Working in the real estate industry takes confidence, grit, and the willingness to keep pushing and adapting to every challenge that comes their way. It’s no easy task and isn’t a job description that would match most people, but for the select few who dare to take it, they are in for a fruitful and exciting career.
Today, we will be addressing one of the best methods of getting your name out and known in your local industry. That first meaningful step as a new real estate agent and reaching out to potential clients and other professionals — hosting your first open house.
Of course, we understand that it may feel nerve-wracking at first, opening your listing to all these qualified leads and entertaining them at the same time does sound difficult on paper. But before we move forward and learn what you need to, let us first understand “why” open houses are essential.
Firstly, open houses get your listings the exposure they need to get those emails, offers, and leads rolling. While putting up advertisements for the estate on different platforms and channels does help to a certain degree, having actual people visit the place and check it out is a whole other level.
Not to mention, there is the off-chance that your advert could get buried by all other listings available in your area, making it much harder to get that deserted hit rate for potential clients. Hosting an open house gets you straight into the action and interacting with people, which leads us directly to the next reason.
Meet As Many People
Second, as a newbie in the real estate game, connections are everything, and you won’t get anywhere without connecting and knowing the right people. Regardless of your skills and capabilities, you wouldn’t be able to put them into good use if you don’t even know the people who will enable you to use them.
The prospect of meeting as many people is one of the most significant advantages of hosting an open house because everyone who does decide to come is interested in real estate. The people you meet could vary from potential leads on the current listing, individuals looking to sell a property, or maybe even professionals who dropped by to find out who is hosting.
On that note, let’s proceed to the necessary steps you must take to host a successful open house:
High-Quality Marketing Materials
Number one, prepare high-quality marketing materials that offer photos and descriptions of the listing. Whether you’re putting up a suburban property for sale or even a grand mansion on the hills, always aim to make your marketing materials look professional. Use the best quality of paper, print them colored, and have them ready for every walk-in that comes to the open house.
These pieces of paper often act as your first point of contact and will leave a good impression on everyone that comes to the open house. They will understand that you’re taking your work seriously and professionally, and might even be more inclined to buy the property from you. So, don’t just stick with the cheapest alternatives because those few dollars your saving could cause you hundreds of thousands in commission.
Serve Snacks and Refreshments
Step number two, spend a bit more so you can offer all walk-in guests and visitors snacks and refreshments as they tour the open house. While food and beverages seem unnecessary, you’ll be surprised to know that these simple amenities do entice people to stay longer and give you more chances to strike a conversation and turn them into clients. Nobody can turn down a free snack; we’re just naturally wired that way!
On that note, though, there is no need to go overboard with your food preparation. Unless you’re dealing with high-end properties that go into the millions of real estate value, having biscuits, juice, and water are all you need.
Always Follow Up
Once the open house finishes, you clean everything up and start packing all the preparations, it’s time to initiate the plan’s final steps — following up. Many newbies make the common mistake of failing to update on all the leads they’ve made during the open house. They often create the misconception that everything is done right after the open house finishes, but it does not. The follow-up is the most crucial step as it helps you identify and filter through all your potential leads.
The same concept applies to any important people you meet during the open house; update with them and keep in touch so that when something comes up, you’ll be the first they call. So, whether it be through email, a phone call, or a message, make sure to update at least a day or two after the open house.
Get The Experience
The real estate industry can be quite harsh for newbies, but it does come ripe with many lessons to learn, experiences that build you, and countless opportunities to make a huge commission. So if you’re planning to host your first open house, our suggestion is to go for it, give it your all, and gain that experience! While it might not be perfect at first, over time, all the accumulated knowledge and experiences will help mold you into a professional real estate agent sooner than you know.