I have been holding Open Houses for 25 years.
Not only do I find them productive to generate buzz for a listing, but they also give you grass roots feel for whats going on in the Market. What both active, and wishful, buyers have in mind.
Not to mention constructive criticism.
Now, I know, some Markets just don't work for Open Houses, and It's such a drag to be at an Open for several hours and no one shows up. Thank goodness for Ipads and such!
But, if your Market does support them, it might be quite prudent to work them. Or, find a way to Make them work. Coordinate and synchronize with other agents.
And By Work, I do mean Work.
Come prepared!
- Know what other properties might work for a visitor if yours doesn't. You might even make a print out of similar properties. This shows people value in you as a professional.
- Arm them with Business Cards! So they can tell other agents that they have a relationship with you at other open houses.
- Know absorption rates for your Market. This is keen info for Buyers and undercover prospective Sellers
- Come with as much Color as you can in brochures etc. Subliminally it communicates impact and that you go the extra mile.
- Give them as much propaganda about the property, you, your Brokerage etc as you can.
- Have a Marketing Presentation Book ready for Potential Sellers to demonstrate your marketing.
- Make an impact with your Market Knowledge and know everything you can about your subject property.
- Show that you are a cut above the average Agent. This goes for new agents as well. There are an abundance of lazy experienced agents, show you are willing to Hustle!
For me, I find it much more productive to ask for contact info as they are wrapping up, and I have make some kind of connection. To me, and I know to many Open House visitors, it is such a turn off to immediately be asked for their contact info right when you get in the door, and then be on them like a pushy salesperson. I find it far more effective to introduce yourself (and remember their names!), and let things flow easy. See how the property worked for them and if not, be ready with other properties to consider. Wait a bit, then ASK if they would like you to follow up with them. I find that this technique many times reveres the table, as you don't seem desperate to work with them and its almost like they are asking to work with YOU!
Do I let a lot of people just walk out the door? Yes I do, if I don't feel a connection.or they have not expressed an interest in the property. BUT it is quite likely they will come to another Open House and see me again, where that ice is now broken, and we build a rapport.
I also NEVER ask them if they are working with another agent, until I feel I have imparted value (again, long before I ask for contact info). Everyone is working with an agent! The key is do they have a relationship with an agent, which is what I ask. Many times I have later learned my customers were working with another agent, but instead, decided to exclusively work with me after meeting me at an open house and did not even tell me about working with that agent and dropping them. (no value)
Also, Don't try to steal other agents customers. On the contrary, if they do have a relationship, and you find who, tell them to say hello for you. If you know who the agent is, give them a call/text that their people came by and give them some feedback on the showing. Guess who's listings That agent is going to want to show!!!
These are just some techniques that I employ after 25 years of trial and error.
You are not just there to sell the Property, though that should be your #1 priority, but also to sell YOU!
Try and maximize your market presence with Open Houses.
As the old adage goes: Luck is when Opportunity Meets Preparation.
(In the voice of the Dos XX Most Interesting Man In The World) : Stay Prepared my Friends
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