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How To Host a Successful Open House to Gain Prospects

(Published on - 9/3/2019 4:30:23 PM)

To hold an open house or not to hold an open house? The debate has raged on for years, with many agents abandoning the practice altogether. However, as many top earners will attest, the value of a real estate open hosue is tremendous.

Even if you don’t sell a property the day of your open house, it’s not a waste of time. An open house offers you the chance to interact directly and demonstrate your skills to potential buyers and sellers, who ultimately could turn into clients or refer you to other clients. Just make sure you abide by the following rules when you plan your first and subsequent open houses.

Keep Clients’ Expectations in Check
Historically, the sales probability for open houses is relatively low, so make that known. Still, be sure to tout the other benefits to your sellers. An open house encourages sellers to get their property show-ready, clean, decluttered and repaired as needed. That proves beneficial well after the open house date.

Additionally, open houses make it possible for many people to see the property in one day. Plus, they often lead to indirect sales, with people who are only there to browse recommending the property to someone else.

Most importantly is that open houses provide the seller with valuable feedback on the property about the price, condition, and more, from a wider audience. If participants do not make an offer, you can find out why by asking them directly or requesting that they fill out a survey. That information can help you and the sellers take actions to get the house sold more quickly.

Determine Which Properties to Showcase
Not all properties warrant an open house. As you plan which properties to market this way, stick to:

  • Rare or in-demand. If supply-and-demand is low in your area or you are representing a truly spectacular property, you’ll see foot traffic at an open house.
  • Attractive and well-maintained. In most cases, you want to highlight your nicest properties.
  • Located in highly appealing areas. Your most sought-after locations are more likely to draw people in. Beyond that, you want to make sure your open house is easy to find; otherwise, people won’t show up.

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