What is an Agent Open House?

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Before becoming a real estate agent, I did not know anything about Agent Open Houses or their existence.  It was only after I became licensed that I learned their purpose and advantages.

An Agent Open House is an open house held specifically for real estate agents so that they can become familiar with a particular listing.  Sometimes Agent Open Houses are referred to as a Broker Open Houses or Caravan Tours.

Whenever I list a new home, I like to share my knowledge about the property with my circle of buyers and other agents.  During an Agent Open House, I can showcase my new listing to all of the local agents while highlighting the home’s best features.  This also gives them a chance to ask questions about the property.

In our area, four out of five of the real estate offices participate in Agent Open Houses.  In addition to hosting the open houses, we all enjoy attending them to preview the properties.  Every Wednesday morning we host the agent open houses for approximately an hour. They usually take place anywhere from 10am until noon.  The listing agent will send out an invite to the other offices and agents a couple days ahead of time.  In addition to inviting the agents to the open house, the invites also include the home’s MLS (multiple listing services) info and time of the open house.

An Agent Open House allows for many great ways to get creative.

Sometimes the listing agent provides incentives for the other agents to give feedback at the open house.  For example, the listing agent will provide comment/feedback cards at their open house for the other agents to fill out.  Rewards for filling out comment and feedback cards can vary. If they turn one in, they will be entered for a chance to win a gift card.  Perhaps filling one out will make them eligible for a $1000 agent bonus IF they also bring a buyer and sell that particular home.  Or instead of the agent receiving a bonus at closing, the reward could be a closing cost credit for the buyer.

Providing refreshments is another way to be creative that will bring in agents to your Agent Open House.  The purpose is to showcase the home. However, if there are four Agent Open Houses that morning and they only have time to make it to three, you want them to come to yours.  Therefore, I always like to think of incentives and innovative ideas to get the agents to stop by my listing during Wednesday mornings.

Use this Agent Open House Feedback Card to gather professional opinions from real estate agents during the open house.

Agent Open Houses provide the opportunity for other agents passing through to bring their perfect buyer for the home!

Sometimes it is hard to judge a home solely by its pictures and videos.  By hosting an Agent Open House, you have exposed the agents to the market in a way the internet cannot.  One time I hosted an Agent Open House just a few short days after I had it listed on the market.  Another agent from my office took her buyers to go see it later that day.  After a second showing the very next day, they wrote up an offer on the home!  It was smooth sailing from there.  I barely had a chance to market the home.

In conclusion, Agent Open Houses are beneficial because they:

• allow the listing agent to showcase the home to numerous agents in a short amount of time.
• educate the local agents on the property in a way the MLS cannot.
• allow a group of professionals to provide feedback on the home.
• assist agents in finding the right home for their buyer.