Don’t be the Little Orphan Annie of the Broker Open House World

By
Real Estate Mortgage Broker
http://actvra.in/65v

Don’t be the Little Orphan Annie of the Broker Open House World

 

The broker open house for many listing agents is a great way to get their newly listed property out there to the real estate world. We all know the importance of having other agents see the property to increase the chance to match up the perfect buyer and the perfect home. From my experience over the past couple of years is that the main draw to the broker open house seems to be the lunch. Usually the listing agent will call upon their loan officer to orchestrate the lunch menu and pay for the food. We loan officers, being the suckers that we are for the attention of Realtors, we get the best sandwiches and salads hoping to make a good impression with the local agents.


Now let’s thing about that; I’m hoping that my lunch will impress the agents and perhaps I can build up my referral base.

 

After dropping some nice coin on a few of these events and getting nothing but a large trash bag to bring home I started to re-think my strategy. I was beginning to feel like the exploited little Orphan Annie and the agents were all Mrs. Hannigans. Let’s get this mortgage bozo for our broker open house he brings the best food. So I changed some things up.

 

The Open House is About the Property but I can Share the Spotlight

 

Don’t bring a heavy lunch: Heavy food makes agents tired and less willing to talk

Bring marketing material: Show the agents the wide range of mortgage products you offer 

Set up a seminar: Educating agents about different types of renovation loans can increase their presence in the market place and their bottom line 

Dress appropriately: I don’t need the suspenders and three piece suit if it’s a $150,000 listing 

Ask to help: I love to ask agents “how can I add value to your business” bring something else to the table then just a great lunch 

I have been utilizing some of these tactics for the open houses and it seems to be helping me cultivate some new relationships. Regardless of the lunch bill it’s such a great opportunity to have some many agents in one place. I now consider the lunch an investment in my professional development instead of an attempt to make a great culinary impression.

Posted by

 

John B. Saari


 

Direct Cell: 508-740-7442

Secure Fax: 781-503-1478

The QR Code To My Published Mortgage Application freemortgagebuddy

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Location:
Massachusetts Worcester County Worcester
Groups:
Boston Area Real Estate
MA REALTORS
Prudential Network
RE/MAX Active Rain Bloggers
Tags:
broker open house
realtor
john saari

Comments 23 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tshirt to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
174,297
John Howard
GRI, Mountain Home, Arkansas 870-404-3614
Century 21 LeMac Realty

John, Thanks for your post...I actually had not thought of getting help with a brokers open house...can be a win/win situation for all!

March 02, 2011 02:36 PM
Rainmaker
142,363
Mike Mayer
Mike Mayer, Broker/Owner - i List For Less Realty, LLC

I'm still amazed that the "real" draw for a Broker Open tends to be food and/or a cash drawing. However, my sellers foot the costs.

As a side note - I found the lavender text a bit small to read.

March 02, 2011 02:52 PM
Rainer
83,450
David Artigliere
ARTI Home Inspections, ASHI Certified Home Inspector
Reading, Pottstown, Norristown, Philadelphia

Great post and interesting insight into the world of Open Houses. 

March 02, 2011 03:55 PM
Rainmaker
52,249
Keith Pentz
Keith Pentz
RE/MAX ADVANTAGE 1

John- congrats on being featured!  The post also solidifies that we need to have a handul of trusted Realtor partners.  We only have 24 hours in our days like everyone else!

March 03, 2011 06:36 AM
Anonymous #23
Anonymous
Anonymous

John,

Some helpful pointers on marketing materials for broker opens. Do up a few dozen color flyers featuring the property itself. Take fifteen minutes to work with your Realtor buddy on this. Ask to use their best photo, which is usually the primary listing photo. Then make four columns beneath it. Each column features a loan program and its basic features bullet pointed and the loan payment calculated. Example, determine if its USDA eligible then calculate a PITI using a 102 LTV loan at today's going rate, do the same hypothecating VA loan and then calculate a PITI for an 97.5 LTV FHA loan as well as conventional at 80 LTV. Of course use ur disclaimer (for approved applicants, inquire for more). So there'll be four loan options with payments already closely approximated: Such as 0 down and $1688/mo, 3.5% down and $1544/mo, etc. Make sure the flyer contains ur business card, of course. Place these flyers in the area where the other agents drop their cards. Its a conversation starter and allows you to further elaborate on each option. You can elaborate further when discussion occurs, such as minimum FICO scores required for each, how long they take to get done, etc. It will show your resourcefulness as well as your true eagerness to be an asset to your Realtor team mates. Remember: you're there to help him or her sell that property, not to fetch referrals from sandwich platters! Also, if you want some easy but delightful crockpot soup recipes I'd be happy to share them with you. A Mexican 5 Bean soup, some cornbread, chips and sour cream and paper utensils only cost about $20.00 and really wows them, too.

Good post and best wishes in your continued success!

- Jamie

March 03, 2011 09:38 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the robot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
111,353

John Saari

"The Mortgage Buddy"
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the music-note to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

I decided to start writing this blog to be an education resource to my referral partners and my clients. We live in a new world of mortgage lending in which we need to be up to date on the changing underwriting guidlines and mortgage products offered. It's through these updates that we will all be able to provide our clients with the customer service they derserve and expect. It's my belief that this industry insight is what will take our business to the next level. Education = Confidence