Hosting an open house is a staple of real estate, but are you getting the biggest impact and boost to your business from these events? Garry has hosted close to 600 open houses during his career and has developed tried and true strategies for not only find buyers for your listings at open houses, but also how to leverage them to market yourself as the listing expert agent in your area. Check out the video above to dive into Garry's strategies as a Top Listing Expert Agent!
Want to streamline your entire marketing process and become a Top Listing Expert Agent? Join the Marketing Club and we’ll teach you a proven system to get more listings, more leads, and sell more homes in the next 12 months than you did in the last 12 months.
Effective Open House Strategies for Real Estate Success
The world of real estate is constantly evolving, and staying ahead of the curve requires not only knowledge but also effective execution of open house strategies. Let's dive deep into various aspects of successful open houses - from preparing your listings to converting visitors into valuable prospects.
By mastering Garry's advanced open house strategies, you'll be well on your way to becoming an industry leader and growing your real estate business exponentially.
Benefits of Hosting Open Houses: Expanding Your Network, Growing Your Market Presence, and Finding Deals
I know, I know... We've heard everything people say against open houses, like "Who has time to just go sit for a bunch of window shoppers?"
But, Open Houses, when done properly, can provide huge longterm gains for your business:
- Exposure to Potential Buyers and Sellers: Yes, Open Houses attract buyers for that listing, but that only scratches the surface! Open houses are one of the few times that we get to directly interact with the market.
Everyone who attends an open house has real estate on the brain. Whether they're looking to buy, assessing values, or thinking of moving, these are people you want to add to your network. Use the opportunity to make an impression, provide knowledge, and add them to your database so you can keep building trust over time.
- Establishing Yourself as a Real Estate Listing Expert: Hosting open houses also positions you as an expert in the real estate industry and increases your footprint in your target markets. Open houses are one of the most visible aspects of what we do as real estate professionals, so leverage that opportunity! If people see you hosting open house after open house in a specific neighborhood or market, you'll quickly grow your reputation as a top listing agent in that market.
- Finding Motivated Buyers and Sellers - And finally, sometimes you do come across that person ready to buy or list now! This definitely doesn't happen all the time, but it won't happen at all if you're never hosting an open house!
How Do You Get An Open House If You Don't Have Any Listings?
So, one of the most common questions we get about Open Houses is...
"I don't have any listings... Can I still use an Open House strategy?"
Yes! A lot of listing agents are willing to receive help holding open houses. (Not everyone sees the long term value of holding open houses, like you now do!)
But you should be strategic about which houses you choose and how you go about asking:
- Be selective about the neighborhoods and make sure they fall within your geographic farm areas, and then be a presence there regularly to grow your brand in that area.
- Pick homes you enjoy and feel comfortable sitting-in. You'll be more motivated, engaging, and have more fun if you do!
- Build relationships with sellers in that market. Then, when you ask to host a listing open, make sure you communicate the value you'll provide the listing agent when you host it.
Want the full script for asking to host another agent's listing open? Check out minute 11:10 in the video above!
Open House Tips and Ideas Preview
Here's a checklist of things to consider when planning your next open house:
- Choose the Right Open House Time: Consider the time of day and day of the week when scheduling your open house. Weekends are typically the best time to host an open house, but be sure to avoid scheduling during major holidays or events in your area.
- Market the Open House: It's not enough to just put out some signs. You have to promote your Open House! And you should want to - This is your chance to use post cards, online ads, and more to brand yourself in your target markets.
- Create Open House Signage: Eye-catching signage can help attract potential buyers to your open house. Make sure your signs are visible from the street and include the date, time, and location of the event.
- Prepare the Property: Make sure the property is clean and clutter-free. Consider staging the home to make it more appealing to potential buyers.
- Offer Refreshments: Providing refreshments can make attendees feel more welcome and encourage them to stay longer. Consider offering light snacks and beverages.
- Collect Contact Information: Have a sign-in sheet or digital form available for attendees to provide their contact information. This can help you follow up with potential buyers after the event.
OK, this list is pretty straightforward, bordering on common sense, but there is nuance in how you execute each of these items. Let's take a closer look.
Preparing Your Listing for an Open House
Proper preparation is part of the secret sauce to hosting a successful open house. In this section, we'll explore essential steps involved in preparing your listing before opening its doors.
Gaining Market Knowledge by Previewing Local Properties
The first step is getting acquainted with the local market and other properties nearby. This knowledge will help you answer any questions from visitors during the event like a pro.
To do this, use the MLS and speak to other agents to research neighborhood. You can also attend other agents' open houses and get familiar with what's selling (and what isn't).
