In 2009, open houses represented a significant business generation strategy for our associates.  I would suggest to you that this will be the same for 2010.  Knowing this, I asked our more successful “open house” associates to share with me some of their secrets.  Here is what I was told.

1)      Opens targeting first time home Buyers or investors generate the most unrepresented Buyers.  Stay under $225,000.00.

2)      Do not limit your opens to one a day.  Find three or more similarly priced properties in relatively close geography.  Work in coordination with peer associates to cover a range of properties.

3)      Submit opens for publication as early as possible on all Websites, not just the MLS.  The Web is where the Buyers are and most of the advertising is free.

4)      Have each property open for no longer than 45 minutes with 15-30 minutes in between each open.  Don’t waste your time, if a Buyer really wants to see the property they will make it a priority.

5)      Greet all potential Buyers and capture their information if unrepresented.  Let them know you if the property you are showing is not the property they are looking for, you have two others open that day.  Provide them a take away such as a coupon for a coffee and ask them to meet you at the next property.

6)      Explain to potential Buyers that you hold these “open house tours” weekly and invite them to join your preferred Buyer email list for an updated list of property both on and pre-MLS.

7)      Repeat weekly.

For those of you that do not like working on the weekends, please keep in mind that under Minnesota Statute you may use a host(s).  Please consider employing these strategies in your open house plans for 2010.

Thanks and good selling!

Eric