As a new realtor three years ago, I received a lot of advice. Conflicting advice in many instances as it turned out. My plan was to be a buyer specialist initially but where would I get buyers? Hold open houses. But I had no listings! Hold them for other agents. OK!
I offered to hold open houses for experienced agents and my rookie self learned a lot. The first open I held was nearly wordlessly critiqued by the listing agent when I parked my car in front of the house directly screening the for sale/open house sign, and that was just my first mistake. Another agent offered me her open and said she would advertise my name and cell, and she did. She just didn't advertise it in our company colorful ad but instead had it under "condos for sale" and then charged me for the ad. I paid because I had been so stupid to not ask those questions and never did another open for her again. No one even came to the open! I soon realized that I needed to research the properties to see if they might be desirable opens, as well as determining what kind of advertising would be done. Most agents would advertise my name and cell in their ad at no charge and print flyers with my contact info for the open house. One agent even told me to leave the extra flyers from the open in his flyer box - thank you! Yet the sad truth is that visitors rarely came to the open houses. Why would they? The internet provided stats, photos, virtual tours, mortgage calculators, maps, neighborhood information, all accessible while wearing pajamas in bed. There were many times I wished I had worn my pajamas and brought a cot to opens. I excel at power napping and no one would have disturbed me anyway!
I soon learned how to make the most of the empty open house hours. I read the Sunday paper start to finish. I organized paperwork. I cleaned out my car. I made phone calls, business, personal, crank. OK, I never made crank calls. I would knit. OK, I never did that either. I would daydream. Yes, that is true. I would daydream about buyers coming to my open house and writing an offer. Once my daydream came true while I was holding my own property open so I double dipped it besides! There was another time I held an open despite having a bottom-lined contract; the buyer was dragging his feet with the financing and I wanted to light a fire under him. It was a last minute unadvertised open but there were multiple signs from the main streets. It was a desirable historic foreclosure property with a 5 day turnaround from listing to sales contract with Christmas falling in the middle of those five days. There had been a lot of interest. I called all the interested parties and told them to come take a look, the deal might be falling apart. I invited the neighbors in too. It was a party! I closed the deal with the initial buyer, sold a property to another party, listed a third party and listed a rental, have buyer agency with two additional parties and am about to sell another property to the second party, listing two of her properties in the process. Got that? It was one successful open house! I doubt I will ever equal it. Having said all of that, I think the open house is essentially dead.
Realtor only opens, now there I felt there was still some steam. In my region, if free lunch is advertised there is usually a Tuesday turnout. I staged my vacant vintage listing with good quality pieces, submitted photos to the MLS, advertised the open MLS wide, stated the origin of the buffet, emailed all of my office mates. One realtor showed up and she sold me a prepaid legal plan while she was there and had lunch besides! Fortunately an actual renter called during the open and I told her to come right over, I would even feed her. She loved the place but it wasn't quite right for her so she ate, I packed up take-out for her sick son at home, showed her the property up the road for rent and am still waiting to hear back from her. Granted, there was a death in the family somewhere - I hope it wasn't her sick son from eating my two-hour-old Vietnamese buffet, probably four hours old by the time it got to him. No, I would have heard about that. I have to give that woman another call. She really did like that place up the road. The lease will put $350 in my pocket, just about what I need to cover the expense of time, gas and food for the empty open I held. See, life has a way of evening things out. R.I.P. Open House - I won't miss you a bit.
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