How To Hold An Open
House
NEWSFLASH...
Open houses can make you $100,000 or more!
We
know what you're thinking...
You're
thinking that buyers at your open house don't want your help finding a home.
You're thinking that buyers at your open house want to see as many homes as
possible that day.
You're thinking that buyers at your open house don't want to begin a
relationship with an agent.
You're thinking that the only home you might sell them is the one you're
holding open.
You're partially right, but the part you're wrong on is where
you're missing the bus.
3 of every 5 visitors to your open house end up purchasing a home within
the next 6 months. Can you think of a good reason why
they shouldn't work with you? Then let's get started learning how to
secure all the business you want, successfully holding open houses.
Yes, you can decide where to hold your
open house
Most agents only hold an open house at one of their listings.
You should choose a home with a location that will draw the most visitors.
A high traffic area will produce the best results.
If your inventory is limited, or you're new to real estate, hold an open
house for another agent in your office. You can even hold an open
house for an agent from another company (best to call an agent who is not
likely to do an open house at the listing in question). Many times
vacant homes are the easiest to hold open.
How well the home shows is not important. Your sole
desire at this stage is to see as many people walk through the door as
possible. What you do after they come in is the important part.
How do you assure the open house is
successful
The following activities will help your chances at a successful
open house:
1. Notify the neighbors of your open house. Neighbors can help
you by giving the appearance of a busy environment. They also often
become a source of a future listing. Have your sellers help with
inviting the neighbors to your open house.
2. Make sure you utilize a guest register. Have your visitors
sign in when they arrive... explain to your visitors that you're keeping the
register as a record of visitors for the homeowners (you will also use this
information to keep in contact with the visitors).
3. Invite your friends, family, coworkers, or anyone else you know who
may be able to stop by. They will add to the "activity" at the open
house, and they may know or hear of someone who may be interested.
This also keeps your friends aware that you are an active agent in the area.
4. Send out personalized open house invitations to as many known prospects as
possible.
5. Add an additional yard sign next to (or a rider on) your yard sign
stating the time and day of the pending open house.
6. Drop flyers, send postcards, or deliver door hangers to as many
homes in the area as practical.
7. Contact other agents in the area, let them know you're having an
open house and give them the particulars on the property. Tell them
you will keep their listing in mind for your visitors as well. Chances
are that they won't take their clients to your open house, but they may
direct them to you.
After your visitors arrive...
Immediately show your open house visitors that you're not the
average agent. You must do something to set yourself apart from
the other agents they've seen.
Examples:
1. Be exceptionally cheerful.
2. Give them something of value... personalized pen, pad, bottled
water with your own label, list of available homes in the area, a buyers
package, personal brochure, movie tickets, etc.
3. Add something extra to your home flyer.... other homes available
(no addresses, just specs).
It is imperative that you have a laptop
and access to the internet
The importance of technology cannot be overstated.
The longer your visitors stay at your open house, the better chance you'll
have of working with them. When you can pull up available homes
directly from your MLS with the visitors looking on, you will gain rapport
with them. Additionally, you will not have the ability to print the
listings for them to take..... THIS MEANS THEY NEED YOU TO TAKE THEM WHERE
THEY WANT TO GO. Have no reservations about locking up if necessary to
take out a good prospect. If possible, have a backup person to sit
while you're gone (buddy open house with a new agent, or have a lender sit
with you).
Know the inventory
Nothing shows the visitor that you're a top notch
agent faster than you demonstrating your knowledge of the area market.
If they say they're looking for a 5bd/3ba home with 15,000sf lot, you can
say... "I know of 3 homes that would work perfectly for you, let me
make sure there are no offers on them, and we'll go take a look". Head
straight to your laptop and bingo... if they don't object... you have a warm
lead.
Getting the visitor involved at
your open house
The hands down best way to get the visitors
involved with YOU, is actively listening to their needs and desires.
Agents commonly make the mistake of asking questions and ignoring the
answers. Don't listen solely to what they say, listen closer to what
they may really be telling you. Most agents attempt to generate a
working relationship with the buyer before they are ready to work with you.
Don't alienate your buyers by showing pressure (they've already met a pushy
agent). Begin asking general questions about their needs. Follow
up with more specific questions if the situation allows. This should
all be done after the visitors have had a chance to see the home.
Next... find out who the buyer is
and move forward with the questioning.
Many visitors to your open house come in bunches
(multiple families, friends, co-workers, or a combination of any of the
above). Ask your visitors who's looking for a home. Once they
tell you, keep it in mind and let them take a look around. When they
finish looking at the home, you will then ask questions to learn about your
buyers' motivations.
Here are several open house questions you may find useful:
"Does this home fit your needs?"
"What was it lacking?"
"What did you find attractive about this home?"
"How long have you been searching for a home?"
"Why don't you have an agent working for you?"
"When would you like to be in a new home?"
"Have you seen any homes that you like?"
"What's missing from the homes you've seen?"
"Is there anything keeping you from purchasing a home?"
"If we found you a home that meets your wants and needs, would you offer to
purchase it today?"
Set up a buyer counseling & showing
appointment
At this point in the conversation, you should know
if this is a client you'd like to proceed with. If so, you'll now want
to set up a buyer counseling appointment. The reason for this is
twofold... You will have a better chance at building rock solid rapport with
them, and you'll be able to set up multiple buyer counseling appointments by
staying at your open house.
"If I can find some homes that meet your needs, when would you like to go
out and see them?"
If they're not ready to buy now, YOU MUST place them in a
follow-up program and keep in contact with them until they ARE ready.
YOU NOW HAVE APPOINTMENTS SET UP FOR THE FOLLOWING WEEK... MAKE THE MOST OF
THEM.
BONUS: Many listings are
generated from neighbors coming into your open house and telling you they
are thinking of selling soon! One California agent recently reported
listing 7 homes last year from sellers coming into his open house and asking
him to list and sell their home.
