Open House, Caravans, Broker Open Etc, What Do They Mean In Your Area?

Good morning Nick. Very different in markets around the country and doing business in 8 states that I do, it has a lot to do with the specific Realtor. I am definitely an advocate of open houses.

Make it a great week!

Nick, all of these things were customarily done in a big box office where I worked a few years back. They stopped doing them because of lack of interest. I don't know if they are doing them now.

It has been over 20 years since I have been in a caravan, and more that five years since I have done an open house, and I normally don't have time for brokers opens. However, if you are trying to cut expenses a free lunch can be good except not only do you have car expense, but you also lose at least an hour of productivity time.

Found it! You know, in our market Open Houses do not generate many lookers, but in-house tours for our agents are well attended. I guess it all just depends on the area.

Tuesdays are the regular days for broker open houses in our area. These events are usually well attended by agents. Getting good feedback is always a challenge. 

Nick, Caravans have prety much gone away in Clarksville. Broker opens conitinue to be popular and opne houses for th public are still happening though not as frequently as before.

Our process is similar toy your except for that we have virtual caravan now as there are generally too many homes to physically see. So each agent does a 30 second slide show of their listing after team meeting and we get to "see" all the new listings on the market.

We have some of all of the above here in Manhattan.  Broker Open houses for groups of properties in similar price points or attributes, but not a lot of caravans.  

Caravans and Broker Open houses are a great way to see new inventory, but depending on the town, they are generally not well attended in our area. Sometimes it's only the agents showcasing the homes that join.

I've had a few sales come as the direct result of an open house and find caravan and boker opens to be great learning tools.

You have true wisdom

Board and in-house caravans still going strong. I don't attend many broker opens so much any more because never hear of them. Agents are still doing open houses, especially on the weekends. I will hold open houses only on my own listings, or in-house, vacant ones if they are in a good location and LA needs/wants the help. I have never sold the home at which I held an open house. I have sold other homes because of holding opens, so I agree they tend to benefit the agent, not so much the seller.

Nick: When I just started in the business, my broker told me that Broker's Open does not work. Until now, I believe it and still holds true for me. When I want to have free lunch or meet the agent holding the Broker's Open, I would go. But I did that only once as a favor.

Regarding caravans--hmmm. I say no. Obviously, I am a one-woman company. Some agents arrange a caravan incorporating other agent's listings from different offices. I have yet to join one to test it.

Open House: It depends. I seldom hold an Open House. Some properties get more traffic than the others. I don't print advertise too just like you. It all goes to online links. Result: not too productive but it could be. I had good results before leading to a listing and a buyer. 

I agree I think caravans are a thing of the past here also. Broker open and public open houses are pretty successful , especially if the house is priced right.

Hello Nick ... great title and great post, congrats on the feature from AR my friend!

VB 

Nick

The terms are fairly similar in our area although you don't hear Caravan very often and it means the same as Broker Open - when homes are open on a particular day and time for brokers (not the public) depending on the area. We have a marketing session before the Broker open starts so people can pitch their properties with a short slide show from the MLS. People can also pitch rentals, needs and upcoming properties

Open Houses are generally on Sat and Sun and most often from 1 - 4 or 2 - 5. We are seeing more and more at different times during the week, again depending on area

Jeff

If I have a client who can go with me on week days, I'd take them to caravan properties, otherwise, I try to preview few homes regularly during broker open houses by myself.