1) It's a great way to be certain that Buyer's agents are familiar with your property.
Let's face it....buyer's agents have the ear of consumers who the listing agent will probably never get to speak to. A Broker's Open house is one way to encourage those agents to schedule showing appointments for their client. The theory is that once an agent sees your home and learns how terrific it is, he or she will want to spread the word.
2) The feedback you will receive from the Real Estate professionals can be quite enlightening.
It's great that your listing agent completed a market analysis on your place and reviewed all of the pertinent statistics, but it is also comforting to receive opinions and feedback from several other Realtors. Sometimes you can be quite surprised by someone else's perspective. For instance, at a recent open house, one of the attendees remarked that the property was centrally located to the Jersey Shore, Philadelphia and Baltimore. These locales were all within an hour to an hour-and-a-half distance from the property. Apparently, this particular person was thinking in terms of business travel and the closest airports.
3) The marketing efforts to invite and attract the Realtors to the Open House can catch a Buyer's eye, too.
It is not uncommon for agents to bring one of their Buyers to the event and that is a wonderful outcome for any seller! Additionally, if the listing agent utilizes social media, announcing the Open House on facebook, twitter, pinterest, linkedin, blogs, etc. is excellent exposure to the market.
4) Newton's Laws of Motion!
An object that is at rest will stay at rest unless an external force acts upon it.
An object that is in motion will not change its velocity unless an external force acts upon it. In other words, marketing activity attracts interest -- interest turns into showings -- showings attract offers -- offers turn into an agreement of sale which leads to the final settlement.
5) Realtors are no different from anyone else....they like to eat.
Perhaps if they enjoy your home over a relaxing meal with their fellow agents a 'warm and fuzzy feeling' will be associated with your listing. A positive experience and a pleasant memory can go a long way.
Broker's Open houses can be a powerful tool for your agent to promote your property. Often times, this type of event can be more productive than a public open house.
"More contact means more sharing of information, gossiping, exchanging, engaging -- in short, more word-of-mouth."
~Gary Vaynerchuk, author of The Thank You Economy