Open houses are an effective way to showcase a client’s property to potential buyers.  REALTORS® should treat an open house like a business with dedication, careful pre-event planning, positive interactions, and thoughtful post-event follow-ups.

Real estate coach Mary-Anne Gillespie joins TRREB’s Ready to Real Estate podcast to discuss the power of open houses with TRREB’s Chief Market Analyst and podcast host, Jason Mercer.

Building Rapport

Every single person that comes through an open house is a potential client. It’s important to break the ice, but not come off too aggressive. Mary-Anne recommends using the acronym F.O.R.D.: family, occupation, recreation, and dreams. It allows REALTORS® to connect with people and drops the barrier between you.

“We are sales reps, so you have to treat it like a business, and it is a sales business,” Mary-Anne explains. REALTORS® need to provide a value proposition to the potential client and offer notes and statistics that will blow them out of the water.  

Following Up

Mary-Anne says REALTORS® must always ask on an open house sheet whether a potential client is a renter or an owner and their timeline for purchasing or selling. Once this is determined, REALTORS® can better understand the next steps of their journey.

If a REALTOR® has a large number of renters attending an open house, scheduling first-time home buyers’ sessions are crucial in the follow-up process.

Differentiating Open Houses

In the episode, Mary-Anne shares four key takeaways on how a REALTOR® can stand out. First, she is big on collaborating with other REALTORS®. She also suggests advertising open houses using a mix of social media promotion, exterior signage, and staging. Taking time to chat with the neighbours to let them know about an open house taking place is also important. This allows neighbours to get familiar with the REALTOR® and their efforts.

Finally, Mary-Anne says, “You have to treat your open houses like a business and a storefront.” One social media post won’t cut it. REALTORS® must invest time and remember that it’s not about selling the house, but getting the contacts into your database to potentially communicate and expand your market share. Tune into the latest Ready to Real Estate podcast episode to learn ways to boost the appeal of an open house.