brokers open house---need opinions

Originally, my realtor told me not to worry about a brokers open house....now, 3 months later, I am thinking we were stupid not to do one...I have talked to her about it a few times before, and she blows it off, usually not answering me.

Should we do it now? Is it weird to do it 3 months later? Are they really that beneficial?

Thanks!

Re: brokers open house---need opinions

We did one- I don't think we saw any increased traffic as a result of it even though we got good feedback. But then again, it can't hurt.

Re: brokers open house---need opinions

Re: brokers open house---need opinions

Is your contract up with this realtor soon? I would fire her and get a new one that is willing to market your house as much as possible. I feel like it was irresponsible of her not to do a broker's open house.

Re: brokers open house---need opinions

We are putting an offer on a house. It's been on the market for a while. They just did a brokers open house. That was so weird to do it now.

Re: brokers open house---need opinions

thanks ladies...just talked to her this morning and she is doing one next week!! anything different I should do for it?

Re: brokers open house---need opinions

The point of the open house is two-fold -- (i) to expose local realtors to your home so that they are more inclined to show it, and show it well (you can better show/sell a home that you are familiar with), and (ii) to get feedback from active realtors about the price and condition of the home (knowledge is power!). I think for both reasons, it makes sense to do a broker's open asap after taking the listing, but people will often do them after a price drop or other changes to the listing (new paint job, etc.).

I often attend broker's opens to try to preview as many homes as possible (both for my buyer customers, and for my own knowledge for when I do CMAs for potential listings... it's my job to know my market!). As a listing agent, I do them on my listings whenever possible. I just did one yesterday and had about a dozen agents come through. I think any marketing is good marketing with the potential to bring results.

I will say that during this time of year, many realtors are away. On LI, we typically do broker's opens on Thursdays and Fridays, and many realtors are on vacation, taking long weekends, etc. Also, in some towns, realtors just don't really attend the broker's open houses. But in my "home market" (Bellmore, Merrick, Wantagh, East Meadow, Levittown), they are common and pretty well attended.

Bottom line - there's no real reason NOT to do it, unless the homeowner is opposed (and not sure why they would be).

As a homeowner, you don't have to do anything differently. Just have the home in clean "showing" condition, as you would for any open house or showing. As a realtor, I usually bring in lunch or refreshments to entice the agents to come (some people do raffles or give out scratch-off lotto tickets). And make sure your agent solicits written feedback from the agents who come through; I have them fill out a questionnaire on the pros/cons of the house, the price, how quickly they think it will sell, etc. It's great to have concrete info to review with the seller.

Good luck!