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#129271 - 03/18/07 08:54 AM Re: 30 min Open House??? This Ok?? [Re: Cool Cat]
RebelBroker Offline
California Real Estate Broker
Veteran Member

Registered: 06/15/03
Posts: 1225
Loc: Morgan Hill, CA, USA
I would agree that the folks who actually show up to this would tend to be the more serious buyer. But it seems to me that you would get these "serious" buyers to ANY open house and by using a conventional open house you also get buyers who are just as serious, but did not plan ahead as much or see your advertising who tend to show up to the open houses that last a few hours on a Saturday.

Totally open to the theory tho... I want to hear more from someone that has done it (from someone who does not operate with anonymity here anyway).

Now some agents will talk about a benefit of this being that your not wasting a whole lot of hours on the open house doing it this way. I would suggest you can do open houses for as long as you want and not waste time.... at least not YOUR time. Have another agent at our office do it if you want to do something else.

In the last year or two before I went on sabbatical, I probably only did 15% of my own open houses. I just send an email to my short list of agents I have some confidence in and ask who wants to run an open house. I always get multiple takers.

So I guess I agree on an instinctual level that you will get the more serious buyers, but I also believe you would get them anyway and by doing it this way exclude other buyers that are potentially just as serious. So the net is you get a more concentrated group of serious buyers, but then also eliminate some serious buyers mixed in with the looky loos that won't be around.

R
_________________________
Robert "The Rebel Broker" Whitelaw - Broker,Realtor,ePro
Silicon Valley,CA

Roberts Website

NOT LEGAL ADVICE

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#129273 - 03/18/07 08:58 AM Re: 30 min Open House??? This Ok?? [Re: RebelBroker]
K20 Offline
Member

Registered: 02/24/07
Posts: 133
Loc: WA
sorry robert I'm not trying to operate with anonymity. You say this because I haven't done the sig on this forum? I'm fairly new to the biz and asked about these kinds of open houses because I was curious if anyone had done them. I try to do open houses every Sunday. I was thinking about doing these yellow sign ones once or twice during the week. Once again, I don't have any yellow signs at this point so I have no clue as to how well this will work. I actually do notice the yellow signs that are aren't clustered with others.. just me though.

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#129275 - 03/18/07 11:35 AM Re: 30 min Open House??? This Ok?? [Re: K20]
Cool Cat Offline
Member

Registered: 03/08/07
Posts: 322
Loc: Indiana
Any feedback on my earlier posts? Let me know if they are good ideas please!

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#129277 - 03/18/07 11:49 AM Re: 30 min Open House??? This Ok?? [Re: Cool Cat]
ReallyReal Offline
Member

Registered: 02/01/07
Posts: 221
Why are the only two options, 30 mins or 4-5 hours?

I would never do a 4 hour open house.

What about 2-2.5 hours?
What about doing a weeknight open house for 1.5 hours? 4:30-6pm or 5p - 6:30pm or 5:30pm-7pm
You know sort of a Happy Hour for houses and have some chips and dip and 7up available for the tummies.

People are usually out anyway; on their way home from work, taking the kids somewhere, going to the gym etc and they might stop in for a few. You might catch some on their way to church.

If advertised right I think one could get a good turn out.


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#129309 - 03/18/07 05:27 PM Re: 30 min Open House??? This Ok?? [Re: Cool Cat]
The Broker Offline
Member

