Take Advantage of a Open House - Its A Relationship Building Opportunity

By
Real Estate Agent with Better Homes Realty - BH Referral Associates

Scenerio:  You have a listing that's been on the market less than the average market time..this property is a townhome and is a couple of years old, yup there is new construction going on right within the community not only townhomes but single family homes with pricing as competitive to the current listing.  Dang, no bites and sitting at the house with the sellers is extremely uncomfortable.  Very little conversation, the sellers are disappointed and the agent feels horrible for disappointing the seller. 

The agent has done extensive Internet marketing and priced the property properly, the sellers already reduced their price once and it just hit the 30 day mark.  What do you do?

Take Advantage of a Open House - Its a Relationship Building Opportunity

It would be safe to say, if the sellers let you in the house and at least greeted you without cursing you out there is a window of opportunity to make things right in the sellers mind.  See at that moment they are questioning themselves did they hire the right agent?  I should have listened to so and so?  I really didn't like that agent anyways this house better sell fast or I am going to fire them.  Yes, all kinds of things are riding on this move and sellers start questioning themselves and sometimes beat themselves up.  There is tremendous stress and pressure when selling a home regardless of who a person hires..there is a reason why someone is moving..thats pressure enough.  Its your job to have the conversation....

The Conversation To What Needs To Be Done In Order To Sell A Home Within the Sellers Timeframe!

Think about these things before you speak

Do you know how many estate sales, reo sales and bank owned property sales have occurred during the average market time?  Expired listings, active and solds of regularly marketed properties?  Do you know the condition of currently listed competition, pricing and specs on the property?  How about the new construction and the perks the builder may offer.  All this information is useful and gives the seller a better understanding of what is going on in their market place and what is preventing them from selling their property as fast as they would like.

  • Could it be pricing?
  • Views and layouts?
  • Curb Appeal?
  • Too much inventory?
  • Competition

To a home seller talking like this may almost sound like excuses but the fact of the matter for some homes there is not much you can do and others a small change might get the home sold.  But if it were me and I was sitting at an open house and the seller was disappointed and so was I, its time to get the secret weapon out... I couldn't picture myself sitting uncomfortably watching t.v. or reading the paper and the real estate seller sitting nearby.

Start The Real Estate Conversation

Start the real estate conversation and get the trusty computer up and running and get into the mls,  present the facts, share the showing log and inquiries, let them see your marketing, share the agent feedback, discuss and brainstorm with the seller to come up with an updated strategy.  Chances are if you are doing what you are supposed to be doing and current on community information a seller is probably going to say one of two things...reduce the price...or lets see what happens within a specific time frame.  The key to it all is to make the seller aware of current market conditions.  It is what it is... now what are we gonna do about it to get the home sold? 

Get The Seller Involved and Do Something Different!

I have found people who actively participate in the selling of their home and those that are well informed often times get better results.  It does not mean home sellers do the agents job but tasks that will give them a fair shot at selling a regular listing, market value, typical listing.  Improving curb appeal or call in a home stager or agreeing to a price reduction. You get it...things within their reach.  Not sure what you call a listing that is not an reo, bank owned property or short sale these days but I know one thing..the regular listings are "special"

Pssst...Mr. and Mrs. Seller Can We Talk? posted 4/11/2007

Inspired by a text message

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  1. Frank D'Angelo 11/21/2010 08:00 PM
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Topic:
Real Estate Best Practices
Groups:
Club Chaos
POSITIVE ATTITUDE for the Weary Soul
REALTOR LIFE
Realtors®
The Art Of Marketing You
Tags:
open house
opportunity
relationship building
motivation
midori miller
daytona real estate trainer
coastal results

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Rainmaker
457,178
René Fabre
New Media Marketing
First American Title

Midori... I think you are so right on! And the way you present this is so absolutely glaringly true. START THE CONVERSATION! Get the seller involved, do work the research, talk talk talk... Instigate and implement. A very timely message... thanks.

September 18, 2010 07:42 PM
Rainer
20,306
Amy Reed
Allison James Estates and Homes

Great words of wisdom.  The conversation is often difficult if you are an agent who cares, and most of us do.  And around this time of year, in my market, the research doesn't always give you good news.  I market myself as being a straight shooter and a situation like you've described requires the most honest of conversations.

September 18, 2010 08:08 PM
Rainmaker
72,634
Stefan West
Temecula-Murrieta-Menifee CA Real Estate
West Realty

Those are some really good points and I think that the seller should be involved and made aware of market conditions and buyer's feedback while participating in the selling process.

September 18, 2010 08:18 PM
Rainmaker
457,467
Midori Miller
Homes In Fort Lauderdale, Real Estate Training - R
Better Homes Realty - BH Referral Associates

Hi Rene - thanx...good to see you.

Amy-Yes most agents care and these conversation are not easy..ever!  but you take a deep breath..smile...and say what you have to say..its done...

Stefan-agreed..buyers feedback and agent feedback is important..keep in mind...if its overpriced...more than likely as a listing agent you and the seller both knew that already.

September 18, 2010 08:40 PM
Rainmaker
351,438
Damon Gettier
Broker/Owner ABRM, GRI, CDPE
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert

After reading your blog I assume you are talking about taking advantage of a seller allowing you into their house when it hasn't sold and you are not proposing the actual act of  holding an open house.

September 18, 2010 09:20 PM
Rainmaker
457,467
Midori Miller
Homes In Fort Lauderdale, Real Estate Training - R
Better Homes Realty - BH Referral Associates

"Dang, no bites and sitting at the house with the sellers is extremely uncomfortable.  Very little conversation, the sellers are disappointed and the agent feels horrible for disappointing the seller."   I think it pretty much sums it up that its a dead open house..and if you are sitting there with the seller..take advantage of the time.  Its better to address it instead of letting them stew and then blow up.  Sometimes by working together much more will be accomplished..such as a closing. :)

September 18, 2010 09:32 PM
Rainmaker
1,668,487
Lou Ludwig
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO
Ludwig & Associates

Midori

Thanks for sharing your insight regarding open doors, great post.

Good luck and success.

Lou Ludwig

September 18, 2010 09:52 PM
Rainmaker
1,341,674
Sally K. & David L. Hanson
WI Realtors - Luxury - Short Sale - CDPE, REDS
Keller Williams 414-525-0563

 You are right...surprise...there are some sellers who want very much to be a part of the process and others who want to sit back and watch it happen and just hope it is quickly...from for sale to sold.

September 19, 2010 06:02 AM
Rainmaker
908,180
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

There is nothing better than a well informed seller. It is the uniformed that will start pointing fingers when the home is not selling.

September 19, 2010 07:33 AM
Rainer
81,722
Daniel Francis
MORE listings with LESS competition. Ask me How!
StepStone Realty, LLC

Great tips, Midori!  I never thought of getting the seller involved in the Open House that way.  What a great way to educate them and let them get a feel for the market!

September 20, 2010 04:45 PM
Rainer
173,495
Jark Krysinski
TeamYVR Team Leader, BA,ABR,IRES,IMSD,LLB
REMAX CREST REALTY WESTSIDE

Midori, thanks for that post.  I agree that a time when we think we are "wasting our time" or "not working as effective as we want" can seem like lost time, but as you say in your post it's important to convert that into a time of opportunity and not give up.  There is a crack in every context and building on what you already have is a great concept.  Cheers and thanks again for the post.  Jark.

September 20, 2010 11:46 PM
Anonymous
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Rainmaker
457,467

Midori Miller

Homes In Fort Lauderdale, Real Estate Training - R
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