Fact: Serious buyers DO go to open houses. In fact, 1 in 5 are going to open houses so they can make a decision. What does this mean for you? Learn how to monetize your open house and be the agent that they write the contract with! We’ll teach you the Top 5 reasons to fall back in love with open houses, the open house ‘math’ that keeps your pipeline full and the rules for hosting a door-busting, money-making open house! Thought open houses ‘didn’t work’ anymore? We’ve got a plan for you!
Top 5 Reasons to Love Open Houses
1 Yes, serious buyers DO go to open houses. In fact, 20% of them are going to open houses so they can make a decision this weekend! Be the agent the write the contract with. Yes, they seem like buyers, but they’re sellers in buyers clothing!
Script: “Which home in the area do you plan on selling?” (memorize, internalize, utilize!)
Fact: At least 30% of open house visitors DO have a home to sell, and even MORE when you go up in price!! Most agents don’t know this because they never ask.
2 It’s a great place to meet the nosey, soon-to-list neighbors.
3 Build your future business through making maximum contacts in minimum time. This is efficient prospecting when you do it right. You’ll be amazed at how much future business you’ll create by doing consistent, well-executed Opens.
4 The seller who’s home you’re holding open will love you when you do your open the right way. Keep your sellers happy. They expect open houses. Give up the fight and do them right.
5 Open houses force you to be in front of people. More contact = more contracts. Polish your skill and stop being a secret agent.
Open House Math
1 Hold open houses every weekend as a rule until you have a minimum of 3, AAA buyers at all times. Once you put one in contract, replace with another AAA buyer, so you are never without 3. Doing this insures you will never, ever have a lean month.
2 When you work with at least 3, AAA buyers at all times, 2 will close per month, minimum.
3 2 deals / month x your average commission = $_______. Let’s say your average is $5000/deal. $10,000/month just from open houses = $120,000 per year. Even if your numbers are HALF of that, open house math makes a lot of sense.
4 If you’re already doing better than this in your business, ADD open houses as a viable ‘spoke’ and add the $60,000 to $120,000+++ to your existing business. Use the added income to pay off debt, buy a rental, pay for an assistant or upgrade your car!
Open House Prospecting Rules
1 You must use 10 Directional signs, minimum. Ask permission to place signs and connect with homeowners who allow you this courtesy.
Directional signs found here:
2 Choose the RIGHT HOUSE to hold open. 1st time buyer houses or first move up houses in popular schools, great neighborhoods, and nice curb appeal. Avoid gated communities if possible.
Shoe covers found here:
3 Door knock 1 hour before the open house, using an open house flyer, which invites neighbors and friends for a ‘sneak preview’ 1 hour prior to public open house.
4 Place inexpensive ads in Craig’s List, on your Facebook page, etc.
5 Synchronize with other listing agents in the same area for a larger turn out. This benefits everyone.
6 Do announce it in your MLS, Realtor.com, etc.
7 Have a formal and classy sign in book and make sure they sign in. Use a sign that says ‘The Seller Requests that all Guests Sign In’.
Do a drawing to get more people to sign in. Use ‘enter to win’ signs:
8 FOLLOW UP ON ALL LEADS THE SAME DAY as your open house!! More than one can win your drawing; $5 Starbucks cards, etc. Use our Open House Lead Follow Up Scripts if you’re a Premier Coaching Member.
9 Follow up on all leads until they buy or sell with you or call to get a restraining order because you’re so relentless with your communication!
10 If you have no listings, BORROW a listing from an office mate, your broker, etc. Choose the house first and the agent second. Not all houses make for great opens, so don’t give up if you have a bad one now and then.
Each open house should give you at least 2 close-able buyers and 1 new listing in the neighborhood or competing neighborhood. If you’re not getting that, then you’re not doing something from the Rules we just shared!!