Bernadette, Both Buyer and Seller in Maryland

What is Broker's Open House? what is its purpose? disadvantages/advantages? when it should be scheduled (before or after public open house)?

Asked by Bernadette, Maryland Mon Jun 25, 2012

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Edith Karoli…, Agent, Winnetka, IL
Mon Jun 25, 2012
I am assuming that you are a seller and you are wondering? Am I right?

A broker's Open House is usually held early on after the date of listing, in order to give the Real Estate community a chance to preview the new listing, the Realtors then can ask questions about the property and evaluate if they do have a potential buyer for that particular home.

They then usually talk to their clients and encourage them to see the property if it fits the clients needs.
The other advantage of a Broker's open is that it is easy for agents to see several homes that are open, without having to make appointments to preview homes on their own.

Furthermore, once agents have seen a new listing, they return to the office and talk with each other about what homes they have seen, and this way also agents who were not able to see it will find
out from their colleagues when there is an interesting property.....
So many advantages....

A public open house, oh well is like picking 4 leaf clovers, one never knows who is dropping by,
serious or just curious because their is an open house, looking in and getting new decorating
ideas, or simply neighbors wondering how that home compares to theirs......remember that these days it is not the public open house (although still possible) that will bring in the serious buyer. Serious buyers start looking on the internet, connect or already have from earlier purchases a Realtor they trust, and that Realtor then will show them only those properties the buyer and his or her Realtor consider to fit their pocket book and needs.

So in general we do one or two Brokers opens in the beginning or when their is a major change (like a new price, or some decorating or staging) and then probably depending on Realtor's judgment and market area a few public open houses.

But you should sit down with your Realtor and discuss and exchange your thoughts and ideas about it, and then agree on how you and your Realtor want to decide on open houses.

Good Luck to you......
Edith YourRealtor4Life and Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients covering the larger Chicagoland areas
and the fine homes on the North Shore, and with Partner Agents all of the US and properties
worldwide. Edith speaks French, German, some Spanish and more.....
@Properties 30 Green Bay Rd Winnetka Illinois 60093
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0 votes
Jessica Hood…, Agent, Gambrills, MD
Mon Jun 25, 2012
Hi Mary,

A Broker's open house is when your listing agent invites other agents to come visit your home. Usually with the lure of a catered lunch and/or gift card. There is no right or wrong time to do a Broker Open but for a point of reference our team schedules them for the second week the house is on the market.

Public open houses are kind of an antiquated marketing tool thanks to the Internet. But a Broker's Open can introduce your home to many agents and hopefully all of their clients current and future.

Best of luck!
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Jun 25, 2012
A broker open house is when only other agents come to see your house. It is to introduce other agents to your house so they can get a feel for it and hopefully show it to buyers they have or will meet. They usually are during the week and for 3-4 hours and often serve food to entice the starving agents to come. I think they are your best bang for the buck.

Public open houses are primarily a way for an agent to find other buyers to work with and rarely sell the house where they are.
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