A small newer, now long gone mortgage company sponsored it. Food drinks prizes they spent $100. a house.
There were 17 Homes
all the Realtors were given stamps, and a rule book. Oh ya.
The buyers were given A nice brochure 17 listing on all the homes on tour.
If they collected 17 stamps from each house, they would be in a raffle for $100. best buy. $50. best buy and$25. best buy.
The Buyer were instructed to begin at one house, and work through in order. These were big houses. 3000Sq ft. Lot of stairs. Nice 110 degree AZ Day.
I was house number 14. I saw 5 people all day. They would come in the front door so P.O.
I could not stamp their sheets fast enough. There was no. I may name is.....
They would walk in the door demand I stamp their sheet turn around and walk out. Not even a good bye.
One positive that deserves mention, though, is the added motivation that it provided the seller to get the home displayed and priced just right. We were priced competitively, but not necessarily tremendously. As a remodel, the property showed nicely, but being vacant, not perfectly. To take full advantage of the expected increase in traffic, the seller readily agreed to a $10,000 price reduction and having the home professionally staged. No coaxing necessary. So on that front, the weekend was a smashing success. We are now priced closer to where I believe we will ultimately sell, and the product is perfect.
I think another added benefit is that your seller probably feel that you guys are trying to find creative ways to do things and that you are doing things over and beyond what the norm is, which is also great in this slower market.
Arranging such an event in the winter would make for more ideal turnout, but we need to sell the listings we have right now. When the weather is nice, it is never difficult to draw a crowd in Scottsdale. When it's 110, though, we owe it to our clients to do everything we possibly can to draw people out.
We didn't use any incentives or give aways because of the issues mentioned by Patrick. I would rather have fewer people through who are serious buyers than a bunch of people putting their names in the hat for an Ipod.
A smashing CONGRATULATIONS to you! For the first time out of the gate for an event like this - you at least got respectable traffic.
I personally like when neighbors view the home - they can be a great added referral source for your listing.
Thanks for giving us an update and I really hope you can convert the foot traffic into a final sale!
The event is for the upcoming weekend, not this past. So no report on results yet, but I'll be sure let you know how it goes. Thanks for all of the sugestions, everyone. We are really going to hit it hard. I'm in charge of the periodical advertising along with an agent from another brokerage. Another agent drafted a press release and submitted it to the media (hoping for a free community interest blurb). We've got a website specifically tailored to the event, and all of the participating houses have sign riders for the site. I'll put it in the web reference section. We're pulling out the stops, so we'll see what type of activity it generates.
Meanwhile, I'm still eager to hear from some of you buyers out there. Are you more likely to look at houses when part of a mass open house? The thinking is that buyers will be able to see virtually all of the current inventory over a weekend, rather than picking up open houses here and there. Are we on the mark in that line of thought?
My company franchise also holds an "Open House Weekend" every spring (with the extra ads, balloons, etc.). These are better attended than most open houses, but still not as well as I would hope. I've never attended or participated in a community/mass open house event--I certainly hope you let us know how this works out for you... Good luck!
Fantastic about the staging and pricing. Nothing like a little stage fright and fear of missing a good opportunity to put it in fifth gear.
So true Sylvia. Anything you can do to add value to your services on such a higher platform and a slightly different approach to marketing a property. To be associated with an event, means to a seller you are an agent dedicated to trying to sell one's property. When there is mass public exposure to the internet on the event, it is in paper, throw in a little PR plug mixed with high-volume environmental signage to get to the properties and you have some pretty strong representation (but of course it helps if properties are priced in a reasonable bracket and the consumer finds the event truly enlightening and useful as a tool). Regardless of instant financial success, there is something to be said with higher level name and property exposure that may consistently pay off down the road. "Hey aren't you the guy that ... "
RE: Website liked the "added value" to the area section. Everything is quick and to the point on the site. Very consumer-friendly. Glad to see there was good property participation.
Sounds like you didn't get as many people as you hoped, but still an acceptable turn out. Overall, pretty good. Hopefully, you sell this home fast.
Not much activity on this one from the consumer.... However, you have tweaked an interest in me. We have "progressive" caravans - why not a "progressive" open house.... Please let us know how your event goes - it's something I would love to sponsor and organize myself!
Thanks for the great advice!
It will pay dividends. You could even offer to hold other peoples homes open for them as an added bonus if you have a team.
Good luck next weekend, Paul!