“Open houses are dead “.
“Not only that but they are a waste of time….”
Once the words left his mouth I knew I was talking to someone who had no idea how to hold an open house.
This person was missing out on HUGE opportunity and he didn’t even know it.
That’s because there is a certain way to do open houses for them to work effectively, and if you do them wrong, then yes… my friend was right, they are a complete waste of time.
There is an “open house” formula to follow that if you follow – you will reap huge rewards. And then you will be on your way to generating more business, and selling your property in the shortest amount of time
So listen up because I am about to spill the beans…
This is the MOST important point to remember for an open house to work correctly:
- You can’t just hold an”open house” at anytime- You have to be strategic. You need to ONLY show a house on Saturday and Sunday during a certain time frame (1-4pm) and that’s it. It doesn’t matter if people say they want to see it on Monday, Thursday, Friday, or even Saturday morning, stick to the times. And trust me you will get plenty of excuses. You tell them you are sorry but they can only see it at the open houses. For this to work this is key!!!
This does two major things:
- It makes all buyers show up at the same time so they see how many other people are interested -which makes them more likely to move fast to get an offer in to “beat” the competition.
- It allows all interested parties to show up so you can convert some more business. Buyers= possible clients. Neighbors= possible clients.
**Note: neighbors are great because they will at some point be selling their house, so talk with them about it!
If you do an open house in this fashion many times you will end up with multiple offers within the first 2 weeks.
That’s when you can counter for highest and best offers and get an even higher price.
You’re creating urgency and getting multiple offers so you can counter up the price.
Now at the open house you will want:
- All lights on
- All blinds open
- Air fresheners (febreeze plug ins are great)
- House cleaned
- Sufficient signage up all around (we put out up to 10)
- Make everyone feel welcomed
- Comfortable environment.
- Make sure all visitors sign in
- House to be staged
- Get rid of all clutter
- A great attitude
- Educate them on the property
- Ask plenty of questions- this is how you convert people to clients!
- asking smart questions and adding value will help build trust
Now it’s your job to make good conversation and make people feel at home. If you are an introvert just remember to put the focus on the other person.
Be interested in them. People love to talk about themselves.
If you don’t get offers in the first weekend. Do the same thing the following week. No showings during the week, and only let people in during certain pre-determined times on the weekend.
If it’s still not sold by the second weekend of open houses, it may be time to reduce the price and let people see the property at anytime.
For more luxurious homes you will want to have an open house in the evening before it hits the market as well.
Basically with luxury homes you just want to have a great big party. Invite other people in the industry along with their buyers.
This will help them look good in their eyes of their clients (knowing about property before it hits the market), get the buzz going around town, and help you make new and better connections with other professionals…. not to mention you’ll have a great time.
People like to have friends over for entertaining so this is your chance to show potential buyers what a get together at their house can look like.
These are only some of the many strategic things you can do with an open house, but we can’t dive into all of them here (we haven’t even touched on marketing for the open house).
To get the complete breakdown of how to run successful open houses check out the Better Tomorrow Group . You’ll learn everything you need to know about how to hold successful open houses, and plenty more which will help you 10x your income.
So join up HERE and get out there to put together some proper open houses. I promise you’ll see that open houses are definitely not dead or a waste of time.
Chris M Cordova
CFO Better Tomorrow Group
Chris is an active investor, Realtor, Broker, marketer, serial entrepreneur, and co-founder of Better Tomorrow Group. Follow Better Tomorrow Group on Instagram@bettertomorrowgroup on Twitter/Periscope @TheBTgroup and Facebook at Better Tomorrow Group. If you would like a FREE copy of Flipping Your Thoughts On Flipping Follow this LINK.