Hosting an Open House for Another Agent
Key idea: Generating a consistent flow of new business requires detailed planning, including identifying your lead sources, knowing precisely how many leads you need to hit your goal, and committing to a schedule of revenue-producing activities.
This week’s guest on Stay Paid is Michael Snow, managing broker with Pearson Smith Realty in northern Virginia. He’s a masterful prospector and spends most of his time coaching approximately 1,000 agents on how to attract and find new leads. So it was only natural to ask him to share with us what he’s telling them as they head into 2023.
When you listen to his interview, you’ll hear the three-part plan he encourages his agents to develop and implement on their way to building a successful real estate business. In particular, what he has to say about identifying categories of lead sources, including open houses, will be especially useful to new agents.
The benefit of hosting open houses
As you likely know, there is a range of opinions among real estate agents about whether open houses are worth the time and effort they require. Michael is among those who wholeheartedly promote their value.
A significant part of the real estate agent’s job is to meet new people and cultivate those relationships. For Michael, open houses are among the top ways agents can begin that process because they allow agents to get “belly to belly” with people they can potentially help. Why, he asks, would an agent pass up that opportunity? Even if people are slow to visit an open house, as is sometimes the case, agents can still use that time for other tasks, such as handwriting notes to their sphere.
How to approach agents about running their open houses
When hosting an open house for another agent, there are two things to keep in mind: you want to create a positive impression of the listing agent, and you want to excite the homeowner with all you’re doing to sell their home. You can achieve both by offering the listing agent a strong value proposition.
Tell the listing agent what you will do for them. Let them know that you’ll spend “x” amount of money promoting their open house with Facebook ads, knock on doors, and use the latest technology to capture and track visitors. You can talk about staging, how you’ll engage visitors, and how you’ll keep children occupied, such as with coloring books.
Please enjoy this episode, and we’d appreciate it if you took a moment to leave us a 5-star review and comment on Apple Podcasts.
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Reach out to Michael via email: firstname.lastname@example.org
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