Holding an Open House - an Intro

Hold open houses in the neighborhood you'd like to work in (or property types you'd like to work with). It does not need to be your listing for you to hold an open house. It is better if the property is listed with the company you work for, but that's also not a requirement so long as you have the listing agent and owner's permission. Make sure all of your marketing has who actually has the listing (or what ever other requirements there may be). You'll find buyers and sellers that like the neighborhood or property type you like.

Now, to make open houses work for you, you canNOT just stick a sign in the yard and hope a bunch of buyers/sellers will show up. The more you work this, the better the results. Start 2 weeks (minimum) in advance (unless you're really quick at getting things done and know your way around a computer really well). Make sure there's not something special going on the weekend you decide to have the open house - like super bowl Sunday or some other big event that will keep people away from an open house on your Sunday.

ALERT THE INTERNET WORLD: Let's say you have NO money, zero, zilch. Then you get to work a little harder and smarter. When you get permission to market, be sure they know you will be marketing the heck out of this thing. You should run the marketing by the listing agent (and your PB) before it goes out just to be sure there are no errors. Post this listing to Postlets, RealBird, vFlyer, BearPrinting, and any other free sites you can (go to TackleRealEstate.com for more ideas). Some of these have open house features where you can post your open house and buyers can search for them. Be sure the listing agent posts the open house on RMLS and puts your contact info. To get going on these online listing sites you will need the following information/items:
-set up a good email account for yourself that you will use to create accounts and receive inquires. It’s best to set up a marketing account that can then forward to your main internet account. You may have myagentname@mywebsite.com but it will benefit you to have myagentwebsite@gmail.com (or other service provider). If you have control over your own email, then you might want to set up something like craigslist@mywebsite.com, postlets@mywebsite.com, etc. this way you know where the leads (and spam) are coming from.
-create the accounts (your photo, company logo, company info, brief bio, your web address, etc)
-listing info (MLS# and info, pictures, write-up info, it’s helpful if you’ve seen the home)
-create more accounts to post to (once you have posted a listing to the above you can then post to and these generally don’t need as much info)
If you have (and you should have) Facebook (best on your fan page), Twitter, linked in, active rain, a blog, your real estate website, etc be sure you post the opening there. Some of the listing sites offer widgets that can be utilized in lots of places. (Widgets are a bit more advanced and we’ll deal with that later.) From Postlets, RealBird, vFlyer, BearPrinting, and others you can post to craigslist, backpage, kijiji, ebay, google, etc. With Craigslist you should be able to post each version each day you post. You can generally post every 48-72 hours. These are all free and you should do ALL of them. Okay, you alerted the internet that you're holding an open house, now...

If you can print flyers (Bear Printing will print nice 1 sided color flyers for .19 each, or post cards for .12 each) then take the flyers to at least 20 or 30 neighbors (especially if you like their home). Yes, go to each house in the neighborhood, knock on their door, and tell them you'll be at the open house this weekend and if they know anyone who's been wanting to move to the neighborhood now's the time. It's a good idea to visit the house ahead of time and take your own photos to use for marketing - when possible (try and get them from the listing agent if not). If you do have $80-100 then you should also send post cards to the neighborhood with your picture on it. Send post cards to your sphere too or at least send them an email (more advanced… use mailchimp-free, constant contact, icontact, or other email system that you can see who's opened your email).

Make connections with others in the industry. Mortgage brokers, inspectors, contractors, title and escrow people, stagers, and more. Some will financially support your efforts if you additionally market them and/or their business. For example, you may be able to have the mortgage broker pay for the flyers that you prepare and give out if the back of the page or part of the front has their contact information and photo/logo. They may provide the food or other items of benefit.

The Monday before the open house, be sure there is an open house sign saying when the open house will be (ie: Sunday 2-4pm). On the day of, pull the flyers out of the box and bring them inside (or put them on your car seat so you remember to put them back when you're done). Have flyers prepared that have the home information on one part, your contact info on another (especially if you have a lead capture option on your website), and then include a list of what other properties in the area are available in a similar style and price range. Prepare a sign in sheet that asks for their name, if they're working with an agent, and their email and phone number. Have a stack of your cards available. After the open house be sure to thank the listing agent and be sure to give them the feedback you received about the house, including how many parties came through and if there is any interest in the property.

Be mentally prepared that you may not have anyone show up. It happens… even if you market the heck out of the property. It could be so over priced, in a bad location, on a day that your target market for this home is out doing something else. It could be that everyone that comes in is already working with an agent. If it happens to you, find a better home to hold open on the next weekend. Ask more questions, review the history of the home. Pick a different segment. Ask others why you may not have had a draw. Sometimes you can do everything right and no one shows up. This is the life of an agent, and it happens.

If you were able to capture leads email addresses or mailing addresses be sure you write to them and thank them for coming to the open house. If you have a drip system, be sure you add them to the appropriate one(s). A drip campaign is an automated system that emails, at an interval you set up, an email of your writing (or the systems writing if that’s what you purchased). So if you met a first time homebuyer, you might have the system send 4-6 emails over the next 3 to 4 months about tips for buying a home.

What else can you do to prepare for an open house or have available to visitors? Think about what you're already good at. If you're crafty, can you do create something to give to visitors to remember who you are and the home they've seen? If you can bake or make candy, then have little packages with your card attached and give them away. If you have value added information like the 10 biggest mistakes buyers make when buying a home or getting a loan that they can sign up for and you can email to them right after the open house. If you have a drip system option with your website or through mailchimp or other email system then be sure to add your visitors to your system.

Make sure you let everyone you know in town knows about your open house. Ask them to come and support you (especially if you’re a new agent). Having food there is always a plus (and I don’t mean just cookies and lemonade). Talk to some of the agents you’ve met in the office and ask them if they’ll stop by for the added support. If you’re working with a mortgage broker be sure you invite them too. Have your family and friends come (make sure they know the rules, like leave you to the real potential clients when they come in). Having lots of people to the open house creates more activity and gives you practice.

What other things can you do to make the marketing a success? How else can you get a draw to the open house? Brainstorm with others or ask experienced agents what they do. Google your options. Go to real estate websites like Realtor.net and other sites that might offer some helpful info. Check back at TackleRealEstate.com for more help.