What Is a Broker’s Open House and Why Should You Host One?
Holding a broker’s open could open the offer floodgates on your listing
Highlights
Broker’s open houses are like a “closed” open house only for real estate agents.
They can help your home gain exposure and sell faster.
You typically prepare for a broker’s open as you would for an open house.
You’ve likely heard of the importance of hosting an open house when you’re selling your home, but what about a broker’s open? This sales tactic is a surefire way to gain interest and exposure from local real estate agents.
Let’s take a look at what you need to know about hosting a broker’s opens and why you should consider asking your agent to host one.
What Is a Broker’s Open House?
If you’re selling your house, your agent may float the idea of holding a broker’s open house. A broker’s open house is an open house hosted only for real estate brokers and agents, sometimes before the home goes on the market. It’s like a “closed” open house because the guest list is limited to real estate professionals who might have interested buyers for the property.
How a Broker’s Open House Works
Interested in hosting a broker’s open, but not sure what to expect? Here’s how it works: Either before or shortly after your home listing hits the market, your real estate agent will send out invites to their email list of real estate contacts in the area. Sometimes, local realtors’ associations will compile a tour of brokers’ opens for a particular day, so your agent may list your home for the tour. During the broker’s open house, the real estate professionals will give feedback to your agent about your home and discuss what they like or dislike about the property. They may also indicate whether or not they have clients who may be interested in viewing your home.
How Is a Broker’s Open Different Than an Open House?
A broker’s open differs from a traditional open house in several ways.
Attendees
The main difference between a broker’s open house and a regular open house is the attendees. Anyone can walk through your home during an open house, but the guest list at a broker’s open is limited to brokers and agents only. Regular open houses are usually casual and flexible, whereas broker’s opens are an invite-only event.
Timing
Agents and sellers usually host open houses on Saturday and Sunday afternoons. That way, people who can’t get off of work during the week have an opportunity to view the house. On the other hand, broker’s open houses are generally held on weekdays during business hours, so agents don’t have to take time away from their clients on weekends.
Why Should I Host a Broker’s Open House?
Not sure whether you need to host a broker’s open? Consider these benefits.
To Create Demand
When holding a broker’s open, the hope is that every agent who comes through your home will have a couple of clients who would be a good fit for the property. If many agents attend, your property could be in hot demand shortly after it goes on the market.
To Gain Exposure
Since a broker’s open is a targeted event, the goal is to invite agents who have qualified buyers who are ready and waiting for an opportunity to buy. Before buying a house, some buyers prequalify for a mortgage; agents will likely bring these clients to see your property first because they have a higher chance of closing the deal.
To Get Feedback
Overall, a broker’s open aims to shorten the sales process. When other agents and brokers tour your home, they are invited to give feedback about the pricing, curb appeal, and other elements of the house that may need tweaking. Constructive feedback can raise your chances of finding a buyer more quickly because you’ll know what to change.
To Speed Up the Sale Process
All of the benefits of a broker’s open add up to one thing: speeding up the sales process. The less time your property spends on the market, the better. Plus, if you can avoid holding a regular open house with strangers invading your space, that’s another bonus.
How to Prepare For a Broker’s Open
As with a regular open house, you want your home to look its best for a broker’s open.
Tidy up: Decluttering and cleaning before a broker’s open is essential because agents need to see the structural elements of your home.
Remove personal items: You should remove personal items as much as possible. Brokers need to envision their buyers in the home, and if there are many family photos or personal trinkets around, it might be hard to do that.
Let there be light: Let in as much natural light as you have available. Good natural light is something many buyers look for, so set your home up for success.