Shop Talk: The Real Estate Agent Blog

Take a break from renewing your real estate license, & check out all the advantages of holding an open house while mitigating any risk with holding such an event.
April 4, 2019

Open Houses: None Of The Risk, All Of The Reward

by The CE Shop Team

Discover All The Intrinsic Benefits Of Holding An Open House

Have you ever heard the phrase “You got to risk it for the biscuit?” Well, when you think about doing an open house for your client’s beautiful listing, throw that idiomatic expression out the window. We’re here to explain why open houses are worth the pain and how there is limited risk with hosting one.

The Pros

We don’t need to go into the pros of an open house to persuade you why they’re the best. This list–and our amazing blog post outlining how to perfectly execute an open house– all but shows the maximum potential your listing could achieve when correctly hosting an open house.

  • Maximizes Exposure
  • Limits Pressure To Buy
  • Creates New Leads
  • Educates Buyers On Buying Their First Home

Plain and simple, there’s no better way to show off your listing than through an open house. It’s the perfect way to gather potential buyers in a friendly, warm environment.

The Cons

  • $10 Vase From Ikea Might Get Stolen
  • People splurging on the free apps you serve
  • Overly-eager clients who ask a million questions, but have no real interest
  • A meteor creates a crater after hearing about your open house

So, you’re probably sensing a slight note of sarcasm. That’s because these issues are inconsequential in comparison to successfully selling a house. Let’s delve further.

Stealing

The solution here is pretty simple: Take anything of value and lock it away. This includes, but is not limited to:

  • Prescription Drugs
  • Expensive Art
  • Antiques
  • Jewelry
  • Smaller items of value that can easily be stored in pockets
  • Alcohol

Replace those missing pieces with items from inexpensive stores like Ikea if the room’s design requires it. It doesn’t take a rocket scientist to know what is worth securing and what isn’t.

Avoiding App Splurgers, Peekie Peekers, and the “Oh So Not Interested”

Every agent hates the freeloaders. They come in, eat all your food, ask vexatious questions that end up being trite in hindsight, and essentially have no real interest (or proper financing) to purchase your listing. So why would you want to hold an open house only to have these nuisances roam the hallways?

Because they’re potential leads and a great way to increase your network. They may not be interested, but that doesn’t mean they don’t have friends that could be. Or that they aren’t interested in buying this house, but are still in the market to purchase a new home.

If you see your open house more about expanding your business and less about selling the listing (only 3% of open houses actually sell), you’ll realize it’s the easiest way to meet new people and garner new potential customers.

Meteor Visits

Honestly, there’s nothing you can do about this 1 in a trillion event. If an asteroid hits your listing, make sure you have insurance. Otherwise, what was meant to be was meant to be. The meteor will probably be more upset it didn’t get to try out the loo or eat those lovely danishes you bought from the local baker.

An open house is more than an exposure piece; it’s a risk-free way for you to connect and create value for your client while also increasing your business. Learning how you can capitalize and mitigate sunken costs will allow you to flourish. Well, unless a meteor hits your house. But then again, at least you’ll have half a pool already dug for the rebuild.

 

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