Fact: Open houses are an amazing source of business, especially in a low-inventory market. Don't ignore this amazing opportunity to secure both motivated buyers and new listings. Don't just 'sit' at your open houses. Learn to monetize them. It's a one-day event, just for a few hours, but you can make the most contacts. This is super efficient when done correctly.

Fact: If you don't have your own open house this weekend, 'borrow' one from an agent or your broker. It's also ok to hold an open house for any broker in your state. Lead with the right house, not the agent or broker.

Rules for Monetizing Your Open Houses

1. Choose the right house! First-time 'move-up' homes are the best. Popular neighborhoods, school districts, and zip codes You know what's hot and what's not, so choose wisely. Don't hold an open that is behind gates, up a twisty road, hard to find, hard to park, or has other inconveniences that will wreck your attendance.

2. Use at least 10 directional signs and ask permission to put those signs on the neighbor's lawns. 'Who do you know who I should call for my open house this weekend?' You can order inexpensive 'bandit signs' and save money. More signs = more traffic.

3.   Know the listing and know the neighborhood. Keep a cheat sheet of the following: Active listings, pending listings, and recently sold listings in the neighborhood of your open house. Know the average days on the market, and the average list-to-sell price ratio.  

4. Know the facts about the competing neighborhoods. Is there new construction nearby? Have you toured it and do you know the facts about it? Are builders offering incentives? What's that being built around the corner? How do the schools rate? 

5.   Realize that the seller (whether they are selling with you or another agent) is watching and listening to you! Most homes have cameras now and other security measures. Be complementary and respectful.

6.   Capture any and all potential prospects using an App or a sign-in book. Follow up the same day or evening, using our open house lead follow-up scripts! 'Which home in the area do you plan on selling?'

7.   Doorknock/canvass the neighborhood the day before your open house. Speak with as many homeowners as possible and ask who you should be calling so they can 'choose their neighbors'! Invite them by CALLING asap.

8.   Have 'rate sheets' in your open house, showing 3 different ways to purchase the home. Different down payments, different scenarios. Which is best for your prospect? Your favorite lender can supply these fact sheets.

9.   Be sensitive to what you're discussing about the seller's situation. What are you authorized to share? If a potential buyer (or their agent) asks you why the seller is selling, what are you allowed to disclose? Will they perceive that the seller is more or less motivated by your answer?  

10.   Systematize your open house 'spoke' and turn it into your lead generation machine. Agents who are great at this consistently generate at least 1 new listing from every open house and an endless supply of buyers (some of which have homes to sell). Never pay for buyer leads again when you can instead generate better quality leads yourself!

11.   Take the time to really know the subject property! Know all the usual things like bedrooms, baths, and square feet, but also the ages of appliances, roofing, and other pertinent items. Pretend you're the potential buyer. What are the schools, parks, and places of worship? Is there a homeowners association? What are the fees? What's the property tax? If you don't know the answer, don't wing it or guess.  

12.   Get an open house partner who is licensed to help you manage the sign-in process, answer questions, and provide added security. It's a great thing to have so many people attend your open house, but even better when you're able to connect with 100% of them after the fact. Remember to follow up on the SAME DAY.