Important Note: Check your local forms for options around discussing buyer agency with visiting prospects. Follow your local MLS and broker rules and regulations and master how to speak to the prospects about their options.
Open houses are still a fundamental pillar of the business. NAR reports that 53% of home buyers visit open houses. So more than half of the buyers out there shopping, at some point in their search, will be visiting open houses.
Here are some reasons open houses are valuable:
- It gives you a chance to meet neighbors and to turn each listing into another great listing. Door knock around the open house area to invite neighbors.
- Potentially sell the house to a buyer who visits.
- Pick up prospects who are not committed to an agent. Open houses are an opportunity to not just meet a great buyer, but to hopefully find another great seller.
Your goal should be to leave the open house with as many quality names and as much contact information as possible. Your open house objective is to set 1-2 appointments with the hottest prospects during the open house.
Weekdays can also be a good time to hold an open house. Be strategic about your hours to maximize engagement with prospects.
Your open house warm up: Preview homes in the area, study market data, and practice your scripts and questions.
Pre marketing game plan:
- Utilize digital platforms, door knocking, direct mail, and calling neighbors to market the open house.
- Contact leads and sphere who might have an interest in visiting.
- Consider direct mail to business owners within 1 mile, if appropriate.
Use the following checklist to create your open house go-kit:
Open house go-kit:
- Signs and signage strategy
- Sign-in sheet/electronic process
- Brochures/electronic brochure
- Local market information and promotional items
- Essential supplies like water, snacks, booties, measuring tape, and cleaning supplies
Prepare for the open house by dressing professionally, arriving early, and setting up the space. Engage with prospects, ask questions, and collect contact information.
Use gentle probing questions to build rapport with visitors and tailor your interactions based on their responses. Capture their information before they leave and invite them to make an offer if interested.
The hook:
“You know, I prospect daily and find sellers who are not ready to list on the open market. Occasionally, I come across a seller who is in default or anxious to sell.
Would you like me to text you the address and information if something red hot comes up?
Great! What is the best number to text you at?
Also, to ensure I only send you the best matches, can I ask a few more questions about your requirements?
Remember: Make sure to get all their information first, then you can chat more. You never know when you might get interrupted!
How about we meet this week to show you some examples and learn more about what you’re looking for?
This information will help me find great options for you. Does Tuesday at 4:00 p.m. work for you?
In order to show you homes at that time, we’ll need to sign an agreement for me to represent and advise you. We can sign a simple agreement just for Tuesday to test drive my services. If we want to see more properties together in the future, we can discuss next steps on Tuesday.
After Your Open House: Make sure to lock up, clean up, and gather your materials and signs. Then, follow up with all your prospects to set appointments and nurture leads.
Follow-Up Plan: Be relentless in your follow-up all week: call, email, text, and repeat. Make sure to enter all notes into your CRM and add them to nurture campaigns.
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 for general informational purposes only and should not be considered a substitute for professional advice. Consult with licensed professionals familiar with your area’s rules and regulations. We make no guarantees regarding the accuracy or completeness of the information provided.