Open Houses have long been a lead generation opportunity in real estate. Agents often tell me that they are better at having conversations in person than on the phone when we discuss prospecting during workshops and training calls. Open Houses are a great opportunity to build relationships quickly since you have a face-to-face interaction.
Prospects attending Open Houses also tend to be further along in the process than an online lead. They are already making the effort to get out there and see properties. You could be writing an offer for them today. That’s the type of immediate business we love to find in real estate. Think about how much time you would save if you din’t have to nurture a lead for six months or a year before they buy something.
However, I hear agents complain all the time that they aren’t getting any leads from their Open Houses that don’t already have agents or they just aren’t getting enough traffic. Below are four tips to improve the results from your Open Houses.
1.) Choose the Right Open Houses
If the Open House is for one of your listings, then hopefully you have executed a pricing strategy and Open House schedule that will attract potential buyers and sellers. You may also be running Open Houses for other agents.
- Consider the following in your Open House strategy.
- Is the listing new or newly priced?
- Was it recently staged or has new photos?
- Is it in a common price point where lots of people will be looking?
- Would you want to work with buyers and sellers in this location?
- Is it in your farm area or where your ideal clients live?
- Will the agent let you promote the Open House on your site?
- Can you use your own Open House signs around the neighborhood with your name on them?
2.) Market to People Outside MLS
I mentioned earlier that a primary complaint from agents is that everyone who attends their Open Houses already has an agent. I always follow-up with this question: “How are you promoting your Open Houses?”
The most common response: “I post it in MLS and send reverse prospecting emails.”
No wonder everyone has an agent when your primary mode of promoting the Open House is through a system that can only be accessed by prospects through another agent.
Try these marketing methods to drive unrepresented traffic to the Open House:
- Post on your personal social media accounts for people to come visit you during your Open House.
- Knock on doors or call the neighborhood to personally invite people to the Open House.
- Run a Facebook Ad with a landing page collecting email addresses for Open House info.
- Place directional signs all over the neighborhood with your name and number.
3.) Don’t Wait till Monday to Follow-Up
This doesn’t mean sign a buyer agreement during the Open House. You may be representing the seller. However, letting a potential buyer walk out the door doesn’t serve them, your client, or you whether they are interested in this particular home or not. Make sure to follow the local real estate laws during your Open House conversations, but I would start building a relationship with prospects while they are in front of you.
Monday follow-up calls will be no more effective than cold calls if you aren’t building relationships during the Open House. Building relationships starts with finding out what is most important to the prospect in their next home. Ask powerful questions that will allow the prospect to comfortably share with you. Questions will keep you in control of the conversation and will help you to gain valuable insight for your follow-up.
4.) Know the Local Market and Follow a Script to Provide Value
If the client loves the house you are standing in then I would use a script to help them move to an offer. However since only one person will be buying this particular home, it is far more likely that you will have some standing in front of you that will be looking for something slightly different in a home. When you know the local listings that are similar to the home you are standing in then you will have an opportunity to add value for this prospect right now.
As people are finishing up walking through the home, run through the following script.
Agent: “I would love to offer some feedback to the sellers. Could you tell me what you liked best about the home?”
Buyers: “We like the layout and the size. We really like the kitchen.”
Agent: “If you could change one thing about the house, what would it be?”
Buyers: “The busy street. It is a lot busier than we expected.”
Agent: “Anything else?”
Buyers: “We would like a flat backyard as well. We want to be able to entertain outdoors.”
Agent: “Have you guys happened to see 123 XYZ Street yet? It has a lot of the same features, only it’s in a quiet little neighborhood and has a nice patio and yard.”
Buyers: “No, we haven’t seen it yet.”
Again be sure to follow the agency laws in your state around Open House rules, but there is no sense trying to sell someone on a home they do not want to buy. People hate to be sold. They love to buy. Help them find the home of their dreams, and they will love you for it.
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