Open houses should be seen as listing lead generators. In addition to advertising a current listing, it gives agents an opportunity to meet the neighbors, pick up listing and buyer leads, and set listing and showing appointments.
Before the open house even begins agents should call and meet the neighbors and other homeowners in the street or subdivision, which can, by itself, generate five to six more listings. A quick phone call, email or actually knocking on doors and canvassing the local area can result in solid transactions and agent commissions.
Also useful: direct mail postcards, door hangers and CMAs (comparative market analysis).
When conversing with neighbors, agents can offer a free price opinion of their home, invite them to the open house, and ask them to bring a friend so they can “pick” their neighbor.
Agents can be the first to communicate with these potential listings (and potential buyers) if they start the process early and proactively communicate. By cultivating the neighbors, agents add value because those same neighbors will refer business and eventually become clients in the months and years to come.
After the listing sells, agents should stay in contact with all the newly acquired leads, and many will eventually turn into listings and sales, since 80% of contacts convert after the fifth contact.
Team members should find ways to contact these people via a follow-up strategy and offer free, valuable information. Even if the people do not appear to be interested or do not follow up, team members should keep calling and reaching out to them.
RISMedia (01/10/23) Johnson, Sherri