Setting up Early
Punctuality speaks volumes about professionalism. Arrive early to set up everything perfectly before potential clients start trickling in.
- Clean and declutter the property: A tidy space creates a great first impression on visitors. Make sure every room looks immaculate and inviting.
- Create information packets: Have detailed info sheets available for attendees that include key features of the home along with relevant comparables and recent sales data within the area. You can use tools like Cloud CMA to create professional-looking reports easily.
- Add some personal touches: Small gestures like providing refreshments or playing soft background music can make guests feel welcome and comfortable while they tour around.
Promoting Your Open House Effectively
Now that we've covered the essentials of preparing your listing for an open house, it's time to focus on promoting the event effectively.
To make your open house a smashing success, you need to spread the word like wildfire. And I'm here to help you do just that with some tried-and-true promotional tactics for your next event.
Utilizing Signage Strategically Throughout Busy Days
First things first: signage is crucial in attracting potential clients to your open house.
Strategic placement of signs can significantly increase foot traffic during busy days, so don't skimp on this essential marketing tool.
- TIP #1: Place eye-catching directional signs at major intersections near the property.
- TIP #2: Use balloons or other attention-grabbing elements on signposts for added visibility.
Leveraging Digital Advertising Channels Like Social Media
Moving on from traditional methods, it's time to embrace digital advertising channels such as social media platforms (hello Facebook and Instagram.).
- TIP #1: Create engaging Facebook ads, targeting users within a specific radius of the property location. Don't forget to use eye-catching images or videos. Videos work especially and are easy to create with just your phone!
- TIP #2: Promote an Instagram story with a swipe-up link to your open house event page and use popular hashtags related to real estate in your area.
Remember: The more people you reach through these platforms, the higher the chances of turning them into potential clients.
With the Paperless Agent, you can easily become a social media pro! We provide our Marketing Club members all of the tools and templates needed to digitally market themselves as a listing expert agent. Expand your reach and influence on social media with minimal effort when you join the Marketing Club today.
Converting Visitors into Leads and Prospects: The Art of Open House Networking
The main goal of hosting an open house is to transform visitors into leads and prospects for your real estate business. But how do you achieve that?
Fear not, my friend. I'm here to offer assistance with some helpful tactics and strategies.
Engaging in Meaningful Conversations with Potential Clients
First things first - strike up a conversation. You don't want to be that awkward agent lurking around the corner, so put on your best smile and start chatting with attendees. Ask open-ended questions about their home search or offer insights about the neighborhood. This will help establish rapport while demonstrating your expertise as a local real estate pro.
Providing Value Through Market Insights or Property Reports
Now it's time to flex those knowledge muscles. Provide valuable information like market reports or property details during their visit. Create personalized handouts showcasing recent sales data in the area as well as relevant listings they might be interested and demonstrate how your expertise can help them navigate the home buying process. By offering valuable insights, you'll leave a lasting impression and position yourself as their go-to agent.
Post Open House Follow-Up Strategies
Let's get to the nitty-gritty of successful post open house follow-up strategies.
Following up after an open house is the most important ingredient of the secret sauce for turning attendees into potential clients and maintaining lasting connections.
I'm about to share some tried-and-true follow-up strategies that will make you stand out as a top-notch listing expert agent.
Ready? Let's dive in:
Sending Personalized Thank-You Notes Across Multiple Platforms
It's time to put your penmanship skills (or typing) to good use by sending personalized thank-you notes.
No generic messages here, folks.
Mention specific details from your conversations with visitors during the open house - this shows you were genuinely engaged and interested in their needs.
An email, a handwritten note, or even a simple message can be great tools for making your encounter and yourself memorable.
Staying in Touch by Providing Relevant Updates on Local Listings
Keep the conversation going by sharing valuable information on new listings, market trends, or neighborhood events that might interest them.
- Email newsletters are fantastic for staying connected - just don't overdo it. Nobody likes spammy agents cluttering their inbox every day.
- If social media is more your style, consider connecting with them on platforms like Facebook or LinkedIn.
- Bonus tip: Don't forget to ask for referrals. If they had a great experience at your open house, they might know someone else who's looking to buy or sell.
There you have it.
Implement these follow-up strategies and watch your network of potential clients grow exponentially.
In conclusion, hosting open houses is a valuable strategy for real estate agents interested in growing their careers. By preparing listings strategically and effectively, promoting them through various channels, engaging with potential clients meaningfully during the event, and following up afterwards, agents can convert visitors into leads and prospects.
We understand the importance of utilizing effective open house strategies to maximize your success in real estate. When you join The Marketing Club, you'll gain access to our innovative digital tools that can help streamline your workflow and enhance your marketing efforts for open houses and much more!