Here’s another excerpt from our series on Building Agents’ Business in the highly competitive DC/MD/VA marketplace. The Open House has been a staple of real estate for decades, but do you know the real role and power of the Open House for realtors?
“Of course, the Open House has always played a crucial role as the most visible marketing a seller’s agent can do for their client,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “You pick up valuable feedback from agents and their buyers on the property itself, your listing price and the homes’ positioning in the neighborhood marketplace. Those are some of the reasons I still personally do 40 – 45 Open Houses a year. There are, however, major spillover benefits that agents need to understand.”
The role of the Open House is really to be your realtor storefront for several hours on a Sunday, Saturday or weekday evening. It doesn’t even matter if the listing is under your name, your brokers or for an agent who is in your firm. Here’s what may walk in the door while you’re onsite.
- Home buyers with their agents
- Self-shopping home buyers
- Neighborhood homeowners curious about what’s going on
- Agents on Previews
“Agents who learn to recognize self-shopping home buyers and neighborhood homeowners can really do well using the Open House as a new business storefront,” said DiRuggiero. “The best pathway to success is continuity – if you can sit on a property 2-3 weeks in a row, you will connect with some of the same buyers…and may meet the same homeowners multiple times over your Open House cycle. These are chances to make exciting new connections that pay off in the short- to long-term.”
There are other benefits you need to realize. When you’re sitting in a $500,000 listing, the people that walk in the door are usually prospects who want to purchase near or above that price point. They’re also taking the time of their personal schedule to go look at real estate. If they’re not on a Buyer Broker Agreement with another firm, then that person you met in the Open House is called a very good lead and prospect in a targeted price range,” continued Gerard.
The flip side is if a neighborhood homeowner comes in. “They’re obviously curious and want to see what is selling ‘next door’ at an exciting price. Your job here is answer their questions, establish yourself as a neighborhood agent, and share information and guidance matching their curiosity. We won’t get into major details on the recommended follow-up process once that homeowner leaves the Open House, but if you’re fast, diligent and consistently add value and real estate knowledge to the equation, that homeowner is your future listing.”
The Open House is one of the ways our Agent Leads Generation Program in keeping our agents in front of commission opportunities! Call 202.759.4114 to discuss the topic – we’re actively recruiting and happy to share what we do in our Agent Leads Generation Program at UrbanLand Company!
Our in-house Agent Leads Generation Program naturally maximizes your in-the-field exposure as an agent. It doesn’t matter if you’ve been licensed 5 minutes or for 5 years. Our firm’s Program for lead generation and realtor development is highly effective. The main requirement for entry into the Leads program here is 2 things – your time commitment and a desire to max out your in-the-field exposure as an agent with the public.
CRM TRAINING & MONITORING
Every person you meet. Every hand you shake. Every phone call you take. Maintaining a pipeline is easy with our in-house assistance.
There’s a secret to generating business out of online real estate leads. It’s called an exclusive pipeline of potential clients who are asking for your advice and guidance.
Multi-week rotations leading a variety of topics in our Home Buyer Workshops pays off for agents!
Open House rotation puts you play with home buyers in great price ranges and gets you face-to-face strategically with other neighborhood potential sellers. Here’s some of our typical Open House opportunities.
Again, fundamentals matter. Neighborhood outreach delivers a high return on your time investment, if you follow the game plan.
Like meeting new people a lot? Join our Same Day Showings team and get access to home buyers and renters who want to go out right now!
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Here’s some recent closings from our Agent Leads Generation Program!