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The majority of agents don't seem to have much interest in Broker Opens anymore around here. I suppose it can depend on the price range and location of the property? The last Broker Open I scheduled was a huge waste of time, food, and money. Agents can preview properties anytime they want, so why try to fit a Broker's open into their schedule, especially if they don't have any buyers that might be interested. Many agents use them to just to bs the sellers to make it look like they are generating interest from agents, but they forget to mention that the only agents that showed up were from their own office.
Ryan Huggins - Thousan...
Thousand Oaks, CA
Nina Hollander, Broker
because no one comes to Broker Opens
Falls Church, VA
Brokers opens are not always attended by brokers who have any interest...or more importantly...buyers for the house...and you should feed them why ?
Nina Hollander, Broker
Some feel this is a waste of time (and money...for the food) as agents can visit a home any time w/ a real buyer and/or preview at their convenience.
Nina Hollander, Broker
I think it depends on the local market. In east Dallas they are very popular; however in north Dallas not so much.
When they stopped printing MLS BOOKS, Broker's Opens, Caravan Tours etc all went the way of the Dodo. People have shown they will not be inconvenienced. . . why get in your car when you can look online or preview on your own schedule? At least in my area this is the case!
In my area agents do not come to a brokers open unless it is their friend hosting it.
Nina Hollander, Broker
I like broker open houses but I treat them in a similar manner as any open house event. Lots of signs. Information available. Things about me. I'm going to be there anyway -- why not make the most of it. In our market, prospective buyers often attend brokers open too -- I think they feel they are getting a jump on the competition and an insider's view of the business.
Falls Church, VA
Michael - Broker opens and open houses are both not very common in my area. However, we have broker tours that are usually sponsored by title companies and lenders, and those seem to be well attended. They usually serve lunch at the final home on the tour.
I think if you could get agents to attend a broker open, that would be the way to go. But if nobody attends, why do them.
Most broker opens I have seen are for high-end luxury properties.
TeamChi - Complete Home Inspections, Inc. good idea and reason for broker's open house.
Somehow, the charm of a new listing is lost - thanks to Internet.....
I do not like either!
I have found the producing agents don't have the time to go to broker opens. Broker opens are costly (food and drink and door prizes) and do not get good results. A dozen agents is not a good return on your money especially if they are not the producers and just came for lunch and prizes.
Well we do a weekly property tour of new listings. So we get to see the inventory that way.
The agents allready know aobut the property especially if it has been entered on the MLS properly. also, not many agents are going to buy the house
Out here, unless you are serving food or offering a raffle prize you won't get many (or any) brokers stopping by. Those that do stop by are only there for the food/raffle prize.
Any agents that are actively working with buyers will see the house in the MLS and should be able to get a feel for it from the pictures or my video tours.
Open houses are primarily for agents to get leads on buyers and sellers, they rarely sell the home because of an open house. Brokers opens don't give you that opportunity and they sell homes even less frequently. Not much of a reason to do them. I did one for a million dollar plus listing in a highly desired area but only because one across the street sold at the broker's open, to an agent who brought their client with them, and my seller requested one be held.
Unless you really offer outstanding catered food, drinks, and great door prizes brokers won’t come. And brokers who are busy rarely come. The agents with no business will be glad to come eat your food, drink and take your expensive door prize.
It seems that most broker opens are not as well attended as they should be and so many stop hosting them.
I haven't found Broker's Opens to be effective - waste of time/money.
What is effective is picking up the phone and calling agents, or at least sending them a text or email to let them know I have a listing coming soon, then send another targeted email when it's listed. I search and target agents who have sold at least 2 properties in the neighborhood in the last year.
I don't understand it either, Michael.
we often provide open house events for agents....
I think to get a turn out you have to hold a brokers open in an area they are common in. Otherwise you wont get much traffic.
Brokers in Denver are too busy with current business to go to Broker opens. Most are not well attended, and only by those not doing much business.
I see Brokers Opens as the trades open and Open Houses as the Buyer Client open. One thing I like about Brokers Opens is the feedback that Christine Gerbehy gets from all the pros's that show up.... for a new Realtor it helps to get input from 20-30 more sets of eyes that might notice something you didn't. It does get expensive quickly since the better the spread the better the turnout & when you advertise that food will be supplied by " Insert great food place here " you get a better turn out ( I guess everyone likes a free lunch ). Do it on a property that going to get you the best bang for the buck....
Opinion: I think both are a waste of time these days. They are traditional activities replaced by the Internet & MLS online.
To your question: They prefer to prospect over network, is the simple answer. They think they will get quality buyer & seller leads from an open and why bother hosting their fellow board members?
When I did them, I did both or none. They were a package deal. There is value in networking with other agents, sometimes more so than the 4 people that came through in the 3 hours you did an open. They ate your food and put a false e-mail pr phone on your registry...if they didn't refuse to sign in.
No one shows up! Lazy bunch of loafers. They are supposed to help agents get familiar with their market, etc & somehow it's gone off the rails.
I want a $1 for every agent that showed up to my broker open & then NEVER showed my listing EVER but ate me out of house & home or took my gas cards, etc. It would be a great Xmas with that $$.
TeamChi - Complete Home Inspections, Inc. It seems to be the menu that dictates the Broker Opens that are attended. It's hard to look at a property when you are just there to eat.
Brokers Opens are one of the biggest time wasters I can think of. Normally you see agents who don't do a lot of business and have time on their hands. If you have a survey, the answers will depend on the quality of your food.
They work better for new construction or unique homes. Most of my kistings have multiple offers in days so need to go through an open house of any kind.
We don't do Open Houses or Broker Opens...
Agents are to overwhelmed keeping all the plates in the air as related to their business. There is little two way benefit in a brokers open.
So, what can the host agent do the create benefit?
You can feed 'em.
You can have a mortage broker or title agent offer free apps.
A photographer showing his craft.
Free gift card
None of these actually are of benefit to the attendee agent. So they have quit coming.
After all, ins't everything they need to know on the Internet?
Doing a little brain storming, what would create the desire to attend an event of like minded professionals who actually share a common problem?
In Charlotte, 98% of agents do not hold broker opens... and they are poorly attended. If I want to preview a home, I can make an appointment at my convenience to do so.
I still have a LOT of attendance at my open houses, as many as 65 people at one this past year. We got multiple offers just that day.
It's because most who have tried them did not do the correct things to get 20+ agents in attendence . Some almost got completely shut out ! You must get on your cell several days and personally invite agents to attend(even if it's just a VM message) !!!
Broker opens not as popular as they once where, but can be very effective!
Broker Opens are still common in our area on Tuesdays for lunch.
We always have a Brokers Open House and send invitations to every Agent we can. Our office has more than 100 Agents and at least 1/2 of them show up. I feel that the Brokers open house gives the Home more exposure than just having the Home come up on the hot Sheets as a new listing. Like Michael Jacobs we also put up signs and have information re the Home available to the Agents. I find that we also get good feedback from the Agents re their opinions re pricing , staging, etc..