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What’s the big deal about open houses, anyways?

July 7, 2020 | Written by: Pam O'Bryant
5 opportunities you can create during your open house.

It’s no secret we here at Real Estate on Purpose love open houses – and there are 3 ways to do open houses: virtual, live and by appointment. Why? There are at least 5 really good reasons.

I know agents who love opens and who don’t enjoy them.

The biggest benefit about open houses is that they let you talk about real estate. You can mention the open house to your friends and family, invite the neighbors, advertise it on social media. You can visit area businesses and get to know them.

Opportunities in Open Houses

You’ll find that there are tons of opportunities to engage different categories of your network for your open house. Check out our top 5 list below.

An open house is an opportunity to:

  1. Sell the house you’re holding open
  2. Tell your family and friends you’re in real estate
  3. Visit local businesses and collect information about them for your open house
  4. Follow up with old leads to invite them to come
  5. Invite the neighbors to the open house (and find out who’s planning on selling)

The Top 5 Open House Opportunities:

1. Sell the house you’re holding open.

Hopefully we don’t need too much detail on that. Know the house, features, benefits and neighborhood. Be fully prepared and there’s a good chance you’ll sell that house.

2. Tell your family and friends you’re in real estate.

Every time you do an open house, you should invite a least 25 people that know, like and trust you. We’re teaching them you are a real estate agent and it’ll busy up that open house.

3. Visit local businesses and collect information about them for your open house.

Local businesses know lots of people. You want to develop relationships with them. Asking them for information about their business to take to people at your open house demonstrates you care – about them.

4. Follow up with old leads to invite them to come.

This is a really low-risk way to reach back out. If you haven’t been able to close for an appointment, an invitation is easy and effective.

5. Invite the neighbors to the open house (and find out who’s planning on selling.)

I love doing a “neighbors only” open house an hour before the public one. In other words, it’s chance for neighbors to ask questions about the market. Honestly, get the “nosy neighbors” out of the way before real leads come in.

Now, of course there are skills and techniques involved in getting the best return on your time and money investment for each of these. And I’m sure there are at least 3-5 more opportunities an open house creates.

Let’s get real for a minute.

How do real estate agents make money? Well, they first have to find someone who needs help buying or selling real estate.

Next, they have to convince that person that working with them will be a benefit to them.

Finally, they have to successfully help that person all the way to closing to actually get paid.

Starting with the first step, finding someone to help. Experience shows that most agents love helping people with real estate! It’s the hunting for people to help they don’t love. Sound like you? Actually, it’s me, too.

The “hunting” always felt a little like having “commission breath” to me. Therefore, I had to find a way that felt natural and not weird. We’ve never gone in for the hard closes like “Do the right thing! Sign the paperwork now!” Yuck. Show your value, be a consultant — not a salesperson.

If you open the house, they will come.

How, then, to gently remind people I’m in real estate? Open houses totally fit the bill! People come to me (yay!), I have the opportunity to talk about real estate in a non-yuck way and I do the seller the service of introducing their home to potentially dozens of buyers. Win, win, win!

Other beneficial skills & tools

First, have the right mindset. Have a plan for your real estate business to acquire a few skills and tools. Above all, skills are a way to invite people to the open house (shhh, it’s really a script). How to welcome people when they attend, for example. Also how to get them to register and how to follow up. Try to work smarter, not harder, check out our article on skills you can add to your business to help you become more efficient.

Real Estate on Purpose builds the mindset, skills and habits you need to make open houses work for you. Need more? Start your free trial today!

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