An important note* Check your local forms for options about contacting the buyer’s agency and visiting prospects. Follow your local MLS and seller rules and regulations and master how to talk to prospects about their options.
Open houses are still a mainstay of the business. NAR reports that 53% of home buyers visit open houses. So more than half of potential buyers will, at some point in their search, be visiting open houses.
Here are some reasons why open houses are important:
- It gives you the opportunity to meet neighbors and turn each listing into another great listing. I would suggest that you knock on at least 50 doors at the open house, and take down the open house invitation. If you like, you can go around, look, call and invite the neighbors. If you have a little time before the launch, you can definitely send an invitation. A good portion of the neighborhood will not come unless invited. It is strange that they go into their neighbor’s house and they are not actually looking to buy. Make it easy, invite them.
- You can sell a house to a visiting buyer.
- Take prospects who do not commit to an agent. Open houses are an opportunity to not only meet a great buyer, but hopefully find another great seller.
Your goal should be to leave the open house with as many quality words and contact information as possible. You are there to, meet, greet, gather that information, and follow up post open house.
Your open house goal is to set up 1-2 sessions with the hottest prospects during the open house.
You may be wondering, would weekdays be a good time to hold an open house? The answer is yes, weekdays can be good too. You want to be strategic about your hours. Traffic won’t always be good, but there are no prospects on your table. You can go with your work. It’s like your mobile office and you never know when you’ll meet a prospect. A moderated open house can allow more time for one-on-one interaction.
Your open house is warming up: As you prepare for the open house, warm up by previewing homes in the area. Read the latest sales data. Read any important information about the schools or the community. Read and practice your texts and questions. Remember, with all of our new real estate rules, you can only provide relevant information based on a relationship with that prospect.
Pre-marketing game plan: Below are some ways to market before an open house.
- Digital platforms: Facebook, Instagram, etc.
- Marketing by door knocking, direct mail, or calling neighbors to invite at least 100 people. Set a minimum level of 25.
- Get in touch with guides and places they may be interested in visiting.
- Direct mail to business owners within 1 mile, if applicable.
There is a saying in business, a predictable process creates a predictable result. Use the list below to create your own open house go-kit.
Open house kit
- Symbols and symbols techniques
- Sign-in sheet/electronic process
- Brochures/e-brochures you can offer to send
- Local market information and other promotional materials displayed
- Water/snacks, if desired
- Boots
- Measuring tape
- Scratch pads
- Basic cleaning supplies
Now it’s time to go. Dress more professionally than your prospects. Remember, they will judge you in those few seconds of opening the house. Show up strong and always arrive early because the seller is worried. Make sure the essentials are in place. Turn on the lights and straighten when needed. Find your equipment and login area. Stay in work mode even when you are not engaging with prospects. Eliminate distractions—you only have one chance to make a great impression.
You will want to decide where to stand as you greet and interview each prospect. Treat every guest with courtesy and as if they were potential customers. Be careful what you say and do, there may be cameras, or they may be a friend of the seller. Be friendly and social and give them a little space. Not everyone wants to shake your hand, so let them take the lead. Tell them, “Make them at home.” Ask them to sign in and explain why it is necessary. You should have your own menu of questions to practice in order to connect with the customer.
- “I’m curious, how did you find the open house today?”
- “Have you seen many houses in the area?”
- “I find that most of the visitors come to the open area because they live in the area and want to check the value of their houses, or they want to buy. May I ask which one is for you?”
- If they say they have an agent and don’t sign up on the entry form, ask them if they have a signed contract and who their agent is.
- “I want to know, how long have you been looking for a home?”
- “Has anything interesting been seen or offered in anything so far?”
- “When is your ideal time to move to your next home?”
- “What is important then?”
- “Where do you live now?”
- “Will you need to sell that home to buy?”
- “Can you describe what your ideal home would look like? Maybe I know something outside the market that I can share.”
Start by gently probing. As you build rapport, you can ask specific questions. If you have a lot of people at home, you can decide who will get more of your attention based on their responses.
Get involved, step back as they are ready to leave, thank them for being there. If you haven’t taken their information, this is your last chance to do so! Ask them if they are interested in making an offer on this home.
Hook:
“You know, I look every day and find sellers who are not ready to list on the open market. Sometimes, I come across a seller who doesn’t pay anymore or who is eager to sell. If something hot comes up, would you like me to send you the address and info?”
“Very good, what is the best number to send it to?”
However, in order to send you the best match, may I ask you a few questions about your requirements?
Important: The important thing is to make sure you have all their information. Then, you can spend more time chatting. You never know when you will be interrupted!
“I have an idea, how about we get together this week and I show you a few examples that will help teach you about what’s out there.” And then, can I learn more about what you want?”
“This information will help me to find other good options for you. What would it be like on Tuesday at 4:00 pm?”
“In order to show you the homes at that time, we need to sign an agreement that I will help you and enrich you in those homes. We can sign a simple agreement on Tuesday. This will allow you to test my resources, and if we want to see more properties together in the future, we can talk about next steps on Tuesday. “
Closing Your Open House. As you prepare to leave be sure to lock all windows and doors. Clean any areas and pick up trash. Gather your supplies and signs for the open house. Then you can call/text the seller or listing agent with results and feedback.
Many agents will host a great open house and never follow up with their prospects. Don’t do that. You should have an open house follow-up plan for those on your list. Call them that evening to let them know you will be working hard to find your guests new off-market opportunities and ask if they would like to make an appointment. Consider making a video thanking them for visiting and sending it to them the evening after the open house. Let them know that you can hunt them for opportunities that are not in the market. A nice personal touch! At the very least, text/email them, and call them first thing the next morning! Be sure to enter all conversation notes into your CRM and add them to the auto-enhancement campaigns. Even those who have no desire to act soon should be included in your parenting campaigns. MIT research on leads has shown that 50% of leads are not followed up. Most salespeople make 1-2 attempts and give up and most leads convert between 6-12 attempts.
Be relentless in your follow-up throughout the week: call, email, text, and repeat.
Debbie De Grote is the CEO and Founder of Forward Coaching.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
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Disclaimer: The information provided in this article is not intended to, and is not intended to, constitute legal advice; instead, all information, content, and training are for general information purposes only, and should not be considered a substitute for professional advice from a licensed real estate agent, broker, or attorney. Real estate laws and regulations vary by state and jurisdiction, and it is important to consult with a qualified professional who is familiar with the specific laws and regulations in your area. We make no representations or warranties about the accuracy, completeness, or suitability of the information. We also disclaim liability for any loss or damage arising from the use of this information. In addition, negotiating commissions and fees is a complex process, and results can vary depending on several factors, including market conditions, the type of property, and the negotiating skills of the parties involved. We do not guarantee specific results from our educational materials. Students should contact their attorney for advice regarding any specific legal/regulatory matter. No reader of this article should act or refrain from acting based on the information contained in this article without obtaining legal advice from qualified counsel. Only your attorney can give you assurances that the information contained herein – and its description – is applicable or appropriate in your particular situation. By viewing the content of this article, you acknowledge and agree to this disclaimer.
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