What is a “Brokers Open?”

A broker’s open house is an “Open House” that is aimed at capturing the attention of local real estate agents.  It’s a great opportunity to help them familiarize themselves with the existing housing  inventory.  That helps the attending agents do a better job pricing and marketing properties for their sellers, as they will have a better grasp  of what homes are available in the market and their price and condition.  It also helps attending agents better steer their buyer clients toward homes that best meet their needs.

Listing agents offer  Brokers Opens because it helps to gain more exposure to their listings,which hopefully results in the agents later bringing a buyer  back!  Also, listing agents seek insights from the attending agents by asking their opinion of price and condition of the home; and this feedback can be used by the listing agent and their seller to determine if they need to make adjustments to  their marketing plan.

While I do not hold a  Brokers open for every listing, I do use them frequently when I have more unique properties available, as those can be the toughest to both price and sell; so that feedback is invaluable.  When I do them, I frequently ask other agents who have nearby homes available if they wish to participate and hold their listing open that day and time, too.  I find this helps as we are cross promoting the events, and with several opportunities to see several homes nearby, it is an efficient use of time for attending agents.   Plus, we try to make it fun and worth the attendee’s time by offering lunch, a wine tasting, door prizes and the like.  Its also a great marketing tool for that are involved.

Are they successful?  Yes, usually.  If we’re able to gain good feedback from attending agents, it’s worth the time and cost involved.  Sometimes those agents do have a client they bring back to see the home as a result.  And one time – and I am certain this will never happen again – some buyers wandered into a Broker’s Open quite by accident and bought the house I was holding open, writing the contract on the spot!  Once upon a time someone told me that Open Houses (of any type) are not for “getting traffic” they are for “getting lucky”.  No, they don’t always sell the house.  Frequently they help contribute to getting the home sold.  But honestly, a few times a year, I do “get lucky”, and sell the home I am holding open as a direct as a direct result of my open house.

So I keep doing them.  After all… “Luck is when preparation meets opportunity”; and my job is to be prepared and constantly create new opportunities.

Hopefully I’ll see you soon at one of my Broker’s Opens.