dec 17, 2008 08:01 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Barb, with virtual tours and all those on-line photos, a lot of agents skip the tours and previewing. I preview a whole lot, and I think it makes a huge difference! I do mostly buyer brokerage, and it so helps to know the territory!

Dec 17, 2008 10:03 AM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Patricia, You are right. Often times agents will say there are so many pics on line they don't have to go see the house. But I have shown many a home and I'm sure you have as well that look great in the online pictures, and when you get there it's another story!!

Dec 17, 2008 11:34 AM

Tami Vroma

West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI

Realtor, Grand Rapids MI Real Estate

We don't do this here in Michigan. Well some have tried it but it didn't fly to well.

Dec 17, 2008 11:58 AM

Marcy Moyer

eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA

Probate, Trust, and Investment Specialist

This is a big deal in Silicon Valley. At my open houses for realtors I offer a $100 gift certificate to Tiffany's as an enticement, along with food. This seems to be a great incentive to get agents in for both exposure and feedback.

marcy Moyer Intero Real Estate Menlo Park Ca

Dec 17, 2008 12:51 PM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Tami, Isn't interesting how different some things are in the same business?

Marcy, Wow $100? That's the difference between California and Ohio. We offer $25 gas cards and it's either that OR lunch, but not both!!LOL

Dec 17, 2008 01:11 PM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Barb, it is a valuable tool. You get to know "personally" the local inventory. I agree that agents will give the listing agent terrific feedback on price, condition, staging.

Dec 17, 2008 02:11 PM

Denise Gray

Realty World Alliance - Wichita, KS

Realtor SRES, Wichita Kansas Homes

A Loan Officer I work with was complaining one morning that she had to go to another Brokers Open. She was supply the food. I was surprised by her response. She told me the same agents come to everyone of these, slams down the food and goes back out the door without taking a look at the house. She describes it as people who go to Sam's during lunch time and snack on all the free hand outs while they shop without the shopping.

Dec 17, 2008 02:19 PM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Gary, You're right and it's an opportunity to network with other agents. Your face has to be out there or you will be forgotten. Thanks for stopping by.

Denise, I have no doubt there are agents out there like that but the ones I tour with actually look at the house basement to bedrooms and give sincere input. Maybe that loan office should politely point out to them that the first priority is the tour of the house, lunch is a bonus. It takes all kinds I guess.

Dec 17, 2008 02:26 PM

Dan and Amy Schuman

Howard Hanna Real Estate Services - Solon, OH

Luxury Home Specialists

Touring is critical to learning the market and being a successful agent. It's a huge part of our job. I know a lot of agent who don't tour and rely on the MLS photos, but pictures don't always tell the true story. Touring also helps you forge relationships with other agents. You made a good point that you never know when someone ( listing appt., friend..) will ask you "have you seen the home on ..." and it makes you look so much more professional when you can rattle off everything about that home. If you want people to think of you as the expert in a certain area, you better know the inventory inside and out. If you're ever out here in Solon Barb, we'd love to see you.

Dec 18, 2008 07:25 AM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Amy, Solon?? That's practically in my back yard! Thanks for stopping by and for your comments. You're right on with your comments. Have a wonderful holiday!

Dec 18, 2008 10:32 AM