Holding an open house is considered a tactic of that “old time Realtor” by the young and techie in the industry, however, there is still a number of buyers that enjoy that casual face to face interaction delivered during an open house; especially if that open house feeds the curiosity of those seeking to explore the potential of a foreclosed property. Current media hype, investment property home shows, and consumer awareness have created a niche for open houses untapped by most Realtors- Foreclosures.
Every neighborhood has them so the options are endless for Realtors to choose good subjects for the open house. Preview the home to make sure it would be a suitable property for visitors. I tend to choose those properties that clearly just need some cosmetic overhauling, with good access, and in areas that have increased activity or unique features that would attract the masses.
There are multiple resources for FREE advertising including Craig list, Facebook, Google +, Twitter, and Linked In (this is where the “old timers” mesh with the tech savvy young’uns). Let the public know it’s a Foreclosed property and watch the curious start to arrive. Invite the neighbors and engage them in the opportunity to find a new owner for the home.
I advertised my most recent endeavor with “Foreclosure Open House Weekend”. The simple addition of foreclosure brought in more visitors than just the mundane ad “open house” My approach was to sit the same property both Saturday and Sunday for short durations letting the Saturday visitors know I’d be back Sunday and asking if they would invite someone they knew that would enjoy viewing a foreclosed property as much as they did. This simple call to action proved to be my best marketing tactic and did in fact bring in Sunday visitors.
Business generated from this weekend included buyers that were actively out looking for homes for sale in the Stetson Hills area as well as several Fort Carson military relocation referrals from the active duty neighbors that dropped in for a visit. Those few minutes of interaction allowed the opportunity to build credibility with my market knowledge for the Stetson Hills area, my experience with military relocation, and introduce my personality building a face to face relationship that could take months on the net. Taking advantage of market trends and consumer interest in foreclosures is a practical method for prospecting for future clients in today’s market place.