(Published on - 7/3/2023 10:00:17 PM)
What is the Quickest and most Profitable way to sell my home?
A Broker Open is one of the most profitable ways to sell your home and the secret to a fast sale. Marketing to the brokerage community will get you the highest price in the quickest time.
Pros understand that there are two primary audiences critical to a successful home sale: The home buyer, and the local real estate buyer-agents. The importance of the latter is simple: agents are in contact with dozens of active home buyers, and therefore hold a higher probability of finding buyers for your home.
Broker Opens & Tours
Broker Opens are typically scheduled immediately upon listing your home and held during the week, when agents are less busy conducting buyer tours. Broker opens usually lasts for 2 - 4 hours, with food and beverages served to entice agents to attend. Broker tours are typically held in the morning and can range from 8 – 20 attendees to large bi-monthly tours of 75 to 300 participants caravanning between homes. Luxury tours normally require paid memberships and offer a catered lunch at the last home to encourage discussion and completion of feedback forms. Agents pay for their listing to be placed on tour and most have attendance requirements. Prior to the current listing shortage, the wait for placement could be several months.
The most successful home buyer agents know the “inventory.” This allows them to quickly list available homes that may be appealing to a buyer during the initial conversation, which can happen frequently, spontaneously (at church or a dinner party for example), or purposely. An agent who has actually experienced your home through sight, smell, and touch, will have the most vivid recall and can create the most compelling vision to share with prospective buyers. ROI is the reason agents invest their time attending broker open houses and tours. Agents typically work with dozens of buyers at a time, especially in times of tight inventory like today. As buyer agents tour new listings and attend broker opens, they are mindful of buyer needs. This is frequently how homes go under contract so quickly. The speed of the sale is important because the quicker a home goes under contract, the higher the final price achieved and the greatest likelihood of making it to the finish line of a successful close of escrow.
While great media, photos, drones, videos and virtual walk-throughs are awesome, there is nothing as compelling as an in-person viewing involving all the senses. Broker opens allow preparation time to show the home in the most ideal manner at the best time of day. Elements to heighten the senses include homemade cookies and aroma, music, water features, and lighting. An additional benefit to these agent previews is reducing the barrage of inappropriate showings all new listings must deal with, which may not show the home under ideal conditions, and can be inconvenient and feel invasive to everyone in the family.
Another great benefit of broker opens and tours is the feedback from professionals. These agents are looking at comparable homes every day and are the best source of the most realistic and timely constructive criticism. This feedback is then vetted by your Listing Agent to put the highest weight on the most tenured comments for accuracy. The camaraderie of seasoned pros should not be underestimated, career agents prefer to work with other reputable tenured hard-working agents and the buyers they represent.
Luxury Home Buyers
Marketing exposure throughout the real estate agent community is especially critical in the luxury home market. Luxury home buyers and sellers tend to be more educated, are more opposed to liability and risk, and are accustomed to relying on experts. Being professionals themselves, luxury buyers are confident that a professional with the experience of hundreds of transactions will be able to provide value which will exceed their cost. Statistics show that the more affluent the buyer, the more likely they are to rely on a real estate advisor. And with busier schedules than average homebuyers, luxury home buyers rely on their real estate advisors to "short list" the available inventory for final selection.
The bottom line? When you are thinking about selling your home, make sure you are represented by a tenured real estate advisor with an aggressive and targeted plan that includes marketing to other real professionals.
One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance. Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating nearly 40 years in Metro-Phoenix Real Estate. Ranked #2 Worldwide in Solo Agent Production for 2022 at Realty Executives International, one of the oldest and largest brands in residential real estate.