Open Houses and Broker’s Opens

Open Houses:

Open houses can be an effective tool for creating a fear of loss for buyers. Knowing that an open house is scheduled can motivate interested buyers to see the house and make a decision quickly in an effort to avoid the perceived competition an open house might generate. The market over the past several years has been quite strong and we haven’t found ourselves hosting many open houses as simply listing the home creates a sense of urgency for buyers. As the market cools, it’s possible that we will offer them again in order to increase the fear of loss and create the sense of urgency that has been inherent in the market recently.

Open houses attract buyers in the early stages of the home search or curious neighbors, which aren’t the demographic that sellers are necessarily looking for. Motivated buyers typically work with an agent and make a personal appointment to view a house. 

One reason some agents like to host open houses has nothing to do with selling the property. They can be an opportunity to meet buyers and potentially turn them into clients, which is appealing to new agents and those that don’t have strong referral networks.

Broker’s Opens:

Broker’s opens are open houses designed specifically for real estate agents. They are held during the week, typically during lunch hours and food is generally served. The purpose of these events is get local professionals into the home so they can preview it and hopefully think of clients who might find it appealing. Broker’s opens are most effective for unusual or higher end listings. Experienced real estate agents have been inside a lot of homes and aren’t motivated to take time out of their day to check out a typical raised ranch or standard center hall Colonial. But if a house is in a unique setting or has atypical style and amenities, it’s an opportunity to get fellow agents excited about a home.

Open houses and broker’s opens are just a couple of the many tools in our marketing tool kit. While not always necessary, they can be worthwhile and should be considered on a case by case basis.