Over recent years, much of the U.S. has experienced a record low inventory of homes for sale. As a result, consumers are programmed to believe that finding a good home for sale is a tough task and that when a good home comes on the market it won't last long.
For that reason, more and more prospects have taken home searches into their own hands in the following ways:
1 They actively search out listings online.
1 They spend their weekends doing home shopping "leg work."
1 They attend open houses in droves.
When do-it-yourself home shoppers drop into your open house, you're safe to bet on two things:
1 They're serious about finding a home for sale. 1 They aren't represented by agents.
In other words, they're great buyer prospects.
How many open houses should I host?
Real estate agents always seek a magic formula that defines how many open houses to host and when to host them. I hate to disappoint you, but I haven't found a pat answer. However, here are a few good guidelines to follow:
¡^ If you're a new agent trying to build a clientele and get your business off the ground, host open houses weekly, or at least regularly and frequently. Volunteer to hold open houses for the listings of other agents in your company.
¡^ If you're an established agent working to increase your business and win market share (see Chapter 14 for more on the topic of market share), add up how many open houses you've hosted over recent months and aim to increase that figure at least proportionately to the amount you're working to increase your business.
¡^ If open houses are fundamental to your lead-generation strategy, you should hold an event at least several times each month.
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