The key to a successful open house is simply attracting qualified buyers that would be most interested in the property rather than a stream of curious neighbors. While that may seem easy enough, hosting open houses require some thought and preparation to be successful. You can’t just announce an open house and place a sign in the yard any longer. In fact, with safety being a number one priority, having a public open house is becoming a thing of the past.
Instead, real estate agents can be more selective and hold private open house events by inviting known qualified buyers and real estate agents and brokers. Agents may even consider an open house for Realtors® and brokers only. In any case, by requiring an RSVP to an open house the listing agent will have a good idea of the number of interested parties that will likely attend. Also, it’s a nice sales touch when you can tell your client that you have qualified buyers and other agents and brokers lined up to preview the property at a specific date and time. By the way, it is a good idea to re-confirm with attendees either the day before or the day of the open house.
Update MLS listing
Be sure to update the MLS listing to indicate the date and time of an open house. Also, be sure to specify whether it is for agents and brokers only or for qualified buyers. Requiring an RSVP in advance helps weed out non-qualified individuals.
Notify other real estate agents and brokers
You should contact other Realtors® in the area to let them know about the open house, especially those that have attended previous open houses. This can help generate a buzz in the real estate market about the listed property.
Invite potential buyers
You probably know of a few individuals who may be interested in the property so be sure to invite them to the open house. If it is a private open house event you should let them know that it is invitation only and is not open to the general public.
Use caution when advertising
Some agents may want to advertise their open house with social media, flyers or direct mail to attract more potential buyers. Use caution if you use this approach and require an RSVP so you can qualify them in advance.
Serve light refreshments
Consider serving light refreshments or a continental breakfast such as cheese and crackers, fresh baked cookies, coffee and donuts or other similar types of finger food.
While many real estate agents may frown on open houses as a relic of the past, when properly planned and executed it can be a worthwhile event that can help sell a property.