Open houses are a very crucial element of the property buying and selling process. A study by the National Association of Realtors revealed that 10% of home buyers find their property via an open house.
However, before exploring open house tips for agents, let us consider if this is the right real estate marketing strategy for you. Here are some of the advantages of an open house:
- Creates a buzz – Open house viewings can create a sense of competition between potential buyers during their house search. Some buyers might be prompted to make a bid quickly in order to get the deal before their rivals. This competitiveness will give you a strong negotiation advantage
- Buyers can check the property freely – Since open houses typically last for several hours, real estate clients can take their time to examine the investment property and take photos without any pressure
- Convenience – An open house allows you to showcase the property to multiple visitors at the same time. This will save you the trouble of having multiple private showings
- Feedback – Hosting an open house is the best way to get positive and negative feedback about the property for sale
As you can see, there are plenty of benefits to holding an open house. In order to have a successful open house that generates leads and gets you clients, you’ll want to make the most of this opportunity. To help you do that, here are 15 great open house ideas for real estate agents as well as a few tips that you should follow:
1. Get the House Listed
This is one of the most important open house tips for realtors. Listing your house on sites such as Mashvisor makes it easier for potential buyers to find your property online. A recent survey by the National Association of Realtors showed that more than 50% of buyers found their condos, single family homes or multi family homes on the internet. Getting listed on such sites will create increased awareness about your property and generate buyer leads. The two marketing strategies- open houses and real estate listings- should be done together in order to close on the deal as quickly as possible.
2. Schedule the Open House at a Convenient Time
Your open house should be scheduled at a time that is convenient for most of your potential buyers. Usually, weekend mornings or evenings work well for open houses. If you prefer a weekday, make sure it is after 5 pm.
3. Visit Other Open Houses
Visiting other open houses will give you ideas that you could implement in your own open house. Look at how the home is staged and take note of the elements that stand out. Listen to the real estate agent talking to prospects. Be sure to take notes as you go through each open house.
4. Run Instagram and Facebook Ads
Using social media is one of the best open house ideas for marketing the property. Consider running Instagram and Facebook ads to build more hype about your open house. Make sure your ads are concentrated on the location where the open house will be held. In addition, you could create a Facebook Event for the open house and target people living in the area. This will help in generating real estate leads online.
5. Prepare a Home FAQ Document
Having a home FAQ document is a great idea for providing additional information about your property for sale. This could be details such as the model of the appliances, the year the heating was replaced, top entertainment joints in the area, distance to local schools, and the approximate utility expenses. In addition, the document could provide information on metrics such as cap rate, cash on cash return, and occupancy rate. This will help real estate investors looking for an investment property who are visiting the open house.
6. Invite the Neighbors
Inviting neighbors is a great way of collecting contact details for qualified leads that live in the area. You can send an open house invitation using open house flyers, postcards, door hangers, or even going around and knocking on doors.
7. Use an Open House Sign
Open house signs can be a very effective strategy for creating awareness and real estate lead generation. Make sure your signs are well designed, visible, and placed strategically where people can see them.
8. Have an Open House Script
One of the most crucial real estate open house ideas is having a script. You need to think about what you will say to prospects as they come for your open house. Be sure to keep your open house script as simple and relaxed as possible. Being pushy and rude will only put off potential buyers.
9. Have an Open House Sign In Sheet
If you don’t capture the contact details of visitors to your open house, your real estate marketing efforts could end up being wasted. Therefore, be sure to have a desk where people can sign in as they enter or leave. Lead conversion could happen through follow up.
10. Run a Raffle or Contest
Running a raffle or contest is a great way of enhancing engagement at your open house. You can share the contest information in your social media ads. Gifts such as kitchenware, gift cards or a cookbook are sure to grab the attention of potential buyers. This is also a great strategy for encouraging prospects to share their contact information.
11. Stage the Home
Staging the home will make it more welcoming and presentable. This could be as simple as tidying up the lawn, replacing bulbs or giving the walls a fresh coat of paint. A neat home will create a strong first impression and enhance the chances of making a sale.
12. Be Prepared to Answer Questions
Visitors will probably have some questions about the neighborhood, the home, and the buying process. Do your homework in advance and be ready to provide useful answers (even if they are already in the FAQ document). This will help you build credibility and trust, especially with the people intent on buying an investment property.
13. Provide Refreshments
Everyone loves free food and drinks. Therefore, be sure to have enough refreshments available for visitors. Snacks could be a fruit plate, homemade cookies, finger sandwiches or candy bars. Hot coffee, soda or bottled water would be ideal for drinks. Don’t forget to have some soft music playing in the background.
14. Get Out of the Way
Your visitors will want to look around the house at their own leisure with no one following them around. Some real estate investors would even prefer attending an open house without a realtor. Therefore, when people walk in, simply introduce yourself and let them know you are available in case they have any questions. Then get out of the way and give them space to explore freely.
15. Have Safety Precautions
Some of the people coming to your open house could be thieves looking for potential victims. Therefore, always take precautions to avoid any theft or burglary. Be sure to lock away all valuables that can be stolen easily. You could even consider hiring professional security services for your open house.
In addition to all the above realtor open house ideas, following up with leads is very important. Immediately after the open house, send an email thanking everyone for attending the event. Continue sending follow up emails at least once a month with important information and updates. This will greatly enhance your chances of generating leads and converting them into clients.