Registered: 03/18/07
Posts: 52
Cool Cat,
I think your idea has merit. Here are some things you need to know and consider:
Subdivisions are much larger in large metro areas such as where Craig Proctor is from. Buyers, typically are not tied to a subdivision.
I have tried Craig's concept a couple of times with minimal results.
I do not think people are attending open houses like they used to with virtual tours and additional photos on multiple web sites.
What is going to cement a relationship between you and all the buyers? What is going to prevent them from calling another agent and asking them to go back with them and possibly write an offer?
In a hot market, I can see buyers making snap decisions to buy. Today's market is cool with properties sitting and buyers low balling. What is going to cause them to make an urgent decision to purchase?
As for competing brokers, what I have seen is several agents go together for a joint ad promoting all the listings in a general area. I think most agents will say that is fine. I am having mine open from 2 - 4 and you are more than welcome to bring them on past. They are going to let you do the work and reap the benefits from it.
If you are farming a particular neighborhood, I see where this would help set you apart from the rest of the crowd. I think you need a toe hold to get started.
I think you are working off of urgency and are inclined to make quick decisions. I do not think this is where buyers are working from.
FSBO's - How are you going to protect yourself on commission? What is to prevent someone from going back later and buying from the FSBO?
The problem with the bus is keeping the group together from house to house. It will be like herding cats. Some will want to stay and look others will be in and out in minutes. I also do not think buyers will give up their independence by getting on a bus and being under your control.
The idea has merit but I think you need to look at it from a buyer view. I would talk to some buyers and get their impression about the plan.

Also how many hours of your time and how many dollars will it require for a Sunday tour? Is that the best and highest use of your time?
The Broker

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#129316 - 03/18/07 06:00 PM Re: 30 min Open House??? This Ok?? [Re: The Broker]
Cool Cat Offline
Member

Registered: 03/08/07
Posts: 322
Loc: Indiana
The Broker,

Thank you for your input. I hope I'm not wearing you out with this but I need someone to play devils advocate and also to expand on, if it has any merit. I appreciate you helping me with this.

If I tried this and had very minimal results or worse yet zero attendance it would back fire on me.

I thought about trying it in two large subdivisions.

My main motivation for a promotion like this is a listing tool. Something to set me apart from the crowd. Basically, the tour concept would be more of a dog and pony show. I would hopefully be the agent to contact for LISTINGS, if I did this promotion correctly in a farm.

If I did several of these and actually wrote an offer, whether it was one of my listings, FSBO, or a cooperating agent it would be an added bonus. Just like I know, an Open House has a 1% chance of selling. The main reason for an open house is to pick up buyers or sellers an 8% chance.

You are right, it is possible that some of the homes will be open on Sunday. Maybe the ideal time would be Saturday when the Courier Homes comes out to advertise the caravan tour.

The first tour, I simply would make appointments with the other agencies stating that I have some buyers wanting to look at your house in this window of time and set the appointment.

If we had a large turn out, and I had 20 plus people, I could not manage or watch everyone in a home. What would my liabilities be? I guess that would be a good problem if we had a large turnout. ( I cannot watch a single family when they split up.)

Unfortunately, the two listings I currently have in South Broadview (a large subdivision) are not really showcase homes. I would want to kick this off when I had two or three good listings in the two subdivisions I am farming. (Chicken and the Egg)

If I had Horton Team RE/MAX banners on the metro bus or the party bus that is rented out and I had at least a half dozen or more people it would be a great advertising.

I maybe, on the first time should seed it with friends and family to ensure attendance.

I would also like to have the RE/MAX moving truck and RE/MAX cold air balloon on my first house (meeting place.)

You are right about some buyers will have an interest in some homes and not at others. I would have to preface the tour by stating, this will be a brief tour, we will be in the home 10 to 15 minutes maximum.

If there is any interest get with Kristi (my wife), and myself for a personal tour. If there were three of us Kristi, (a new agent in the office), and Myself, one could go open and the other close up if we have stragglers. Or just say we have to go our next appointment is down the road. That would be a good problem.

I know we are doing an Open House today to pacify my seller, which is not the best use of my time. This promotion would satisfy two or three of my listings if I had it.

Again, I would be doing this to become the listing agent for that subdivision.

I think if all of the components were put in play it could work. I do not have the listings or money to try this right now, but like I said, I'm brainstorming and would love any further thoughts by you or any of the other readers.

(HAS ANYONE READ MY FIRST POST IN THIS THREAD BESIDES THE BROKER?)

It is not just an open house!

