Whether you’re an agent who loves them or hates them, with the right mindset, proper planning, and strategic follow up, open houses can take your business to the next level.
For Triplemint Managing Director Rich Turnbull, they’re his main source for new leads, which translates to roughly 25% of his total GCI.
“I regularly meet clients that change my business at open houses,” says Rich, who has been serving the Hoboken, NJ area for more than 20 years. “So when an agent says they’re a waste of time, I tell them, ‘with that mindset, they are a waste of time.’”
Read on if you’re ready to start converting buyers and sellers at open houses.
The Top Three Reasons Why You Should Care About Open Houses
- Seller leads: Some neighbors and future sellers use open houses as an opportunity to “scope out the competition.” This is a great opportunity to showcase your expertise and start building a relationship with them.
- Buyer leads: Not everyone who attends the open house will be a buyer for that home, but they could be a match for others down the road. Don’t miss this opportunity to put yourself in front of a potential client.
- Referral leads: In addition to advertising your open house to your database of potential buyers and agents, identify and personally invite a list of agents that have sold homes in or around the neighborhood to boost your chances of getting a referral.
To Bring Your A-Game, Prepare Ahead of Time
A positive mindset is your biggest asset, and can be the difference between showing and selling. But showing up to every open house with the best mindset requires proper planning and preparation. If you’re someone who tends to leave things until the last minute, you’re more likely to come off as unprepared or get caught off guard—an avoidable misrepresentation of your caliber as an agent.
Pro tip: To manage competing workflows and an endless to-do list, use the Eisenhower Matrix to efficiently prioritize and delegate each of your daily tasks.
Use these checklists as a frame of reference to ensure you’re prepared and can focus your energy on making the open house as successful as possible for everyone who walks through the door.
Open House Checklist
One week before:
- Add open house to MLS, StreetEasy, Zillow, etc.
- Post open house on Facebook and Instagram
- Send invitation to your database
- Make list of key points to deliver to prospective buyers (What is special about the home?)
- Strategize the best way to show the apartment
- Prepare a “cheat sheet” with building facts
- Sublet policy
- Flip tax
- Storage price and availability
- Building’s financials/reserve fund, etc.
- Upcoming assessments
3 days before:
- Confirm date and time with the seller
- Compile information on “alternative” properties
- Other available units in the building, if applicable
- Comparables report
- 2-4 properties in lower price range
- 2-4 properties in higher price range
- Prepare listing package
- Showsheets
- Disclosure form
- Business cards
- Pens
- Sign-in sheet or Open Home Pro app
Pay Attention to the Details to Nail the Follow-Up
Following up after an open house is key to stay top-of-mind with prospective clients. Buying a home is one of the biggest financial decisions anyone can make in their lifetime, so showing your commitment to the process is crucial—and will ultimately help you stand out from the crowd. “If the client goes on to meet five other agents, how you follow up is going to differentiate you from your competition,” says Rich.
Regardless of your method for following up, it should be prompt and reinforce your commitment to helping them find the best home for their specific needs—which you’ll have strategically determined during the open house.
To really show your client that you mean business, ask the right questions during the open house so you can hone in on them in your follow-up: what did they like or dislike, what stage are they at in their home search, are they aware of the other available homes in the area, etc.
Regardless of your method for following up, it should be prompt and reinforce your commitment to helping them find the best home for their specific needs, which you’ll have strategically determined during the open house. Along with a summary of the open house and any answers to questions they might have had, provide the information you prepared for the listing package for their convenience—yes, even if you already gave it to them at the open house. To close out on a strong note, emphasize that real estate moves quickly in today’s market—and back it up with data.
The bottom line: Often overlooked, open houses are a powerful tool for expanding your network. The larger your network, the greater your reach, which ultimately increases your chances of getting leads. And leads you meet in person are much more likely to convert, which makes the process of interacting directly with potential clients at open houses so important. We’re in the business of building relationships, after all.
