Updated: Nov 13, 2019
It’s time to reevaluate our roles as real estate professionals in relation to Open Houses. If we want to remain relevant in today’s real estate market, we should stop relying on Open Houses to fuel our business. Here are three reasons why you should stop holding open houses.
You are making Real Estate look real easy. People think real estate agents don’t deserve their commissions or service fees. And, why would they? All you have to do is show up at a house that is listed for sale, bring a few donuts and snacks and then write up a contract and pocket some serious dough. I remember when I was looking for a house and attended real estate Open Houses. Inevitably the cheery agent would say, “Ohhhhh, welcome, look around…do you want to go out with me to look at other houses?” And, ugh, yeah, why? Why would I want to do that when I could just visit Open Houses and not be hounded by a salesperson? In other words, Open Houses foster the idea that “working with” a real estate agent isn’t important. I mean, why would it be if you are able to visit multiple houses that are “open” on a Saturday or Sunday with no pressure commit to an agent.
You are looking for Buyers at Open Houses and so are other Agents. How often have you been ghosted by an buyers only to find out they bought a house with another agent? Don’t you think that the agent who is hosting the Open House is trying to steal you buyer? If you don’t believe me then hop on some Facebook groups and you’ll be introduced to the most common “script” for an Open House:
Agent: “Why hello, welcome to the Open House!”
Buyer: “We have an agent, she told us to tell you.”
Agent: “Oh, really? Then why isn’t she here with you?”
There are better ways to meet buyers. People do business with people they trust or people who were referred to them. Even if you think you are “hooking” a buyer at an Open House you probably aren’t. Many times I have written up contracts for buyers and the listing agent says, “Oh, I met them at an Open House and I was following up with them!” And, in a state of more disbelief they continue to explain how the buyer was on a drip campaign, or some other fancy follow-up program, and asks, “How did you ‘get’ them to use you as an agent?” Well, dear listing agent, they were never going to work with you. They are my friends, colleagues, relatives, referrals, etc. Forge your own special relationships and stop treating Open Houses as a “speed dating” opportunity.
Are you missing opportunities to build your business in a measurable and profitable manner because you are afraid to stop holding Open Houses? Break free from the masses and learn how to find buyers and sellers with authentic conversations that lead to appointments. If you are looking for a new mindset then check out my one-on-one coaching programs.