The Spring Selling Season is happening NOW. One of the best ways to make the most of your Spring Selling Season is to make the most of your Open Houses.
Here are the reasons to host an open house for your listings:
Serious buyers go to open houses. In fact, at low and mid price points, 20% of all buyers go to open houses so they can decide that very weekend which house they want to buy. At higher price points, yes, including the luxury tier, 30% of all buyers who go to open houses go so they can decide which house to buy that very weekend.
Sellers expect their agents to have an open house for their house. They want to see what it is you’re actually doing for them.
Open houses are a great way to meet soon-to-list sellers. These soon-to-list sellers are essentially giving you a trial run to see whether or not you “present and handle” another person’s home the way they would want you to present and handle their home if and when they decide to sell it.
How will you know when a soon-to-list seller walks in to your open house? It’s as simple as asking them if they have a home in the neighborhood, area or elsewhere they’re considering selling. Be the agent who asks…most don’t.
Open houses help you build your future business in a very efficient way. You’ll meet the most number of people in a minimum amount of time.
More contacts = more contracts.
Now, do the Open House Math.
Hold one open house every weekend until you have three AAA prospective buyers at one time. Once you have one buyer under contract, replace that buyer with another AAA prospective buyer so you’re never without three.
Having three prospective AAA buyers at all times translates into your never having a lean month. Chances are in your favor that two of your three AAA prospective buyers will close within one month.
Two deals/month X your average commission/deal =
Assuming your average commission is $5,000, you’ll earn
$5,000/commission X two deals/month = $10,000/month just from your open houses. This $10,000/month translates into $120,000/year just from your open houses.
Even if you earn half this amount in commissions, making your open houses work for you still makes sense, right? And even if your business is already doing better than this, it still makes sense to add an additional $60,000 – $120,000/year to your existing bottom line just from your open houses, right?
This piece was inspired by the new, revised, expanded edition of Harris Rules by Tim and Julie Harris to be published June 3. Preorder your copy of Harris Rules today.