Brokers pass their open houses off to more junior agents in their office with the promise of buyer leads. They run them every weekend and too often preparation for the open house consists of an inexperienced agent with borrowed signs putting them out an hour before and hoping the Zillow posting draws people in.
The true advantage of open houses is not buyer leads, its the quality and price of the offers you can draw when you create an emotional experience for a buyer.
If you are looking for a place to eat, are you more likely to walk into a crowded busy restaurant or an empty one? A busy and full open house doesn’t just bring more buyers, it motivates buyers by creating urgency and creating an emotional experience of the home. Walking through an empty house while a broker hovers over you in every room makes the experience sterile.
At One Bike we use one basic question to direct our plans for open houses: Will this keep people in the house longer?
Time with people is our greatest opportunity. To build mind share with prospective clients, to create an emotional experience of a home for buyers, to build reputation with neighbors and learn more about the neighborhood from them.
You may end up with more total buyer prospects and offers from doing weekly open houses for two months but the strength of those leads and offers increase exponentially when people have a memorable positive experience of you and your selling process.
Here are a few components of a One Bike Open House:
- Choose Your Neighbor Party- We door knock in the neighborhood and invite people to come and see the house, learn about values in their neighborhood and the market. We bring along a lending officer to field questions about mortgages and financial conditions.
- Pre-Listing Preview- Since our marketing plan begins on our closing date for the project, we give project updates to those who express interest and hold a private unveiling party for them before we list it on the MLS.
- Mobile Marketing Turned Personal- Our mobile marketing platform gives us the contact numbers of all our interested buyers. Each one gets a personal call prior to our open house.
- Balloons- Cheesy? Yes. Effective? Absolutely.
- Give-Aways- Know your audience. Is it a condo in River North? How about fridge magnet bottle openers? Suburban Niles? How about balloons for the kids?
- Immediate Followup: We don’t just collect information from visitors and push it into our database. We use it. Immediately. People who attend the open house go directly into a house specific followup campaign.
We find the above to be incredibly effective in not just selling our properties but in driving our business forward.