When trying to sell your home your agent will most likely suggest hosting a broker’s open house. What this is exactly, is an open house for the real estate agents of the potential buyers to scope out the property for their clients. This is a great marketing opportunity and will help to increase your chances of finding a buyer effortlessly. Read further for three great reasons why.
The Difference
Of course, the largest difference between a broker’s open house and a standard open house is who is invited. A standard open house is usually open to the public, but a broker’s open house is by invite only and limited to real estate agents and professionals.
The timing of all of this also plays a role. Commonly, the standard open house is held on a Sunday afternoon so that way potential buyers can use their free time to attend. Contrary, a broker’s open house will typically be held mid-week so the real estate agents can work it into their schedule since they are usually busy with showings on the weekends.
What Happens
A broker’s open house mainly serves the purpose of marketing the property to sell, but it also acts as a great way to debut the listing to agents in the community. A free lunch is typically provided as incentive for industry professionals to show up.
This is a great chance for agents to tour the home, offer advice, and mingle amongst colleagues. Usually this type of open house is held just days after listing the property on the market in order to profit from the commencing rise in interest that follows new listings.
In the case that there is a significant change to your listing after the fact, such as a dramatic drop in price, your real estate agent will likely host another broker’s open house to have them spread the word to their clients.
The Benefits
Many sellers are not open to the idea of strangers coming into their home and disrupting their personal space and belongings. If you are this type of seller, a broker’s open house would be an ideal option since it is targeted towards select industry professionals.
The agents touring the home have a mental list of what their client is looking for, and if all checks off, it is very likely that they will bring their clients back for a private showing.
A broker’s open house makes the house appear special and places a more important view in the property due to the sense of urgency of it hitting the market.
Within the circle of local real estate agents, you can guarantee there will be talk. Even if an offer does not arise from the broker’s open house, agents that have toured the home can offer advice and guidance based upon other properties in the community and how the home is being perceived by others. This will help your real estate agent to learn how to better attract buyers and help sell your home faster.
