Question Details

vFlyer, Home Buyer in 94103

Open House Policies - How does a Buyer Host an Open House for a Listing Agent

Asked by vFlyer, 94103 Fri Jul 20, 2007

What is your or your firms policy on Open Houses in regards to having buyer's agents host them? If you are buyer's agent, how do you host a listing agent's open house? In some firms a listing agent sents out an email asking for email.

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6
Hi vFlyer Buyer,

I'm pretty certain a listing agent would not have an outside agent (any agent) from another firm hold an 'open house' for their listing. Sometimes another agent from the same office will volunteer to do this if the listing agent has several open houses on the same day, as mentioned by Jeannette.

If you are assuming that all agents are divided into one type or another - buyers agent or listing agent - this is rarely the case. Most of us will work either side of a transaction, but not necessarily on the same transaction. Some do though.
1 vote Thank Flag Link Fri Jul 20, 2007
It is hard for me to imagine having an agent from a brokerage firm other than the listing broker do an open house. I am not familiar with that in markets I where I have worked.

The listing contract is between seller and broker. When an agent other than the listing agent does the public open house, the broker has a fiduciary to the seller to represent that property. Whether I do an open house for my seller or another agent in my office, my first obligation is to promote that property. Sure, an agent is interested in buiding business and finding clients. The agents desire to build a client base needs to be secondary to promoting the open house for sale. If it becomes clear that property does not meet the needs of the open house visitor, then the open house host can take on the role of a buyer's agent.
0 votes Thank Flag Link Fri Jul 20, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
I often allow buyers agents to host open houses on my listings. It depends on the agent and the listing, but normally I would ask them for a referral fee for any buyer or seller they pick up from the listing.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Fri Jul 20, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Our broker's policy is simple.....seek permission from the listing agent.......actually we have agents in our firm that contact agents within the firm looking for open house "sitters"

Other than that the policy is remember to keep it legal moral and ethical.

I don't see agents from broker A's firm holding open houses for an agent from Broker B's firm. It happens but not to often.
0 votes Thank Flag Link Fri Jul 20, 2007
Since you are working for the same broker, you have every authority to market the property at the open house as if you were the listing agent. Obviously there are some insights that the listing agent has about the seller, although this should be irrelevant in marketing the home to an open house guest. Most great listing agents tend to have more open homes than they can support. It's a great way for a new or even experienced agent to build more business. I always make up flyers with my name on it, put up all my personalized open house signs, change the name rider for the open house to mine, and put away all the listing agent's marketing material. BTW, I just did that two weeks ago and got three excellent prospects from the open house.
0 votes Thank Flag Link Fri Jul 20, 2007
Mario Pinedo,…, Real Estate Pro in Beverly Hills, CA
MVP'08
Contact
I don't understand the last part of your question - but I do understand the first. When an agent conducts an open house for the listing agent - they aren't necessarily a buyers agent. They are there to help open the home to potential buyers - and as a result can pick up some contacts during the process.

Usually - the agent who holds the listing does the actual Open House advertising. As an agent who has conducted open houses for my colleagues - I don't like to leave things to chance. I am free to "advertise" to as many potential buyers or other interested parties.

The name of the game is to sell the house. Therefore - all is open at an open house. But I dont get your last sentence. Did you miss something?
0 votes Thank Flag Link Fri Jul 20, 2007
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