Successful Open Houses-Part 5: Beyond Promotion

When you get the buyers to attend your open house, the next step is to sell and close. Setting the stage is crucial.

•  Make sure the home looks and feels its best. 
• Utilities should be on.
• Home should be a comfortable temperature (even if it is vacant).
• Have some seating available to buyers and agents.
• Have a bathroom which is stocked with needed supplies so visitors are welcomed to use it.
• Have refreshments on hand to slow down your buyers, make them feel welcome and get them to talk.
• Make sure the owners are no where to be seen.
• Have brochures and fliers available.
• Have area and real estate information on hand to assist with the sales presentation.
• Have a lender available to discuss financing options.
• Have a licensed real estate agent, ideally the listing agent or someone who knows the area and the home well, hold the house open.  In the hands, the open house can be a detriment.

SIGNING IN

I do not require people to sign in at open houses.  If they don't want to, then there is no advantage, they will just give you false information.  I always offer it.  And if they prefer not to leave their information, I do ask them for names and make notes from our conversation in case they reappear at some later point.  If they are working with an agent, I ask that they write their names and provide contact information for their agent so I can appropriately follow up later for feedback. 

People who are interested will leave their contact information and tell you how they want you to follow up with them.  I think it goes without saying, follow up when people want you to.  It means they have at least some level of interest in either the home or other services.

If you want someone to leave their contact information, offer them something of value.  This can be anything from a list of future open houses if they are self described "tire kickers" to a gift certificate to a local business that is randomly drawn.  Have a value offering and you'll get contact information.

Read the entire season on having a successful open house by clicking here.

Succesful Open Houses - Part 3: People

It's actually sad to believe but many agents don't hold their own open houses - ever.  Sure, sometimes I have conflicts and can't be at two places at once, and therefore need to get someone to pinch hit for me.  But if I can, I always hold my own listings open.

You see, I prefer to show my own listings. No, this concept is not because I potentially stand to gain more commission. This is because I know the property and can and will sell it.

I have had many, many years of professional training on how to sell property. Most real estate agents do not have this experience to draw from. (Did you know that real estate agent training never includes how to sell property, only how to sell themself? But that is another post.)

Whether the buyer has an agent or not, whether the agent is with them or not, I want the opportunity to talk to buyers.

• I learn about them, they about me.

• I know their hot buttons and can demonstrate to them how the home will meet those needs and wants.

• I can learn their objections and overcome them.

• I can show them why YOUR home is the best home compared to the others they are considering.

• Later, if/when they put in an offer, that meeting with the buyers may offer my clients an upper hand in negotiating. But even if not, I can help explain the buyers concerns better to the seller if there is a sticking point, and since I understand both parties' needs from the transaction, I can provide creative solutions. If I am forced to work through another agent, I never know how things are being communicated, and it is a disadvantage to my clients and me.

• Because we met personally, the buyers will have a personal connection to be, and usually to the sellers (through me) and negotiations are more friendly and focused, with less games being played.  This saves me huge amounts in hair dye I don't have to buy!

Read the entire series on successful open houses by clicking here.

Successful Open Houses - Part 2: Timing

When is it best to have an open house?  When you have the highest level of interest, and when you are most likely to be visited.  For example, open houses should be planned:

• The first weekend the home is available to be seen.
• The first weekend after the home has had a status or price change.
• Not a holiday weekend.
• In nice weather (although this is sort of luck of the draw, but if the weather is very nasty, I won’t hesitate to cancel an open house unless I have confirmed visitors that day).
• After a week (or several days) of promotion.
• When the home is completely show ready.
• Usually on a Sunday, although Saturday open houses can be very popular; and I have even had weeknight/weekday opens that have drawn traffic. In fact, for this reason I even advertise my “brokers opens” in much the same way I advertise my public open houses – with signs, internet ads, etc.
• On Sundays, most open houses are held in the afternoon (usually 1-4).  This is when buyers will be out looking for open houses, so it usually pays to be open at the same time.  On Saturdays, I have found that earlier times work better... usually beginning at 10 or 11, and lasting about 3 hours.  There are suggested variables based on market studies and experience in various submarkets, and of course, there are simply limitations that we sometimes can't avoid.

Read the entire series on open houses by clicking here.

Successful Open Houses - Part 1: Location

Location, location, location! 

Let’s face it, some homes are so far off the beaten path that the only way you’re going to get to them is very purposefully. No one is going to drive by or find it convenient to stop in to see a home on their way from church. If your home is one of these, don’t be surprised if your agent doesn’t suggest an open house. If it’s not likely to get someone in the door, multiple someones, then it is not a good use of promotion expenses and time.  They are better off to advertise and promote for private showing appointments.

A home located no more than a couple turns off of a well traveled road is ideal for an open house.

Read the entire series on Open Houses by clicking here.