Open Houses are an amazing source of business, especially when the market is so tight on inventory.  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.
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If you don't have your own open house this weekend, 'borrow' an open house from an agent or your broker.  It's also ok to hold ANY open house from any broker in your state.  Lead with the right house, not the agent or broker.
Why would you spend time and money speculating on unproven, unpredictable lead generation 'ideas'? Instead, create a predictable, duplicatable, and systematized open house plan.  Commit to making this a lead-generation machine.
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PART ONE
How To Monetize Your Open Houses
1. Choose the right house! First-time 'move-up' homes are the best.  Popular neighborhoods, school districts, and zip codes.  The more curb appeal the better!  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 other inconveniences that will deter the turn-out.
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.
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3. Know the listing and know the neighborhood.  Keep a cheat sheet of the following:  All of the active listings, pending listings, and recently sold listings in the neighborhood as well as any neighborhoods that compete with your subject property. 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?
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 complimentary.
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6. Capture any 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?'  If you know you're going to have high traffic, have a partner sign people in at the door so you can have conversations and answer questions without losing potential business.
7. Doorknock/canvass the neighborhood the day before your open house. Speak with as many homeowners as possible and ask whom you should be calling so they can 'choose their neighbors'!