So you have made the decision to sell your home. What’s next? First and foremost, you need to find a suitable realtor. Once you have found a knowledgeable and tenacious realtor, he/she may suggest a multitude of ideas to get your home on (and off!) the market quickly. Your realtor may suggest hosting a broker’s open. A broker’s open is different from a traditional open house. A broker’s open gives the selling agent (your realtor) the chance to market your home to other agents who may see that your home matches the wish-list of their clients. Truth is, if an agent has physically SEEN a home (as opposed to pictures online) they are more likely to match it with a potential buyer.
It can be reassuring as well to know fellow brokers are spreading the word to serious buyers, who have already been in contact with a realtor. In a traditional open house, you can be apt to draw in curious neighbors or casual lookers. There is also the “word of mouth” aspect. Many brokers after returning to the office will gladly spread the word of the house they just enjoyed. Whether it is a beautiful home or selling for a really great price, this is a chance for their clients to be the first to know about it. Who doesn’t love VIP treatment?!?
This is also an opportunity for your agent to receive professional feedback on how the home shows compared to other properties on the market.
A broker’s open is more often than not held for newly listed properties. They are normally held during the workweek. Traditional open houses are more likely to be held on the weekends. Both marketing tools are effective and can easily be utilized together. Simply host a broker’s open when a property first comes on the market. If there are no real lead generations afterwards, host an open house.