How can I sell my beautiful condo when agents will not attend broker's open houses?

Asked by Gladys, King County, WA Sat May 2, 2009

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14
Fabrice Mura…, Agent, Seattle, WA
Mon Jul 20, 2009
As usual Ardell is spot on....
Agent who have buyers don't wait for a broker open.
Now it is always good to have one, it gives you an opportunity to show to agent who are active in the field, maybe they don't have a buyer this week, but you never know, we keep meeting people so they might have somebody in a week....
0 votes
Courtney Coo…, Agent, Seattle, WA
Fri May 8, 2009
Gladys - don't stress about Broker's Opens Please - they are pretty unimportant in the scheme of things for your condo. Price, advertising, internet exposure, and preparation are much more important. Hang in there. It is taking longer these days.
Web Reference:  http://www.cooperjacobs.com
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Karen Mcknig…, Agent, Kirkland, WA
Sun May 3, 2009
The truth about selling your beautiful condo is that it is 95% value. Is it priced right and staged right for this market and your location?

Broker's opens aren't all that important. It is a way for agents to quickly check up on the inventory in an area where they like to be current. Having many properties open during the designated time frame for Broker's Opens in an area helps agents see properties quickly, which is a nice benefit in this time intensive business.

The agents who have ready, willing, and able buyers for your property specifications, area and price range will not wait for a Borker's Open to see the property. They will preview the property, or if it sounds like a good option based on the listing information, they might just go ahead and show it to their Buyer Client.

So, as far as getting your property sold, what you are looking for is the pace of showings per week. I normally figure if I am getting 3 showings per week, I am priced in the range to get showings. If I have some agents show twice to a Buyer, I am closer to generating an offer. After the research has been done, the indicator of whether or not a property is going to sell is the activity.

I figure if I have 12 showings and no offers, I need to consult with my client to make an adjustment to improve his / her market position. Good luck in getting your beautiful condo sold.

Warmly,
Karen
0 votes
Mark Despain, Agent, Seattle, WA
Sun May 3, 2009
I agree, for the most part. I go to brokers opens for the convenience of having the listing agent available if I have additional questions; to keep up on the market; but not to get something to eat. If I have an active client, I don't wait for the house to be open.
Web Reference:  http://www.homehounds.com
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Ardell Della…, Agent, Kirkland, WA
Sun May 3, 2009
Mark,

The public's perception of Broker's Opens is skewed. I would say the primary reason agent's go to Broker's Opens is:

1) To stay up on valuation so they can price their own listings correctly
2) Get something to eat or a free Starbucks card
3) To keep their head in the game and spend time "in the field" with other agents

If I have a client for a house, I don't wait for a Broker's Open to go see it.

Would you agree?
Web Reference:  http://www.raincityguide.com
0 votes
Mark Despain, Agent, Seattle, WA
Sun May 3, 2009
I agree with the previous - brokers' opens do not necessarily sell the house. They are used to try to get as much agent traffic through to alleviate the individual traffic. Also, they are used to collect opinions from other agents. There could be any number of reasons why there is no agent traffic.

As Ardell said, post a link to the property so we can "see your product." None of the agents here can comment on any specifics without more information.
Web Reference:  http://www.homehounds.com
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Keith Sorem, Agent, Glendale, CA
Sat May 2, 2009
Gladys
You've got it backwards.
Although Broker's opens are important, a better gauge of marketability are SHOWINGS.

The rule of thumb is
10-12 showings or one offer in the first two weeks or lower the price
No offers - lower the price

Market time hurts your profit. Better to sell sooner than later. If you don't have showings, ask your Realtor what else is selling. The Realtors did not all go on vacation.

Good l uck.
0 votes
Ardell Della…, Agent, Kirkland, WA
Sat May 2, 2009
Gladys,

My advice? Put a link to your property in the comments here. In fact if you had put a link to your property in the question (assming that is allowed) you would have done more good than any Broker's Open would have. You've aroused our curiosity...let's see your "product".
Web Reference:  http://www.raincityguide.com
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Sat May 2, 2009
I am going to agree with the previous posters - who cares? Really, it doesn't have that big of an impact on the sale. I mean, it helps sometimes... especially if it is a "different" kind of place that will need exactly the right buyer. But, if you're off the beaten path and the agents can't get to your place very conveniently, then they simply won't come. It's a time management issue.

