Why is a broker tour an important part of the listing process? A broker tour or broker's open house is an excellent opportunity to showcase your new listing to the real estate community and obtain valuable feedback from a variety of sources (aka opinions about the house).
Check Your Emotions At the Door. Many times, sellers have a difficult time removing their personal feelings and emotions during the sales process. One of the key factors in hiring a real estate professional is to get an unbiased opinion of value and the market (yes, as unbiased as one receiving a commission can be). The broker tour will test your emotions as critical peers will be evaluating how your home stands against the competition. These are the same agents working with buyers that could sell your home, so it is wise to value their opinion (as buyers likely will).
Showcase. You, the seller, just chose your real estate professional and are very excited to showcase your property to the world! What better way than to have a fun, relaxing event that highlights the best features of your home to the local professionals that are working with 100s or 1,000s of buyers! This is the time for your property to shine, stand above the rest. Think of it as the car in the showroom alone by itself. Everyone notices it! It's center stage baby!
Analyze. If done properly, the broker tour will be conducted within the first 2 weeks (the earlier the better as long as you have a good turnout). Hopefully there will be lots of feedback to review and analyze. Do not make the mistake of taking offense to the feedback. You are marketing to masses, not a small percentage group. Think how builders market their properties. They focus on the majority. If you take this valuable feedback and work it into your pricing or staging/improvements, you are sure to come out on top!
GAME PLAN. Much like an NFL coach before a big game, the seller and the agent need to game plan for the road ahead. The broker tour is the game film needed to properly prepare for the competition. Yes, your listing (or home, as sellers like to refer to it) has to compete. Be ahead of the competition in most categories (price, condition, location, upgrades...) and you are sure to reach your goal!