The open house workaround
Realtor Notebook
By Teresa Boardman, Wednesday, May 28, 2008.Last week's article, "In protest of open houses," caused some protests of its own, so I am following up with some thoughts on marketing and prospecting. I spend 10-15 hours a week prospecting -- every week without fail, no excuses.
Some readers contacted me directly by e-mail regarding last week's article. They all said the same thing. They are struggling to get business; the market is slow; and they have not had success with open houses and no longer want to do them. In every case, their broker/manager is telling them that they need to do more open houses. They were relieved to hear that not every agent believes in open houses. They got that message through my article and from the comments.
There are several ways to prospect and to sell listings. Just because I am not out doing open houses on Sundays does not mean that I am not prospecting and marketing my listings. We all have to prospect and sell our listings. While other agents are hosting open house events, I am writing blog posts, creating property Web sites, visiting with friends, walking the dog, or wandering around with my camera taking pictures.
Each of those activities helps me meet people and helps sell my listings. Recently, one of my listings sold in 10 days; the buyer said she was attracted by the photos. She was not looking in the neighborhood where the home is located; she found it through Google and told her Realtor about it. She is a nurse who usually works on Sundays and did not go to any open houses.
The next-door neighbor liked the photos too, saw me outside and introduced himself. He is a local artist and put me on his mailing list so that I will get an invite to his next show. Nice for me since five of my listings are artist's lofts, and I like art, and I will meet people. The neighbor down the street saw how quickly the home sold, and asked me to list his. He called me shortly after it went on the market just to tell me how much he likes the photos I took.
My blog and the photos are how I meet people -- the kind of people I need to meet and the kind I love doing business with. Real estate is a people business and meeting people is a must. During the time that it takes to do an open house I can write a week's worth of blog posts. Each post will be available around the clock for as many years as the blog exists, and each will get 500 to 1,000 visitors the first day. A percentage of those visitors are looking for one of my listings or they are looking for me. I know because eventually they call or write, and they always mention the blog.
I would never tell an agent who is struggling that if she is not successful she should go home and start writing blog posts and buy a decent camera and learn how to use it. I would not beat her up and question her commitment because she is not writing at least 400 words a day and cannot take photos at night in manual mode and have them turn out well. We all have talents and skills that can be used in a real estate business. There is room for new ideas, creativity and imagination when it comes to prospecting and marketing.
Teresa Boardman is a broker in St. Paul, Minn., and founder of the St. Paul Real Estate blog. Boardman will speak at Real Estate Connect in San Francisco, July 23-25, 2008. Register today.
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Submitted by David Smith on May 29, 2008 - 6:47am.
T,
Just wondering, if it is ok to take photos and use them to attract business like you, then, what kind of camera do you use?
Great column. Good follow-up to last week.
Submitted by coji burned on May 29, 2008 - 7:57am.
real estate agents are the equivalent of used car salesmen!
Submitted by Donna Anderson on May 29, 2008 - 9:14am.
I sold real estate in Howard County, Maryland and found Open Houses there a really tough way to get business. However in the Tucson, Arizona Luxury Foothills market it is more productive. I believe different regions of the country have different success ratios. In our soft market in Tucson it makes sense that the house be held open during the first month of the listing and perhaps a minimum of once a month thereafter, unless for some unknown reason the house does not get many visitors. Also I usually get every listing I am called to do a presentation on and in the past when I did not do open houses in the previous MD markeplace, I lost a listing to another agent that sold quickly because I told the client that Open Houses were a waste of time and the other agent who also did a market presentation disagreed with me and wanted to do them. As a result, I told myself if any potential lister who has a house that I think is very salable wants me to hold it open, I will do so. I also think the Listing Agent is the best person to hold the house open since other agents send their clients in to preview the house and the listing agent is motivated to show the home's features in the best light even if these folks are not her clients.
Submitted by Chris Adams on May 29, 2008 - 10:54am.
...as dynamic as the current housing market is-right down to the zip code-Ms. Boardman pints out two very important things:
-she is engaged in her community, both on line AND off line, in real life;
-Photos. Good ones. Lots of them: Engage your clients whether you use a vendor/visual tour service or do them yourself and can provide a sense of character about a community. And sell the home faster.
Steven Stearns
www.obeo.com
http://obeoman.blogspot.com
262-325-8687
Submitted by Margaret Summers on May 29, 2008 - 11:28am.
Hey I got a GREAT IDEA...why not blog while holding an Open House?
Submitted by Merritt Noel on May 29, 2008 - 3:34pm.
Why not try to advertise your open houses online. With the number of potential buyers and renters starting their search online it seems like a logical option. While they have not caught on the potential buyers and renters, I think online open house listing sites will become very useful for consumers. Here is a link to my site which offers free open house listings for Colorado. Colorado Open Houses
Merritt Noel
www.milehighlistings.com/buy.php
www.milehighlistings.com/rent.php
Submitted by Ralph M on May 30, 2008 - 5:12am.
