Is the Broker Open Dead?

I'm with you on this one Tom. In my market, a couple of dominant regional independents still hold "caravan" type tours after their mandatory office meetings every week. So their Broker Opens get some attendance. The rest of them pretty much die. It's a Seller pacification tool. So why put your Seller through the stress of preparation for nothing?? It is an expensive time-waster. Agents who DO go, only do so out of a sense of loyalty to the lsiting agent or the freebies.

Hi Tom,

Totally agree.

Haven't been to, or held, a broker open for a very long time.

Phil

Times are changing. Isn't it? (I got to admit, I am not a big fan of Broker's Open - what we call 'CARAVAN' in our neighborhood!)

I agree. An agent friend of mine just recently canceled her broker open after she only got 4 people to respond ( with arm twisting). She was even doing a drawing for a 100 dollar cash prize and was planning on having a lot of food.

I personally haven't held one in two years. My last one being unsuccessful...except for the fact that I got a lot of work done.

It works where I am...we are serving lobster rolls tomorrow...I will let you know how it goes.

I think that Broker Opens are more important than Public Open Houses but I think that we (and I'm including myself here)  are getting lazy about previewing homes.  Sure, we can look at them online.  So can the buyers.  Seeing the property in person may clue you in to a detail that may be important to a buyer, but isn't seen in photos.  It helps us solidify our relationships with buyers--after all, if all it took to find a home was looking at photos online, then buyers should just call the listing agent to see the home.  I know that's heresy in our business, but that is what we are setting ourselves up for. 

It's also important to see homes so that we can talk about the comparables when we are on a listing appointment.

Broker Opens are an important tool and we should use them to our advantage.

I'll be sad if broker opens are dead, but I'm already ordering food for the wake...maybe a nice assortment of cold salads and a little white wine. I used to love tour lunches -- a way to show off in so many ways. I held 50 in 2009 but maybe only 15 this year. But as inventory has grown, as more buyers want shorts and REOs, and market time drags out, I have to use tour days to see the competition and the inventory. I can't tour and serve lunch every week....it's not the money, it's exactly as you say....maybe no longer worth the effort.

I only hold a broker open when I can get 5-6 other listors in the same neighborhood to hold open at the same time and I only visit other broker opens when I can see many listings in a short time. 

Tom, the last broker open I attended it was me and another agent from my office.  I felt kind of badly for the listing agent, who had catered sandwiches, salad and beverages.  The two of us chatted and ate lunch, and that was it.  The property was still on the market 6 months later.  Perhaps overpriced?  Great post,

Is it possible Brokers in your market are providing too much information on the internet to Agents and Buyers? I'm doing a first Broker's Open this afternoon... I'll report back on how my attendance was. I usually average about 50-60 brokers in my market. I had a mentor who had two great sayings... "You can't sell something you haven't seen!" and " If you're in the office, you're not making any money!" I think it's time everyone gets back to the basics. Perhaps hold your Broker Open the first or second day upon inputing the listing into the MLS -before you post your Virtual "this and that." Suzy's 2 Cents...

In Dallas if you want a good turn out just have the Hamburger Man do the catering.  Droves of people show up.

Tom - I couldn't agree more.

Tom, I think the Broker opens are more beneficial to all involved than regular opens.  I sure hope they don't go by the wayside...I can't believe you even bribed them and no one showed.  Ugh!

If priced right the house will sell without broker opens or open houses to the public. The seller needs to decide what's worth more:Making payments for 6 to 12 months or dropping the price now to move it ASAP.

It is interesting to see the different views on the broker opens in other markets.  I think that they are all but dead here.  I have had some this year with success, but they required catered food and lots of advertising....and not one of those agents that came, 25 of them, had a buyer that was ever shown the home.  I agree that the caravans are not as popular.  But in higher price brackets where public open houses are not done, broker opens can be the only way for agents to take a look!  Those are the only listings that we still do them for at this point.

I think it is dead.  I've personally never gone to one because honestly I would be there just to grab some free food.  With pictures and being able to easily preview a listing if needed this to means that I wouldn't need to go to a broker open.