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Al Hallivis, Real Estate Pro in Annapolis, MD

Do you get alot out of broker opens?

Asked by Al Hallivis, Annapolis, MD Mon Feb 4, 2013

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Do you mean by going to BOHs? Lunch, lots of free lunches. We get to eat for free at least three days a week. Seriously though, I do try to go to as many as I can because no matter how many photos are online nowadays nothing beats seeing the place in person. I've sold properties because I discovered them at a BOH and have dragged colleagues with me to BOHs who've ended up doing the same thing. Some will try to say "but I don't have anybody for that.." which is the wrong answer - you may not have a buyer today but you may tomorrow - or you may have a seller six months from now and be able to speak intelligently about that property.

We tour as an office to see our own new listings and then have broker open houses on two other days each week for agents from other offices. I always tell sellers it's every bit as important to get agents into their property as it is buyers. It's the multiplier effect - every agent is working with multiple buyers.
1 vote Thank Flag Link Tue Feb 5, 2013
I think yes, you do get a lot form a brokers open house. Exposure for your listing can always be a good thing.
1 vote Thank Flag Link Tue Feb 5, 2013
Dear Al,
I love broker open for giving the property as much exposure to the buyer agents that are active as possible. It is also helpful to get the price feedback and suggestions the other Realtors freely give. I say "Yes" to Broker Open!
0 votes Thank Flag Link Mon Feb 11, 2013
Hi Al! broker opens provide a broader scope of influence when looking for buyers you want as many people as possible to know about it.
0 votes Thank Flag Link Sun Feb 10, 2013
To me the biggest value is the feedback from other agents. They know the market well and know many of the competing listings well. It is other brokers who can give honest feedback as to condition of the property and price. They will usually be very frank and let you know what it is that buyers may see as a huge obstacle and then you can go to your seller with that information. I have also used it with pricing issues, a seller may be on the fence with my advice as far as a price reduction but with the same feedback from mulltiple agents it can give them the push they need to lower the price.
0 votes Thank Flag Link Sat Feb 9, 2013
I do hold broker Open Houses on most of my listings. It is a great way to generate interest with local realtors, network with your peers & it gives them an opportunity to preview the house for their potential buyers. Sometimes they are busy & sometimes they are not. It really depends on the weather, pricing, location & what you are serving for lunch. It floors me when they call to ask what there is to eat before they venture out to see the home. So I always include in the BOH remarks what I am serving for lunch.
0 votes Thank Flag Link Sat Feb 9, 2013
For me they are great for networking. They are also a way to boost interest in a property. Most of us like to be in the know, and being one of the first to know a home is on the market appeals to our human nature.

The bottom line is when trying to get a home sold, you have to pull out all the stops. The kitchen sink approach is in order:) So yes, I think there is a lot to gain from Broker opens.

Much Success to You!

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Feb 5, 2013
I think they are important especially for those homes that may be difficult to preview without them. It also is an opportunity to answer questions for brokers that you otherwise don't get an opportunity to do when they are showing them to their buyers.
0 votes Thank Flag Link Tue Feb 5, 2013
They are just another piece of the equation when trying to sell a home. It's a great way for them to preview the home and keep in mind for a buyer. They may not necessarily have a buyer right away but when one comes through their door it will be something they can talk about. Seeieng something online and in person are two different experiences...

0 votes Thank Flag Link Tue Feb 5, 2013
First, to get a lot out of brokers opens, agents who actually have buyers and sellers need to attend.
One should expect the agents from your office to attend. If they don't put a bump on your brokers head.

Second, you need to attract area agents who are active in that area. You will find working with a title company to promote your brokers open to be very beneficial. Why limit the open to professionals?
Third, "Feed them and they will come."
Fourth, more will come if there is critical mass. Call those agents with listing in the community. The more homes open in the same community, the bigger the crowd. You should volunteer to create the flyer with all the open houses listed/with agent name and menu.
FIfth. Be sure to include questions regarding condition and observations that may improve marketability. Pricing comments are too often viewed as agent collaboration in the home owner beat-down on price.

Finally, send out focused thank you notes. This value will become apparent later. It follows the instructional principle:
tell what you're going to tell them,
tell them,
tell them what you told them.
THEN they remember....and that IS the purpose of the Brokers Open.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Tue Feb 5, 2013
I agree with Bonnie, we also get a lot of good suggestions from brokers in our area regarding price and terms, plus things we can do to make the property more attractive. We've started using broker opens prior to the listing going live as a "soft opening."
0 votes Thank Flag Link Mon Feb 4, 2013
I usually do get quite a lot of valuable feedback from Brokers Opens. I've been able to pass that feedback along to my sellers and effected both physical and price changes as a result!
0 votes Thank Flag Link Mon Feb 4, 2013
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