Effectively utilize a Real Estate CRM. This list of top 7 CRM must-haves will help drive your Real Estate business' growth.
8 Steps to Hosting an Unforgettable Open House
We’re not sure why, but a lot of realtors believe in the myth that open houses are only for those just entering the business.
The fact is that open houses are one of the most effective ways to generate business in real estate. But why?
Why You Need to Host an Open House as a Realtor
You need to have an open house because the potential buyers and sellers are coming to you.
Those buyers and sellers have already identified where they want to live. They may even let you know that they want to sell. If that’s the case, you can interview for the job right there.
Your 8 Step Open House Strategy for 2021
Hosting an effective open house isn’t rocket science, but it does take a bit of strategy. You can’t just put up a sign and hold an effective open house. But how can you create the best strategy for your upcoming open house?
Here’s what must be done to develop an effective open house strategy:
1. Identify Your Geographical Target
Think of open houses as your “storefront” where you get to set up and meet potential buyer/seller clients in the area you want to work. Most realtors do open houses all over the place, which is a mistake. Instead, identify an area in which you want to build up market share, and then hold consistent open houses in that area. Current homeowners then begin to see your open house signs set up every weekend there, which increases consumer confidence as potential clients are seeing your name consistently. So pick an area and start to build your brand.
2. Understand that Signage Matters
Before you dive into this aspect or your open house strategy, make sure you check with your local government to see if there are any sign restrictions.
If you do not have any sign restrictions, putting out 30+ signs will greatly help increase your brand awareness and drive more traffic to your open house. If you are located in an area with a sign restriction, do not get discouraged. All of your competition is held by the same restriction.
3. Market Your Open House
Run a targeted Facebook ad for the area for three days leading up to the open house. Create a neighborhood open house flyer, and hand deliver/door knock the closest 400 homes to your open house.
4. Set-Up Your Open House Properly
On top of the 30+ signs placed around the neighborhood, you should also purchase a couple tall, attention-grabbing open house flags to put in front of the property. You will get a lot of attention from people currently living in the area, but that is good. When they think of selling, you want to be the first person that pops up in their mind.
5. Have Sign-In Sheets
To collect guest information, you need to print off sign-in sheets.
Put a sign on the door that says, “Per Seller’s Request: Please Sign In.” Place this sign on a table just inside the door and have your “Guest Registration Sign In Sheets” at the same table. (Don’t forget to include a nice property flyer with all the property information, as well as the different mortgage payment options!)
6. Connect with Your Guests
Once visitors have signed in, give a thorough tour if you are able.
You can’t give a tour to everyone if the open house is really busy, but focus on giving a great tour to those you are able. In addition to giving tours, you can connect with your guests by asking them engaging questions.
Example Open House Questions:
- “What is it about the area you like so much?”
- “Do you work nearby?”
- “Do you have kids?”
Asking these questions may seem like a no brainer, but if you don’t get a chance to connect with all of your guests, you may miss out on a potential sales opportunity.
7. Schedule an Appointment at the End
At the end of the open house, you can say something like, “so, what do you think about the property? Does it meet your needs, or are you looking for something different?”
Most will say they are looking for something different as ½ of 1% of homes sell from that open house.
In that case follow up with something like, “great, just so you know, I am not here to just sell you this house. I am here to identify what your goals and needs are, and if this house meets those, then great. If not, then know that I’m here to help you find you exactly what you are looking for. Based on what you have told me what you are looking for, I know of several homes which I am confident will meet your criteria. I get out of here at 4pm today, and can meet you then to go show you those other homes. Is that something you would like to set up?”
Most will not want to set an appointment right there, but if you ask enough people, you will absolutely get some that say yes.
8. Put Guests in your Database
Lastly, you want to make sure that you are putting your guests into your real estate database and follow up with your leads. Don’t have a database yet? Connect with us to see how our CRM can help your real estate business thrive in the changing business world.
Are You Ready to Host an Open House?
If you plan, set up, and execute your open houses correctly, you will absolutely get great results. Follow these steps, and go dominate your real estate business using open houses!
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