How To Host An Open House For Another Agent’s Listing
As a real estate agent, hosting an open house is a great way for you to generate leads.
However, what if you don’t have your own listings? WELL, I have a solution for you… you can hold an open house for another agent! Now the question you may be asking, is how to choose the ideal property to reach out to. Do not worry- that is exactly what I will be covering!
In this article I’m gonna be sharing the top 5 things to consider to pick the BEST property to host an open house.
#1 STATUS CHANGE
The number one thing you need to consider when you are choosing a home to host an open house is that there is something significant in the change of status. OBVIOUSLY an ideal situation is to find a NEW listing to host as an open house. It is fresh in people’s inboxes and they want to come and see it quick- so that first open house is a great way to get a lot of traffic coming into the home.
However you need to also plug it in to these other 4 things I’m going to talk about- make sure that is the best one to host the open house. Another status change you want to think about would be a price reduction or a ‘back on the market’. This will cause buyers who have seen it previously-want to come and see it again. OR it may not have even been in a specific group of buyer’s budget beforehand- but now the price has been reduced- it IS!
So an ideal situation is a new listing- but a different status change is something you want to consider.
#2 AREA EXPERTISE
The second point to consider when choosing a property to host an open house is in an area that you have expertise in. When buyers are coming to the open house, they are going to be asking you questions about the area, about the neighborhood, about the schools – those are things that you need to be able to answer! You don’t need to know EVERYTHING now- but you should have some knowledge.
Make sure the areas that you’re considering hosting in an open house, is somewhere that you could speak with confidence about the neighborhood, community, HOA, schools (elementary, middle & high!), nearest grocery stores, nearby activities, and more. You will need to learn about if the property is a part of an association, learn about what they offer, the things that the HOA covers, the things that don’t cover. So make sure you know the specific area that you’re
looking to host- so that you’ll be able to speak with confidence to these buyers as they come in through the house.
#3 HIGH TRAFFIC AREA
The third point to consider is a high traffic area. This bascially is making sure you are not choosing a property that is super far down in a crazy area, where people we will get lost and not find the house. We all know neighborhoods that are like a maze to get in and out of- those are the WORST! You want to have your open house be in an area that a lot of people are gonna be passing by- so maybe it’s the beginning of community, or near cross roads – but choose the house where it is going to have a lot of traffic driving by.
#4 PROXIMITY OF BUSY ROADS
The next point to consider when deciding on a property is the proximity to busy roads. Now you have probably seen it many times before when you’re driving, and you see the open house signs, or directional signs, branding signs, all staked into the sides of roads. This is good marketing! Not only for people to see that you are hosting an open house- it is also great for your personal brand! If you put them on the busy roads, you’re getting your brand out there, people are passing by constantly, so for getting your name out there in these specific neighborhoods- so homeowners driving in and out all day long will notice.
I talk a lot about the importance of your personal brand- YOU are your brand, and your personal brand is everything! So hosting next to a busy road is not only helping you for driving traffic to your open house now, it is also going to help you for branding and potential leads in a long term as well.
#5 FARM AREA
The last thing that I recommend when you’re choosing an open house to house is choosing in an area that you are considering farming. Now I’m going to create some videos on how to choose the best farm, how to market to your farm and all that good stuff – so make sure you stay tune for that. BUT having a farming area is a smaller community -small neighborhood- that you really want to focus your marketing efforts on. By hosting an open house in that area allows you to begin your first steps of your marketing efforts. You can go and talk to the neighbors, you can call, you can drop by a flyer or door hanger, post card, etc. My recommendation is when hosting your open house, you do a neighborhood exclusive- just for the neighbors to come.
Implement these 5 tips when you are researching for which home you’d like to host an open house at. Not all agents will say yes- so pick a few that match this criteria!