What Is A Broker's Open House?
You’ve just listed your home and your agent is working diligently to market your listing. In order to get your home more exposure you agent may recommend holding a broker’s open house. You think, sure that sounds great! But what is a broker’s open house? Aren’t they already holding an open house? A broker’s open house is not a typical open house that is open to homebuyers, it is specifically held open for real estate agents who can come and decide if they have a buyer that is the right fit for your home.
Standard Open House vs. Broker’s Open House:
The main difference, as stated above, is that this type of open house is not just open to the public. With a standard open house your agent advertises online, in their office, emails, phone calls, and signs. Potential home buyers, interested neighbors, or anyone who drives by may stop in to see your listing. However, with a broker’s open the invitations and advertising are strictly for other real estate agents in the area.
Another difference is when the open house is held. Standard open houses are held on the weekends when many potential home buyers are free to stop by. As most buyer’s agents are busy showing homes on the weekends, a broker’s open tends to be scheduled during the week when agents are more likely to be free.
What do agents do at a Broker’s Open House?
A broker’s open house is another marketing technique your agent may use for your listing. Besides standard online marketing, it is a great way to give a new listing exposure to industry professionals. Once the date is set, your agent will market the open to their network of real estate agents. Your agent may offer a lunch or hor d'oeuvres as an incentive for agents to attend. The day of the event agents will come and tour the property. It is a great opportunity for your agent to get other professional opinions on your property.
What’s the benefit of a Broker’s Open House for a seller?
For sellers who aren’t a big fan of having tons of people who may or may not buy their home walking throughout the house, this may be a great option. Ideally, the agents that attend will consider all their buyers as they tour your home. If they think your home would be a good fit for their buyers they will most likely bring them back for a private showing. Another benefit of a broker’s open is the valuable feedback that the real estate agents provide. Since agents are regularly out looking at homes they can offer their opinion on how your listing compares to others currently on the market and how it appeals to buyers.
A broker’s open house may not be appropriate for every listing, but is something that should be considered by both the seller and the listing agent when a home is initially listed or with a major change such as a large price drop.
Want to know if a broker’s open is right for your listing? Contact us today! And remember, with us, advice is always free. Reach us at [email protected]