You have to be out of your mind  to do an open house.

by fred glick

The only reason they are done is to attract possible buyer clients for the real estate agent. This is the mechanism that makes the whole path happen.

When an agent gets a buyer client from an open house, it costs them nothing. As a matter of fact, they make money when they sell the house and then move the cavalry to another address based on the fact they sold the last house and are the neighborhood experts.

Let’s start with that unsuspecting buyer. The agents then drip campaign the buyers which cost $59.99 for someone to place scripts in emails and or text notifications that people usually do not need. Then, they get them to use the in house mortgage company that is top dollar-priced, title company (all the fees are basically the same) and all this from a lead that costs them nothing. And, they never thanked or paid a fee to the owner for use of his/her house.

Now, this is what really happens. Buyers are addicted to zillow and everything else real estate. They know where they want to live, they can tell you the walk score, they have already figured out how long it is going to take to drive or bike or train to work. They know that there is a 4.7 star sushi spot nearby. In other words, you do not need a neighborhood expert. 

And, these people are preapproved, can prove funds and are ready to go. They have a buyer-broker that will rebate them a significant amount of the buyer-broker commission that is 2.5% on just about every deal. And, you cannot collude about commission rates between brokerages. Hmmmm. 

And here’s the best one. They are busy on Sunday. Surfing, hiking, at a street festival. They don’t want to waste a weekend day looking at places. They will make an appointment that works for them. That’s the only people you need to sell your home.

But, you better have everything done on your end. Have an inspection for everything, make it clean, fresh, nice, pleasant and desirable. Be transparent and disclose absolutely anything. Because if you don’t, they will find out.

Then make sure the photography is both 2D HD and 3D. Digitally stage if necessary. Have a well written and understood description of the property without the unnecessary fluff. 

And most of all remember, it’s a business transaction.