Benefits of Hosting a Broker's Open House

Posted by Tom Crimmins Realty, Ltd. on Sunday, February 22nd, 2015 at 11:40am.

Agent Frank Mondelli hosted a Broker Open House on Willow Pond Road, and showcased the home's great features to fellow agents.

So you just listed your home on the market with a respectable agent from Tom Crimmins Realty, what can you do to attract potential buyers? Hosting an open house should be on top of that list. 

But did you know there is such a thing call Broker's open house? We know, it's like you learn something new every day!

What is a Broker's Open House?

A broker's open house is hosted by the selling agent and showcases the MLS listed home to other brokers and real estate professionals whose clients who might be interested, while answering any questions. This open house is not open to the public.

According to Investopedia, "Many real estate agents believe that a broker's open house is infinitely more valuable than a standard open house, because it helps to spread the word about the home being offered for sale and also because they facilitate the exchange of unbiased - or at least less biased - information. For example, another agent may offer some professional feedback as to how well the home shows relative to other homes in the neighborhood."

The Bigger Picture

The mentality is when another agent/broker attends a broker open, they possibly have a handful of active buyers - meaning there is a high number of buyers are exposed to the listing through their agent. Still with us on this?

From an article from Investopida by Amy Fontinelle about how broker open house can help sell your home, she interviewed Richard Steinhoff, a Senior Commercial Advisor.

Steinhoff says, "A typical broker open house will have 30 to 40 real estate agents touring the home. I have seen as many as 100. Each agent is typically working with eight active buyers. That means the home is being exposed to 240 to 320 buyers through the agents. A regular open house typically will have 10 to 14 people stopping by, many of whom are 'lookie loos' who are not really interested in buying."

If a seller's agent is hosting a Broker's open house, this doesn't mean you shouldn't hold an open house for the public. Call our office if you are interested in listing or hold a broker open house.

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