I got some great comments last week on whether Open Houses are worthwhile. Clearly this is a controversial topic so I thought I'd continue on with what it is about the Open House System of a Billion Dollar Agent that could make them worthwhile all the time. Let’s brainstorm a simple version of how this should work going forward. Now, this is about 10 minutes of brainstorming from someone who has never been a real estate agent and never hosted an open house, but who speaks with Billion Dollar Agents about what works for them regularly:
- Open House Budget: How many open houses do you want to host per month without getting burned out? It is super critical that you be conservative. Also, I would much rather have one Open House with 20 people than two Open Houses with 10 people each. Let’s say you decide to do one per week 50 per year.
- Open House Days and Times: Decide on which days of week and which times of day are best for Open House. Mix it up a little. Try different times on Saturday or Sunday, or during the week.
- Marketing Budget: We need to pay for someone to handle the signs and for marketing with flyers or post cards to 100-300 neighbors before the open house.
Choose Listings for Open House
- For each of your new listings, decide whether to hold Open House and how often.
- For your brokerage, review weekly new listings and focus on target higher price points and best locations to maximize traffic and signage to ask to host an Open House.
- For FSBO, start a marketing program to identify best higher-priced FSBO which are offering a buyer-side commission and to develop rapport and get buyer leads, offer to host an Open House and invest $200-300 of your own marketing money.
Open House Flow and Schedule
- Create and maintain an ongoing database of all Open Houses completed, or planned, or possible target listings.
- Decide 2-3 weeks in advance possible Open House targets and have multiple so if someone goes under contract, you have a backup Open House for that time slot.
- Prepare and Open House.
- Have a Showing Agent at Open House or on-call for any hot buyer to go show properties immediately as relevant.
- Mail flyers or postcards to 100-300 neighbors to arrive before the Open House.
- Send 100 postcards to the Sellers friends/SOI if they are willing and interested to provide the list.
- Have Seller post Open House on their Facebook if possible.
- Deliver and door-knock the closest 50 homes for one hour before the open house while your sign company is putting up the signs.
- Have sign company set-up and take down 10-30 directional signs using proven systems to maximize traffic for an Open House.
- Have a one page Registration page on multiple clip-boards which makes clear it is required by seller and mentions an Open House contest with one winner receiving a $20 gift card (or other amount). Have room at bottom of clip board for you to make quick private notes after they walk out the door to remember their situation.
- Quickly rate people as Buyer ABC or SOI BC rating.
- Do a quick video thank you to all people before leaving for just 1-2 minutes and post on YouTube under your Open House videos so you can easily email a link to every person on Monday morning. This will be a Purple Cow and have them remember you, your face, your voice, and the address, area, and home.
- Send all Lead Sheets to Best Agent Business by midnight of the Open House so we can process and add to your database and launch action plans.
Follow-up Week One
- Write hand-written notes to every person the next morning. You need to have blocked out that 30 minutes always. This is very important.
- Mail out intro packages on you and your business to Buyer AB leads two days after hand-written note.
- Email everyone with proper message and link to thank you video.
- Call the Buyer A leads ASAP. Call the Buyer B leads within a few days.
- You call one dial attempt for Buyer C and SOI BC leads.
- We will call for other dial attempts if they are not reached.
- Call Buyer ABC leads monthly or more often.
- Call SOI BC quarterly.
- Delegate calling to Best Agent Business for the ones you that exceed your current calling hours.
- Send a monthly email newsletter.
- Send a monthly mailed newsletter.
- Invite to monthly Client Marketing events selectively based on their interests to introduce them to other people they may enjoy meeting. Be the connector.
- Create a monthly seminar lunch or dinner informal for maximum three couples, or five single people to speak about marketplace and needs.
Leverage your time by a group meeting. Let’s get started. We have 350 people sitting in Google Docs without proper follow-up so every week, you are likely losing $1,000 of GCI to some other agent. Does that get your competitive juices flowing? I'd love to hear from you.
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