Thanks again

John
John and Kristi Horton
The Horton Team
RE/MAX Services
(812) 568-3306
JohnRHorton@remax.net
www.JohnRHorton.com

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#129363 - 03/19/07 12:17 AM Re: 30 min Open House??? This Ok?? [Re: Cool Cat]
REODayton Offline
Major Contributor

Registered: 07/27/06
Posts: 3720
Loc: Dayton Ohio
Winters in Ohio are Hell on cars in Ohio. The signs take a beating also. If the hose is out, might as well wash the signs off also. It was an honest mistake!

I still like the idea and looking into it. The cost is minimal and I can hit 2 or 3 in the same day. Makes sense.

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#129398 - 03/19/07 04:45 AM Re: 30 min Open House??? This Ok?? [Re: REODayton]
The Broker Offline
Member

Registered: 03/18/07
Posts: 52
I am the type that starts smaller and works my up. Cool Cat what you seem to have is a long term vision. Since you already have two listings in "South Broadview", why not have them open 2-3 and 3-4. Contact all the FSBO's in the area and ask for their data sheets and a commitment that they will pay you if you have a buyer. On the Tuesday before the Open House saturate "South Broadview" as well as move up subdivisions with flyers on the two that are open and include a promo on (1) information about homes for sale that are not in the MLS and (2) Loan Officer available to discuss loan issues and options. My guess is you could get a lender to help underwrite the flyers. I would also put together a slide show on the RE/MAX Design Center that will play on your lap top of all the homes that you have information on (listed and FSBO). You have the CD with the checklists. Get those printed up so that you have value added items that guests can pick up with your contact info. Do them 3 up on various colors of card stock. Your lender should have rate sheets for each property that is for sale so that they can take them also. If you can get some seed money from your lender or get them to share a set of commercials on the radio, you could get air coverage as well.

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#129399 - 03/19/07 04:49 AM Re: 30 min Open House??? This Ok?? [Re: The Broker]
Cool Cat Offline
Member

Registered: 03/08/07
Posts: 322
Loc: Indiana
Are you a RE/MAX agent?

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#129401 - 03/19/07 04:53 AM Re: 30 min Open House??? This Ok?? [Re: Cool Cat]
The Broker Offline
Member

Registered: 03/18/07
Posts: 52
Yes

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#129423 - 03/19/07 09:05 AM Re: 30 min Open House??? This Ok?? [Re: The Broker]
RebelBroker Offline
California Real Estate Broker
Veteran Member

Registered: 06/15/03
Posts: 1225
Loc: Morgan Hill, CA, USA
The anonymity thing. Not really directed at anyone in particular to be honest.

However, when someone is going to tell me that x,y, or z works or has worked for them in the past, I just can't give it a whole lot of weight when they could be a 13 year old sitting in their moms basement. You would be surprised at how many people come on here giving advice anonymously that end up clearly never having been real estate agents.

On the flip side, there are some folks who operate with anonymity here, who over time have shown that they are in fact what they claim to be and I give their advice and suggestions their due.

ReallyReal has it right on the length of the open house. If I am doing an open house myself, I limit the time to something manageable (2 - 3 hours). Also, I only put the start time of an open house in any of my advertisements. If I find I am getting huge attention, I can then always extend it.

This kind of feeds into another poor assumption in our business. Its the quantity over quality debate. A really short, but well planned and executed open house can get you a whole lot while a really long just thrown together open house can earn you zip.

R
_________________________
Robert "The Rebel Broker" Whitelaw - Broker,Realtor,ePro
Silicon Valley,CA

Roberts Website

NOT LEGAL ADVICE

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#129606 - 03/20/07 03:02 AM Re: 30 min Open House??? This Ok?? [Re: RebelBroker]
K20 Offline
Member

Registered: 02/24/07
Posts: 133
Loc: WA
agreed on both counts. Thought you were directing towards me from the other thread that you originally had this posted in. Isn't it usually a quanity vs quality issue? Work smart not hard or something like that.

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