We are rounding turn one and racing into what is typically the most active time of year for the residential real estate market. The next 3 months are going to be an interesting ride. The industry is experiencing a historic moment as we have a market that has low prices AND low interest rates for home loans. This is THE TIME for buyers to jump in!
Since the downturn many agents have trimmed back on advertising and holding public open houses. In my market there has been a noticeable void in the Saturday and Sunday papers as the local agencies have turtled up their advertising budgets which, in turn, makes it difficult to hold a productive open house if any at all.
Last fall I began traveling to other markets and studying how affective thier advertised open house events were. I was estounded! They were crawling with suspects, prospects, and buyers with other agents in tow! However, not all of the open houses in the neighboring market were enjoying the same traffic. Actually, in some of the homes all you could hear were crickets. Why?
I studied the successful and unsuccessful open houses to understand the differences and learn from them. Times have changed. In the frantic market any schmo could toss a sign out in a yard on any given Sunday and get foot traffic. No more!
On my tours I noticed the open houses that catered to the crickets were poorly organized. Yes they ran an ad in the paper, but they were they only home being held open in the community on that day. The agents were isolated and had only 1 item on the menu.
In contrast the action packed open houses were well organized. Even between competing agencies. They seemed to have coordinated which community to hold open and had offerings across all price points. The open houses were "Events" that were well advertised, well managed and well signed. The result? Lots of traffic!!
I brought this information back to the managing partners at my agency, (Lowcountry Real Estate) and while they were hesitant at first we have recently had 2 very successful open house events. We have concentrated in communities where we have a lot of listings, ran a Sunday ad and people have come out. Each event has yielded several prospects and at least one buyer. We're going to do another one in 2 weeks in a part of town we have not hit yet. The agents are actually showing interest and even eager to be involved and get their listing in on the party.
So, "If you host it will they come?". This question has 2 answers. 1)- If you just stick a sign out in the yard and go "lone wolf" with the event don't expect much. 2)- If you plan the event, advertise it, have multiple offerings to show in a condensed area...Yes! They will come!
So, what are you doing next Sunday between 1:00 and 3:30 PM?
