3 Great Reasons For An Open House & How To Collect...

By
Real Estate Agent with Comey & Shepherd Realtors

Agents hold houses open for many reasons. Some of them are more self-serving than others, but it's important to know why people do open houses. You really need to decide why you're doing them. It's not a good reason, when it's just to satisfy your seller, you come unprepared and you stick an open sign up 5 minutes before the open house.

Reason #1: To sell the listing! You actually have to work at this strategy...from the staging of the property to knowing the facts about the property to being mentally prepared to give all of your energy to the prospects coming through to even being on time for the open house. We all know that, statistically, only 1% - 2% of all propertiesheld open are sold through that strategy. But you can greatly increase the odds of selling your open house by puttting some preparation into it ahead of time.

Reason #2: To prospect for buyers who aren't interested in the listing you're holding open! After doing your best to promote your listing, there are times when a buyer just isn't interested in your listing. Amazing, isn't it? But true! Well, many of those people will end up purchasing another property. Who will help them procure that transaction? If you're on the ball, you may have a good chance to be their agent. 'Value' & 'Follow-up' are two critical words here. They must see that to NOT work with you is a grave mistake! What can you offer them that many others don't? Also, you must be able to reach them one of several ways after they leave. If you don't follow-up after meeting them, you're throwing potential income down the drain.

Reason #3: To prospect for other listings! There are times when people come through open houses to see how an agent presents themselves and represents their seller. Many buyers have a home to sell and don't necessarily have an agent yet to list their property. So don't assume that all prospects are just buyers. It goes without saying, but I'll say it. anyway. Be on your best behavior. Be prepared with printed materials about the property and the community. If they ask a question that you don't know the answer to, that's a great way to follow-up with them. So make sure you get their name, phone and e-mail address.


Now, How To Get More Names at Open Houses!


Have you thought about how to get more people to sign in (with real info) at your open houses?

The #1 thing everyone focuses on is: "W.I.I.F.M." - "What's in it for me?"

That's what the prospect is thinking when they decide if they want to sign the guest register at your open house.

Their thoughts are really more about:

"Will this agent bother me endlessly with phone calls or send me junk mail with I don't want?"

What you need to do is determine what the open house prospects are really after?

If they are out viewing open houses and are planning to buy a home in the near future, what can you offer them that's of value?

What will make their home search simpler, quicker and hassle-free?

Why should they want to work with you?

Does your MLS allow you to send new listings by email to prospects and customers?

If yes, then I would make up a flyer with all of the benefits to the buyer of why they should sign up with you.

  • they receive listings by e-mail, when they're brand new
  • they can review at their leisure
  • no agent will call them...they call you to see
  • saves them time from having to search all of the web sites

Get the idea?

You have to think of reasons why they should give you their email and phone number, if possible.

Don't come up with a gimmicky plan for getting their e-mail address. There are plenty of services you can offer them, that if they're motivated, they'll give it to you.

Also, AOL is making it very difficult for emails to go through right now. Many people have more than one e-mail address, so, see if you can get a different address besides AOL. To your success,

Dan

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Posted by

Dan Weis
Real Estate Consultant since 1985
Comey & Shepherd Realtors

Cell/Text: 513.615.1890
dan@danweis.com
www.CincinnatiRealEstateGuy.com

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Rainmaker
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Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor
Rainmaker
163,666
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate
Dan- Your advice is right on! When I'm preparing for an open house, I pull out all the stops. Presentation is all! I have not only picked up prospective buyers, but also landed some nice listings!
Apr 02, 2007 02:20 PM #2
Rainer
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Dave Cheatham
INC Financial - Bartlett, IL
I really like your blogs.  they make sense.  I agree and like the way you put it all.  Thanks
Apr 02, 2007 03:25 PM #3
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