Category: Open Houses

Episode 028: Open House Buyer Conversion

In this episode, we’re going to talk about Open House Leads. If you are serious about learning how to do open houses, you have to listen to our Episodes 14 & 15, Open House Part 1 and 2.

Open House Leads Are:

  • Let’s focus first on how cheap it is to get an open house lead. For probably even less than a $100 you could have a knockout open house! From my experience, I’d gladly pay $1000 throwing a mega open house with a 100 people through, than buying a few crappy online leads a month.
  • Easiest to convert. If you say the right thing, you’re going to get a good deal or a good lead out of it.
  • Get as many or little as you want. If you want to be super lazy, make your open house 1:00 PM – 4:00 PM, or if you want to get a lot of leads, do it from 10:00 AM – 6:00 PM.
  • Never ending supply. There are open houses everywhere; there’s always going to be open houses on the market and people love to physical see homes!
  • People take them very seriously. Chances are, if they’re willing to stop a car and get out of the car, go talk to them because they’re pretty damn serious! They’re either very serious or totally not! There isn’t really an in between.
  • First impression means everything. People think we, agents, are all the same. So this is your one time to impress the hell out of people (buyers) with a great and unique open house!

Open house Conversion.

There is a certain way, that agents attack people at the door because they get so nervous that somebody is coming in! They become these shark salesmen waiting outside a house. So, attacking at the door is a ‘no no’. I always strategically put my setup, with monitors, laptops, printers etc, very near of where I am going to be and I make myself look a little bit busy (ruffling papers, printing something out, etc.). That way, they know I am not attacking them. I finish up my ‘busy work and then turn around and look at them and say “Hi, I’ll be right with you but, make yourself at home” Quickly finish what you’re doing and apologize and let them know “…I was setting up an appointment for a couple to see a foreclosure I have down the street…” and start the conversation there with what brings them in today.

We also want to have some guilt food/drink, at least a bottle of water, so as to make them feel welcomed. Pay attention to how the act when you offer them something, that will bring light to their personality styles.

Now it’s that awkward position where they’ve been in the house for a couple of minutes but they still haven’t looked around the house as they might have decided already they don’t like it. Don’t simply hand them a flyer. In fact, don’t have a flyer at all as it is very distracting and takes the focus away from the house. Instead, invite them to show them the house they are in “check out the living room, and the kitchen, etc”! That will take away the awkwardness of these first 2 minutes!

Just talk to them and ask them questions that they can answer instead of just pointing at rooms and naming them! By asking the right questions, you will remain and in control and understand their personality styles. You continue to hang back and ask questions then can answer while also providing information, “This house is 1200 sq feet. Is it the size you are looking for?”

Now is time to get serious: “Are you looking to purchase in this neighborhood? How about I give you a list of foreclosures or short sales within the Santa Clarita area and we can go from there? Did you know almost half of the houses available are not open or on the MLS? Are you serious about buying a home in the next week?”

And follow up, make the appointment. I am going to give them a brochure, a pamphlet, a market evaluation, a list of foreclosures and short sales etc: I am going to give them something and they will be with me for another 20-30 minutes, until they set up an appointment.

So Open Houses are like an absolute total 100% goldmine! But you just need to have that conversion script and dialogue down and prepare the open house the right way! And don’t get frustrated, because it’s going to take some time to get used to doing this but, if you do it right and practice, you will see a huge difference, really fast!

Episode 026: Sign Call Conversion

Let’s talk about converting buyer leads.
It’s not that hard; you just have to know what to do, what to say, and when to say it!

Don’t forget to learn more through our Facebook Groups:
• 10 Week Social Media Series
• Club Wealth Real Estate Master Minds
• HomeSmart Next Level Training Series

Getting To Know Each Kind of Lead
• Open House Prospects
• Sign Calls
• Internet Leads

Close the first time every time!

These are the three forms of leads that agents typically work with on a day-to-day basis. I wanted to help agents understand that these are very similar and different and so, they need to be practiced differently.

Theory of Sign Calls
• They are designed to get as many quality leads as possible
• They are a lot cheaper than buying leads. A way to do this is to put phone numbers that are tracked and usable by to an agent (e.g. with Proquest) or you can just put your own cellphone number on there. However you should be able to return a call in 30 seconds!
Force the phone to ring as much as we want. We can put out as much or as less information on the sign as we want (and obviously we would recommend little if you are going for buyers).
It’s very serious because they have seen this neighborhood already.
• This could be your only shot with this person.

Practicing a sign call; ”One of the benefits of working Team Bjorkman, is that we preview homes all day, everyday and specialize in short sales and foreclosures which aren’t yet on the market. Not to mention that our time is flexible, so we can make sure to accommodate you the best… Well this particular house is still available and if it seems to be a little bit expensive for you I could definitely offer a list of short sales and foreclosures that would be a better deal. If I could show you a home that’s not on the market yet would you see that with me?”

We want both decision makers to be present in the process as we don’t want to be wasting time if, say, one of the two spouses is not quite ready to take the step. We simply don’t want to be repeating things twice.

So there are a couple of things we need to worry about with Sign Calls, just to summarize:

1) I have foreclosures and short sales not yet on the market. Every time you say that, you’re going to get a ‘yes’. Unless they do not understand that there is a difference.
2) Better deals. And I am not only talking price wise; it might mean, “this one has a pool, this one has a view, a two car garage…” SO when I say a better deal, it may be better for them. So offering a better deal is having an open mind on what matches they are looking for, it could be better parking, or a bigger pool for example.
3) Setting the appointment, closing the first time. Remember this could be your only shot!
4) Prequalification letter. You might have not asked for a prequalification yet, so as to prioritize bonding time with them to make sure we are the first agents they meet. So just assume they have their prequalification letter and ask them to send it over to you, as ‘sometimes some of these sellers won’t let us in without that or the other agents’ and encourage them to spend 15-20 minutes with their lender to make sure they’re the most comfortable and beneficial payment wise.

Episode 016: 5 Tips to Your Best Real Estate Year Ever

 

On this episode of the Real Estate Marketing Show we reveal the top five things every agent needs to be doing in order to have the 2016 of their dreams. From training and practice, to marketing, to prospecting.

These are the top 5 things every agent needs to do to have their best real estate year ever.

  1. Training
  2. Practice
  3. Marketing
  4. Prospecting
  5. Previewing Homes

You get all this, plus Mike’s top motivational tips to take you into 2016, on this episode of the Real Estate Marketing Show.

1. