Broker open houses are a hot topic for debate among realtors, real estate agents, and brokers.
Woohoo! We’ve got a hot real estate topic on the podcast episode this time – broker open houses! Some brokers and agents absolutely SWEAR by broker caravans, while others claim they are a waste of time and a reason to party (ok, we know, it’s real estate, there’s not much reason needed to have a party lol…). Shows like Selling Sunset and Million Dollar Listing Los Angeles often make the broker open house look glamorous.
[LISTEN: Favorite Real Estate Podcasts of Top Producing Agents – PODCAST EPISODE]
We’re breaking it down, the good, the bad, and the ugly, on this episode talking about broker open houses. What to look for in a well run open house, what to expect as far as immediate feedback and long tail results, and when your broker open has turned into more of a traveling sideshow style house party.
Successful realtors, real estate agents and brokers all know how to network efficiently.
Hosting broker open houses is neither rocket science nor something to take on with no up front planning either. The serious brokers who bring clients with them to these listings are going to expect the staging to be spot on, the printing to be proofread, and the place to be clean and ready to shine. Mess up with top producers and they’ll all take you off their caravan stops, not just the one you pissed off – as we all know, these guys mean business.
Forward thinking use of technology is also a great way to get ahead at brokers open houses… (hint hint). Being mobile ready, having mobile campaigns for the property already developed and shareable, these are little tiny things that can make the difference in top producers understanding that you are serious about your listings and that you’re working diligently and smartly to move properties as fast as you can, for the best price.
Mobile makes it easy for other brokers and agents to share your listings with their buyers.
This might sound like a simple, simple, simple idea, but it’s one that is quite often overlooked by everyone in the mix. We’re not saying that email is dead (yet), but if you’re relying on email to direct time sensitive information to buyers, then you’re probably going to miss more than a few sales this way. Email is a nice followup but it should not be the primary means you use to get buyers’ attention when they are close to a property that’s listed for sale.
Mobile offers the option of proximity, location, or time based notifications – or any combination of these items.
That’s right. Prospective buyers are driving along, having a bike ride, out walking the dog with the kids, and WHAM! – you can put a listing right in front of them without them knowing it was for sale until they were close enough that it’s a quick and easy detour to at least have a look at the front facade, and they can book a showing right then and there.
Unveiling the Mystery: Broker Open Houses vs. Traditional Open Houses
The world of real estate revolves around showcasing properties and finding the perfect fit for buyers. While open houses are a familiar concept, there’s another event – the broker open house – that plays a crucial role in the process. Here’s a breakdown of both open house styles, highlighting their key differences and purposes:
The Allure of the Traditional Open House:
Designed to attract potential buyers directly, traditional open houses are public events. Homeowners (or their realtors) advertise the open house date and time, allowing anyone interested in the property to walk through and get a feel for the space. These open houses serve several purposes:
- Generate Buyer Leads: Open houses offer a chance for realtors to connect with potential buyers who haven’t yet narrowed down their search. They can answer questions, showcase the property’s features, and potentially convert visitors into interested buyers.
- Create a Sense of Urgency: The open house format, with multiple people viewing the property at once, can create a sense of urgency. This might encourage buyers to act quickly if they feel the property is a good fit.
- Gather Feedback: Open houses allow homeowners and realtors to gather valuable feedback from potential buyers. This feedback can be used to adjust the asking price or highlight specific features during future showings.
A Sneak Peek: The Broker Open House:
In contrast to the public nature of traditional open houses, broker open houses are exclusive events for real estate agents and brokers. Here’s what sets them apart:
- Target Audience: Unlike traditional open houses, broker open houses are not open to the public. They cater specifically to real estate professionals who might have clients interested in the property.
- Benefits for Sellers: By showcasing the property to a targeted audience of agents, broker open houses can generate interest and potentially lead to offers without the chaos of a traditional open house. This can be attractive to sellers who may prefer a more controlled environment.
- Early Exposure and Networking: Broker open houses typically take place within the first few days of a property’s listing. This early exposure allows agents to assess the property and potentially introduce it to their pool of qualified buyers before it hits the open market. It’s also a valuable networking opportunity for the listing agent.
Understanding the Key Differences:
A broker open house targets agents and other brokers, not the general home buying public.
A broker open house is geared towards generating agent interest and securing offers, while a traditional open house gives potential buyers the chance to look at the property.
A broker open house is usually scheduled for a weekday, while traditional open houses are on the weekend.
A broker open house is more of a professional affair, as opposed to the more low key and casual atmosphere of a general open house.
Traditional open houses and broker open houses serve distinct purposes in the real estate sales process. Understanding the differences between these two strategies allows realtors to leverage each one effectively. Traditional open houses cast a wide net to attract potential buyers, while broker open houses provide a targeted approach to generate agent interest and potentially secure early offers for their clients. By employing both strategies, realtors can maximize their chances of finding the perfect buyer for a property.