Open House Power-Up: A Realtor’s Guide

Important note* Check your local forms for options for discussing buyer agency with visiting prospects. Follow local MLS and broker rules and regulations and learn how to talk to potential clients about their options.

Open houses are still a fundamental pillar of the business. NAR reports that 53% of home buyers attend open houses. So more than half of buyers who are shopping will visit open houses at some point in their search.

Here are some reasons why open houses are valuable:

• It gives you the chance to meet neighbors and turn every ad into a great ad. I would suggest that you knock at least 50 doors around the open house and issue an open house invitation. If you want, you can circle, prospect, call and invite the neighbors. If you have some time before the launch, feel free to send an invite. A large portion of the neighbors do not come unless they are invited. It feels awkward that they enter their neighbor’s house when they are not really looking for anything to buy. Make it easy, invite them.
• Possibly sell the house to a buyer who comes to visit.
• Pick up prospects who aren’t tied to an agent. Open houses are an opportunity to not only meet a great buyer, but also to hopefully find another great seller.

Your goal is to leave the open day with as many quality names and as much contact information as possible. You are there to meet, greet each other, collect that information and then follow up on the open day.

The goal of your open house is to make 1-2 appointments with the best prospects during the open house.

You may be wondering if weekdays are a good time to hold an open house? The answer is yes, weekdays can be good too. You want to be strategic with your hours. The traffic won’t always be the same, but there won’t be any prospects at your desk. You can take your work with you. It’s like your mobile office and you never know when you’ll come across a potential client. Moderate open door traffic allows you to spend more time with each potential customer.

Your open house warm-up: As you get ready for open house, warm up by previewing homes in the area. Study recent sales data. Learn all the important details about the schools or community. Study and practice your scripts and your questions. Please note that with all our new rules around real estate, you can only provide the information that is appropriate based on the relationship with that potential customer.

Pre-Marketing Game Plan: Below are some ways to get into the market before the open house.

• Digital platforms: Facebook, Instagram, etc.
• Marketing via knocking on doors, direct mail or calling neighbors to invite at least 100 people. Set a minimum standard of at least 25.
• Contact leads and people who might be interested in visiting.
• Direct mail to business owners within a mile radius, if applicable.

There is a saying in business: a predictable process produces a predictable result. Use the list below to create your open house go-kit.

Open house go kit

• Sign and signage strategy
• Login form/electronic process
• Offer leaflets/electronic brochure for sending
• Local market information and other promotional items on display
• Water/snacks, if desired
• Booties
• Measuring tape
• Scratch pads
• Basic cleaning supplies

Now it’s time to go. Dress a little more professionally than your potential customers. Remember, they will judge you in the first few seconds of the open day. Show up with energy and always arrive early because the seller is anxious. Make sure valuables are stored away. Turn on the lights and stand up straight if necessary. Make sure you set up your materials and a login area. Stay in work mode even when you’re not interacting with potential clients. Eliminate distractions: You have one chance to make a great impression.

You’ll want to decide where you stand as you greet and address each potential customer. Treat every guest with courtesy and as if he or she could be a potential buyer. Watch what you say and do, there could be cameras, or it could be a friend of the seller. Be friendly and involved and give them some space. Not everyone will want to shake your hand, so let them take the lead. Tell them, “Make yourself at home.” Ask them to log in and explain why this is necessary. You should have a menu of questions to practice to engage the customer.

• “I’m curious, how did you find the open day today?”
• “Have you seen many houses in the area?”
• “I notice that most visitors come to the open day because they live in the area and want to check the value of their own home, or are looking to purchase. May I ask which one applies to you?”
  • If they say they have an agent and don’t register on the signup form, ask them if they have a signed agreement and who their agent is.
• “I’m curious, how long have you been looking for a house?”
• “Have you seen anything exciting or placed an offer on anything so far?”
• “What is your ideal time frame to move into your next home?”
• “What is important about that time frame?”
• “Where do you live now?”
• “Do you have to sell that house to buy?”
• “Can you describe what your ideal home would look like? Maybe I know something outside the market that I can share.

Start with careful probing. As you build rapport, you can ask more specific questions. If you have several people in the house, you can determine who gets more attention based on their answers.

Engage them, withdraw when they are ready to leave, thank them for being there. If you haven’t captured their information yet, this is your last chance to do so! Ask them if they are interested in making an offer on this property.

The hook:

“You know, I prospect every day and find sellers who aren’t ready to list on the open market. Every now and then I come across a seller who is in default or would like to sell. If something red hot happens, would you like me to text you the address and information?

“Excellent, what’s the best number to text you?”

“By the way, can I ask a few more questions about your wishes, so that I can only send you the best matches?”

Important: The priority is to make sure you have all their information. Then you can spend more time chatting. You never know when you’ll be interrupted!

“I have an idea: what if we get together this week and I show you a few examples to inform you of what is available. And then I can find out more about what you are looking for?

“This information will help me find some great options for you. What would Tuesday at 4pm be like?”

“In order to be able to show you homes at that time, we must sign an agreement in which I can represent and advise you about those homes. We can sign a simple agreement before Tuesday. This will allow you to try out my services, and if we want to see more properties together in the future, we can talk about the next steps on Tuesday.”

Closing out your open house. When you get ready to leave, make sure you lock all windows and doors. Wipe down all surfaces and pick up trash. Gather your materials and open house signs. You can then call/text the seller or agent with the results and feedback.

Many agents hold a big open house and then never follow up with their prospects. Don’t do that. You should have an open house follow-up plan for those on your list. Call them that evening to let them know you’ll be working hard to find new off-market opportunities for your open house attendees and ask them to make an appointment. Consider making a video thanking them for their visit and sending it to them the evening after the open house. Let them know you can pursue off-market opportunities for them. It’s a nice personal touch! By all means, send them a text/email and call them first thing the next morning! Make sure you enter all call notes into your CRM and add them to auto-nurture campaigns. Even those who aren’t interested in doing anything anytime soon should be added to your nurture campaigns. An MIT study on leads shows that 50% of leads are never followed up. Most salespeople make 1-2 attempts and give up, and most leads convert between 6 and 12 attempts.

Be ruthless in your follow-up throughout the week: call, email, text and repeat.

Debbie De Grote is the CEO and founder of Forward Coaching.

This column does not necessarily reflect the opinion of HousingWire’s editorial staff and its owners.

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