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.
Like this blog? Do us a favor and “like” us on Facebook. Would you like help identifying ways you can improve your Marketing Strategy? Reply to this blog and we can get started. For more information on how Best Agent Business can help you streamline your marketing, time management, and many other aspects of your Real Estate Business, subscribe to our videos, visit us at www.bestagentbusiness.com, call (202) 297-2393, or e-mail us at: firstname.lastname@example.org.
Part Time Virtual Assistants
Steve Kantor, President
Schedule a call with Steve Kantor at