What is a Broker’s Open House?
A Broker’s Open House is an open house that is typically only open to Real Estate Brokers. It’s a way for your Realtor® to gather of other area Real Estate Brokers while gaining exposure for your listing at the same time. Most Real Estate agents won’t hold a Broker’s Open on every listing they take as this type of open house can often cost your broker a considerable amount of money if done correctly. You’ll sometimes see an agent host a Broker’s Open House with some kind of free giveaway or free food to entice other brokers to attend. This can be a great way to get your listing in front of other agents who may be working with home buyers who could potentially be interested in your property. It’s also a great way to determine what other experienced Real Estate Brokers think about the asking price and condition of your home.
If you’re considering asking your Real Estate Broker to host a Broker’s Open House there are a few things that you’ll want to ask them prior to giving your consent.
First of all, you’ll want to know how they’ll be advertising the event and what, if any, incentives they’ll be offering to entice other brokers to attend. We at The ‘Ohana Realty Group typically offer a free lunch along with prizes ranging from free movie tickets to restaurant gift card and popular electronic devices. At one of our more recent Broker’s Open Houses we cooked a traditional Hawaiian meal for our attendees and we gave away 16 movie tickets and a Kindle Fire. The opportunity to at the very least eat a nice free meal and to win one of these great prizes helped us to generate over 40 visitors to our event.
The next thing you’ll want to ask your broker is how they will be presenting your listing and what method they will employ to gather feedback from the agents who attend. This is one of the most important aspects of a Broker’s Open House. You’ll want to ensure that your agent highlights the best features of your home and that they’ve created a solid system for gather input from the attendees. This input could help your broker to better present your home in any future advertising and it will give you an idea of what buyer’s agents will be telling their clients when they come back for a showing.
Lastly, you’ll want to ensure that your broker has taken precautions to protect the security of your property and your belongings. The last thing you need is to have people randomly walking through your home unattended and rummaging through your personal belonging. It may sound silly but you hired your broker to not only help you to sell your home but to protect your family by pre-screening the people who will be viewing it. The best way to ensure that you’re protected is to ask your agent if they will be manning the event alone or if they’ll have a support team in place to keep an eye on the whereabouts of your visitors.
If you’re thinking about asking your broker to conduct this type of event at your home, be sure to ask these questions and to hold your agent accountable to protecting your property.
Spokane Real Estate Information Courtesy of The ‘Ohana Realty Group