Open houses are an integral part of the real estate industry. They provide agents with the opportunity to get their name out there and to generate new leads. Hosting an open house can be tricky; there is no one way to do it successfully, but rather multiple approaches that work well in different situations. In this blog post, we’ll discuss what you need to do in order to host a successful open house as a real estate agent!
Tip #1: Location. Know what properties typically do well with an open house. Think about the surrounding areas, but also the home itself- does it have unique built-ins, or lots of character? Are there any amenities that might attract potential buyers (pools, misters)? All of these things can affect an open house’s success. Typically, houses in popular neighborhoods can be a prime opportunity for an open house, especially if the interior is unique and maybe doesn’t translate as well in photos.
Tip #2: Time. It’s important to know when your target audience typically visits open houses—in other words, what do home buyers typically do during the day? You’ve got 2 really great options. The first option is to hold your open house while most people are at work. This will allow you to communicate with visitors in a more meaningful way, rather than trying to compete for their attention on weekends when they have other commitments or might be visiting homes on their own. The second option is to hold your open house right as people are getting off work, or on the weekends. This can cater to those who can’t get time off during the day. If you hold your open house, say 4:30 p.m on a weekday, you might be able to snag some curious drivers on their daily commute, and give 9-5 workers a chance to see the home. Open houses have a tendency to not always attract serious buyers, but are a great tool for meeting potential buyers.
Tip #3: Price. Consider the price of the home you’re selling, and how it fits into your target market’s budget. You don’t want to do all the work and preparation for a property that would be considered out-of-budget for many buyers—You’ll be wasting both your time, and the time of the attendees. Stick with homes that fall right around the average to maximize interest.
Tip #4: Prepare. Remember, the key to a successful open house is being prepared. Whether you hold it during work hours, in the evening, or on the weekend, go in with goals. How many people would you like to see, or how many conversations do you need to have for this to be deemed ‘successful’? Don’t forget to have handouts ready, stocked full of all the property details so everyone is informed. Having these things ready will help ensure both you and potential buyers walk away satisfied.
Tip #5: Advertise on Social Media. You’ll want to consider advertising on platforms like Facebook and Instagram before your open house happens. This will help you get the word out—and even reach people who aren’t in the market, but might know someone who is! You may even consider a live-stream for those who couldn’t attend.
Tip #6: Track. Measure the progress of your open house as it is happening. How many people came? How many cards did you hand out? It is important to compare results with the goals you set before the open house. (see tip #4). Performing, executing and evaluating your performance is a great way to track your growth. It also helps you acknowledge how to do better in the future.
Tip #7: Update your database. Don’t forget to add prospects & their contact information to your database. Did you meet someone at the open house who seemed like they might be interested in working with you? If so, it’s time to add them! Make sure their information is in an accessible place and organized. If you need some further direction, our online course has an entire module on building out your database and finding the best CRM. Keep track of all leads as best you can—you don’t want any potential clients slipping away because you misplaced or mistyped a phone number.
Tip #8: Have a Loan Officer or Lender there. This can be super helpful in a highly competitive market. It will help buyers who are interested in making an offer, and lessen their stress about finding a trusted lender. Also, having someone there to answer questions and provide more information on the financial side is a great way to get clients excited & confident about purchasing your property!
Tip #9: Follow up with all attendees, don’t expect them to remember or keep in touch with you. It’s important to follow up with ALL people who visited your open house. Even if nothing seems like a fit right away, there is always the possibility someone will be interested in hearing from you down the road. Keep track of all leads and reach out every few months (hint: happy birthday’s and holiday wishes are a super casual way to reconnect). If you don’t keep in contact, they WILL forget about you. It’s not their job to remember every agent they talk to, it’s up to you to stay relevant and to build a connection.
Hosting open houses can be a great way to maximize visibility on new listings and is a long-used client acquisition strategy. Even if you don’t get much interest, it can be a great way to practice communication skills and put your knowledge to the test. Have plenty of information on hand and offer it to everyone that walks through the door. It’s also a great opportunity to introduce yourself and offer some direction as they tour the property. Most importantly, always ask for their contact information so they don’t have a chance to forget about you after the event is over. Open houses are a great way for agents to meet new people and strengthen their network of contacts. If you’ve never hosted one before, use these tips to get started.