"Why not try to advertise your open houses online. With the number of potential buyers and renters starting their search online it seems like a logical option. While they have not caught on the potential buyers and renters, I think online open house listing sites will become very useful for consumers. Here is a link to my site which offers free open house listings for Colorado. Colorado Open Houses"
Another person who does not want to change for the better and has blinders on....Did u miss the point of both of the "Open House" articles? 9 out of 10 OPEN HOUSES FAIL....realtor stats
Ps, Teresa....good article and valid points
Submitted by Michael Kelly,CDPE,CIPS,CRS,SRES on May 31, 2008 - 5:42am.
Can we all agree that in real estate there is more than one way to attract busienss. This is a heavy technology site so the folks who are goign to respond to these blogs of a modicum of tech savvy and can schoot around the internet and the myriad blogs sites available. The key here is Teresa does her "prosecting" 10-15 hours a week EVERY week!! Herein lies the holly grail of real estate!
If you like open houses, KNOW how to conduct a successful Open House and GET results then why would you want to change? Perhaps Modify is a better word? Ferryites will tell you they don't DO open houses, they pound expireds, withdrawns, and doors---Fine! Buffinites use the "referral only method" and if they work it it works. And that's fine!
But whatever you do, do as Teresa does, 10-15 hours a week, every week, "without fail"! How else can you tell if your business model works unless you TEST IT? So if you have a better way then TEST it 10-15-20-30 hours a week and then if it works--start your own speaking business, bcome the next "hot" guru, quit working, tell everyone HOW to do the business, collect the big bucks and be happy!!
Submitted by Debbie Jennings on June 2, 2008 - 11:54am.
Debbie Jennings
RE/MAX Realty Experts
Cape Girardeau, MO
Email: debbie@debbiejennings.com
Cell: 573-275-1533
I read your informative article on open houses and it was right on target! I have "retired" from open houses....I can use my time more wisely being with people than sitting and reading a book at an open house!
I have created "Video Open Houses" as a wonderful substitute to "physical" open houses. I hire a cameraman to follow me to a listing, where I then walk and talk him through the home, just like I had a prospective buyer with me. When buyers (and agents) see these videos the home is very "real" to them as they can hear my heels clicking on the floor and really see the home as it physically is.....Once the video is complete I then have a link to email to approximately 350 buyers (an email list I work on weekly) and also over 300 agents. That way with the soaring gas prices agents can "preview" my homes on the market from the comfort of their computer chair.
I have had such TREMENDOUS results from this proactive method of open houses! I only wish I would have thought of it sooner. Please view some samples at: www.debbiejennings.info If you have any questions, please feel free to contact me.
Submitted by Wenceslao Fernandez Jr, BS, Realtor, CDPE on June 4, 2008 - 12:31pm.
I believe Debbie, Michael and Teresa all have the right stuff when it comes to open houses.
Open Houses in and of themselves, are not the way houses get sold. It is well known Open Houses do not sell homes, Realtors do.
Usually, I do not do many Open Houses, but I typically try to do a minimum of one Broker's Open and possibly one general Open House.
However, I DO NOT do Open Houses for Owners who insist in overpricing a listing. Though I will not typically take on these listings, those I might take will not get an open house of any sort until the house is show-ready and at a selling price that will peak interest.
My name will not be associated with an overpriced listing in this market if I can help it. These unreasonable listings simply, will not sell regardless of the marketing I do. With all the choices today's informed buyers have, I can not do anything to convice a buyer to pay more for a property, regardless of how improved it is but...this is a topic for a different post.
The rest of my marketing is a combination of blogging, flyers, online presence, networking, follow-up, etc.
However, an Open House is a method of facilitating Saturday and Sunday hunters a quick way to preview a home in an area they may be interested in buying their next home in, and a great way for me to start a relationship with those buyers.
Therefore, it is a great way to accumulate a wealth of leads. Many who show up are curious, nosy or plain tire-kickers. Some are "maybe-buyers" while some, will be ready to buy, albeit not that particular home, and that's OK. They'll buy one and, as suggested by other writers, if done properly, these become YOUR client.
Nontheless, the open house can help a newbie get started, an old-timer to get restarted and someone like Teresa catch up on blog or "thank you note" writing or any other chore that needs doing, including catching up on some reading when it is slow.
Therefore, cast aside the mindset that these are time-wasters and convert them into the productive experience they can become.
If you do not know how, join a national company like ReMax, Coldwell Banker or Keller Williams Realty or sign up to any guru who you are comfortable with.
Whatever you do, do become comforatable with the idea, get over it and master this aspect of the business just like you must master every other aspect of this lead-generation-intensive business.
www.MiamiRealEstateKing.com
Certified Distressed Property Expert
Miami-Dade County, Florida.