The best brokers open I ever had, not a single agent came, but a buyer showed and bought the house!

But I've learned a few things in my years.... there are reasons sometimes that agents don't come. It could be your agent is not well liked; or doesn't know the local "rules" for having a brokers open. Here are some examples within areas I service -
* In one town, you must schedule your brokers open with one particular local broker office - they put the schedules together and circulate to all local brokerages. If you are not on that list, no one comes.
* One area has their tours on Wednesdays instead of Tuesdays (like everyone else in the region).
* One area has divided the place up into quandrants and if you want people to come, you must be located in that quandrant and have it on the designated day.
So, if your agent is not from the brokerage down the street, or doesn't seem to be well known in the area - it could be they don't know their way around the local customs.

Sometimes you just have to be interesting - I just read a post in our local association papers that an agent in my office is sponsoring a "kiss the pig" contest at one of his listings... it's a unique home, and off the beaten path for sure. But, by incorporating an event that is part of a local broker association campaign he'll get traffic - I'll go for that. He's a great agent I try to emulate. I've made a note about that great idea for my future reference
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Last, but not least... what is the purpose of a brokers open? They are more important when the property is more unique, harder to price, etc. They help the agent help coach you to pricing the property right, better stage the place, etc. They don't EXACTLY sell houses...usually.

As agents, we go to the brokers opens that are being held by our friends, & that are conveniently located. We nibble on goodies, talk about the house for a moment, give 2 cents worth of advice, chat about things we see in the market; ... and when it comes to filling out the comment cards, we know many agents give them to their clients, so we ask "what do you want me to write here". We know that sometimes clients don't listen, and need to see the same comments from other agents before they will take the advice of their agent. Bet you didn't know that.

So, now that you know what goes on and why they are used... how important do YOU think it is? if you take your agent's advise, if you properly price and stage your home, it will sell; with or without a brokers open.

Hope other agents here don't kill me for telling the truth about a common "smoke ane mirrors" kind of tool agents use.
0 votes
Steve McDona…, Agent, Seattle, WA
Sat May 2, 2009
Gladys,
Take solace that Broker's Opens are not critical to the successful sale of your condo. What is more important is a good price and successful marketing - especially the on-line promotion. If you have a good price for your product then you just need to let buyers know about it. If you're really hooked on better attendance at the Broker Open or even Public Opens try coordinating with other sellers and their agents in your building so the trip gives attendees 'more bang for their buck.' If you're not working with an agent, give it some thought.
Steve
0 votes
The Sayler a…, Agent, Bellevue, WA
Sat May 2, 2009
Hello Gladys:

With all the internet marketing, going on, many buyers and agents do a lot of previewing on the internet. Hopefully you have professional pictures and commentary with each picture to help sell your beautiful condo. Just remember, it only takes "one" buyer, and your agent is marketing to the agents with that buyer as well as to the public.

We are in a challenging and exciting market - be sure to do your part on price and condition, and your agent will continue with the marketing - it is a total team effort (you and your agent).

Don't get discouraged - hang in there!

Trudy Sayler
tsayler@windermere.com
0 votes
Sam DeBord, Agent, Seattle, WA
Sat May 2, 2009
Broker's opens are nice, but they're a very small part of the process. The vast majority of sales don't come from open houses or broker's opens. 90% of buyers are searching online for homes now, and most sales come from an agent taking a client for an individual showing. Keep the faith, if it's priced right it will sell.
Web Reference:  http://SeattleHome.com
0 votes
Kary Krismer, Agent, Renton, WA
Sat May 2, 2009
It is frustrating when you hold either an open house or brokers' open and no one shows up. However, if the property is vacant, then that's not really a concern because access to the property for showing isn't a problem.

Broker's opens are really more of a convenience for owners of occupied properties, because it limits the number of disruptions they will face as agents come through. In contrast, open houses are more designed to find a buyer.
0 votes
Robert Luecke, , Laguna Beach, CA
Sat May 2, 2009
Gladys,

Price is key Galdys. If you are not getting the showing you want you need to adjust your price down assuming your property is being marketed correctly.
Web Reference:  http://www.shopprop.com
0 votes
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