Open Houses are still an excellent opportunity to work with your Realtors® and generate transactions. Far too many people take them too lightly or dismiss them as something that is somehow “beneath them”. To me, mastering the strategies of working an Open House is an essential part of any originator’s toolbox! I have originators using these strategies every weekend to serve their referral partners and generate awareness and opportunities. My Realtor® Coach, Terri Murphy and I, did a webinar for our monthly Lunch & Learn that brought about a huge response and a great amount of interest. Some of those on the call have already used a few of these tools to generate opportunities and build new relationships.
Open Houses aren’t about you buying some food and sitting around for a few hours hoping somebody shows up and needs your help. Open Houses require planning and a strategy. Taking the time to look at all the different options and creating a plan can mean big rewards, but first you have to think about what you need to do.
First thing we need to do is plan. Some important planning questions are:
- When are we planning to hold the house open?
- Where is the property located?
- What are the details of this particular property?
- What are the likely competitors on the market?
- What are the trade-up or trade-down possibilities already on the market?
- What is the marketing game plan?
There are likely more questions you can work into your plan, but without these six, you are leaving the door open to lackluster results! Let’s quickly look at each of these so we are clear. Without knowing the target date for the open house, it becomes impossible to do anything else. Failure to properly plan is certainly planning to fail!
The location of the property will dictate what type of plan you will be able to use. A gated community and certain HOAs may have rules regarding Open Houses that you may have to follow. The location will also dictate the ease or complexity of people to find this property.
Property details are very important. You must not only know the price and taxes, you need to know the story of the house, neighborhood, and community! People buy the story; know the story!
Taking the time to prepare a “competition work sheet” so you are clear what else is on the market and what other properties you are going to be compared too! You must know your numbers!
Trade-up and trade-down properties are essential in not missing an opportunity to connect with those people who are looking to buy, just not this particular home! If you can’t sell them this house, sell them the one they want!
The marketing plan is you game plan for success. How are you going to get the word out about this event? Are you going to go door to door and invite the neighbors? Are you going to advertise in the local paper or your local MLS? Will you have a social media plan to connect with those looking on the Internet? Will you have used “sticky technology” so when people are attracted to your message, you know that they looked and how they found you?
Open Houses can generate real big rewards with the proper planning and execution. Using all forms of communication to get the word out and to provide valuable information to prospective buyers is critical! Person to person, paper, electronic, phone, video, text messaging, email, and even snail mail can play an important role! Don’t underestimate the possibilities of a properly executed open house!