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Tony Hoefakker I agree with . In my experience agnents only go for the food.
Ryan Huggins - Thousan...
Thousand Oaks, CA
Nina Hollander, Broker
I have in the past but they were not very successful and were very expensive. In my area you have to feed the agents (post the menu) and give great door prizes to get even a dozen agents to come out and they are usually not the producing agents.
Nina Hollander, Broker
It is a great opportunity to show off your ability to provide lunch for your fellow agents! Other than that, they are a complete waste of time. Agents worth their salt can see the house online and can preview it at any time they wish.
The only time this would be valuable is if the sellers can only open the house one or two hours a week and there is no lockbox. I just had an offer accepted on a house like this.
Now with all that said, if your client wants one, make them happy! Just make sure they know not to expect anything to come of it. Oh, and don't buy lots of food, unless you want to feed your family for a week. :)
My experience with a broker's open:
House: just shy of 1.2 million fixed up single story in a very desired neighborhood that commands a premium.
Situation: Sign on property for two weeks while touchups were being done. Lots of agent and buyer calls. Seller had requested the broker's open as a grand unveiling and no lockbox until that day.
Results: Agents who had been calling me came out in force. I did serve light appetizers and a summer punch (it was a warm summer day out too). Many neighbors came by as did my buyers. Most of the agents there (+90%) were ones that had been calling me for weeks.
Timing: Brokers open was on a Friday, open house on a Sunday. Both days did generate interest and offers, but I had two weeks of marketing a smoking hot property to get there. Results are very NOT typical for most markets.
Troy Erickson AZ Realt...
I can't remember the last time I did one (probably at least 12 years ago). And I can't remember the last time I attended one.
Not very effective though still often done in my market. Usually only the higher-end homes have it done, and clients are always invited too!
It is still popular in my area. A broker tour is more something for the office. The Brokers open has to have food and beverages to attract them but it will keep the listing in their heads especially if its a luxury property.
I did one a few months back and no one came.
Not in my market, but each market is different!
Tony -- it likely depends on your market and your approach to the marketing of real estate.
I do brokers opens and I treat them as another opportunity to expose the property to the public -- lots of signs, neighborhood information, comps, interesting stuff.
The great thing about real estate is that the field can allow you to be as creative as you can be when it comes to marketing.
You have to do at least brokers open house: as a new listing. In my area, during new listings OH agents offered food, often drinks and drawings( to attract more agents).
Tony Hoefakker our area does have Broker's Open - called Caravan. Though i do see the attendence going down recently.
We do broker opens. It gives the agents a chance to see the home in person. Everyone has buyers, so they may be able to go back and tell them about it. It also gives the agents a chance to get together and have some snacks or lunch and talk about their listings.
I haven't done one in a while, but find them helpful to get pointers on things I might not have noticed about the house. It also helps a lot more agents come through the house especially if a gift card is offered.
Sometimes I do with a new listing to get the word out.
some agents still do broker opens and swear by them - it depends on your area and whether agents still tour or not.
A broker open is basically an open house for other Realtors. I consider it just as productive as a regular open house and it should be part of most marketing plans.
Let me give you an example of how an agent with my office recently (just a few days ago) teamed up with an agent from another brokerage to have a mini broker open / tour.
My agent secured a waterfront listing just a mile or so from a competing brokers waterfront listing. The agents got together, met each others seller and toured each others listing. They then decided to each hold a broker open at the same time to try to generate some additional action. They spent probably $75 each on cheese & crackers, bottled water, and some really nice flyers. Finally, they blasted the broker open date by email and facebook for several weeks.
The result .... over 40 brokers who attended each open, several subsequent showings and one offer. In addition, another possible listing!!!!
Don't forget, your marketing efforts not only attract buyers, they also attract a much more valuable real estate commodity ... sellers!
Oh and one more thing ... the other agent ... well he now works for us!
Troy Erickson AZ Realt...
You'd be surprise how much exposure you can get with Tony's famous Pizza or Costco Sandwiches. Scratch lotto tickets to the first 20 agents...
Be a hero and take the left overs back to the office and put it in the break room
I have done them with some success . But you must proactively get on your cell and CALL EVERY AGENT in the Zip Code and personally ask them to attend to get 20+ at your OPEN !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I haven't much, but I am not opposed to going if I am in the area.
I may someday for the right property.
Tony - Interesting to read what other areas in the country are doing in regards to brokers opens.
We have broker caravans, usually sponsored by a title company or lender, and they usually feed us at the final home on the tour. If those are well attended in your area, that is probably all you need.
However, I would think that if your listing is a luxury home, then it probably makes sense to showcase it with a brokers open.
Anything you can do to get more agents to see your home will help to sell it.
I don't do these and neither do most agents in my area. We have a weekly property tour where the new listings can be seen.-
Yes, I do.
feed them and they will come!!!! we have brunch....we market to agents and it works well...we often sell a home very fast after doing this....
Brokers in Denver are too busy with current business to attend a broker open. Those attending are the ones that do not have much business.
Several questions needs to be asked and understood.
1. How would you measure the success of an open house?
Would it be number of attendees, or
If the buyer(s) originated from an agent who attended.
If your response was the latter then you understand the purpose of the brokers open is to get the home into that agents working inventory in an indirect fashion. After all we all have access to the inventory (mls).
2. How do you make a brokers open a value event for the attendee?
Offer lunch or
Introduce attendee to new service providers, or
Create strategic advantage related to that real estate or
Deliver a solution welcomed by every agent.
If you selected the latter, now only one obstacle exists,
HOW DO YOU GET YOUR MESSAGE IN FRONT OF AGENTS WHO REFUSE TO ME MARKETED TO?
That is where the value of AR comes front and center. Here you can learn how to craft a subject line agents will read. Then rely on title companies and brokers to deliver your offer to their audience.
That does not sound like the typical Brokers Open and that's a good thing because few will come to the typical.
It is a waste of time in most cases unless you have new construction or an unique home. Most of my new listings have multiple offers in days, so no time or need for an open
We're with you on this one. However, if the Seller wants to spring for a caterer, perhaps...
I don't do them now because we are in a sellers market.
for the most part, broker opens are safer for the real estate agent and get more exposure than open houses.
We do and they are very effective. More agents attend than on regular tours.
I do, and I usually serve food and it's totally fun and they get good traffic.
I attended a brokers open yesterday. The property had been purchased and renovated. Looks beautiful! Of course they offered food and a drawing. Usually I go to meet other agents and get a personal tour or at least items pointed out that I may not know if I just showed to house to a potential buyer.
The difference? Maybe it's food, drinks & gift cards..
Somwetimes a brokerage selected your listing have all realtors from that office stop .... It can increase home visibility.
They are a rarity here in Colorado Springs but were a big deal in Houston with catered food, gift card give a ways, etc.
It would be my opinion that a brokers open and a brokers tour are the same thing. Can you tell me the difference?