I know I’ve written on this before and love them or hate them, Open Houses are a controversial topic in the community for sure. I’m strongly in the ‘love em’ camp and want to write more about why.
Open house marketing is often an extremely profitable marketing segment for buyer and seller business. If you are not doing open houses in a market where open houses usually get five to 20 people, you are missing out on a huge opportunity.
If you do open houses and they are productive, you can easily double your business from open houses using our Billion Dollar Agent model. Each market is different based on local practices, time of year, and market conditions. If you dislike open houses and never hold open houses, you may want to consider running one open house per month as a marketing test. If you like open houses, you can do fewer open houses and produce more business by spending more time and energy on the pre and post-open house stages.
Sellers think an open house is held to help sell their home. A real estate agent thinks an open house is held to perhaps sell the home and find potential new buyer leads. A Billion Dollar Agent has a much broader perspective:
Seller Marketing - By hosting a huge open house, a Billion Dollar Agent is showing the seller their commitment to marketing their home to prospective buyers. By putting out 15 to 20 signs instead of three to eight signs, more people will be aware of the marketing effort. Before the open house, 100 to 300 flyers are distributed to neighbors to invite them to theopen house and 100 neighbors are called by an agent to invite them and see if they know anyone who may be looking to buy a home. One-hundred to 300 neighbors, potential buyers, and potential future sellers will all be aware that you are an agent who does the best open house marketing of anyone in the area. This will help you get future seller business and win at competitive listing appointments.
Seller Leads - Our goal is to identify or nurture seller leads from an open house. Some of the buyer leads will also be seller leads. The impressive open house will make sellers consider you to sell their home. If you do a neighborhood open house before the public open house, you will get neighborhood real estate sneezers. A sneezer is the person in the neighborhood who knows about all the homes for sale, people moving, primary real estate agents in the farm, and more. They constantly spread neighborhood gossip about homes for sale, agents, and prices. You will also get neighbors who most Agents would consider to be ‘just neighbors looking’ and ignore. The neighbors looking at an open house may be 20 percent more likely to list and sell their home within a year compared to five percent of the overall population. You should treat them as a SOI – C leads until you speak to them further.
Buyer Leads - The best possible lead is a buyer lead looking to work with an agent. The next level lead is a buyer lead that is future business and has a 20 percent chance of buying something within a year. The third level is a now buyer who says they are currently working with an agent.
Does this make sense to you? I’d love to hear your perspective. Call me, email me, reply to this blog.
Like this blog? Do us a favor and “like” us on Facebook. Would you like help identifying ways you can improve your Open House 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: email@example.com.
Part Time Virtual Assistants
Steve Kantor, President
Schedule a call with Steve Kantor at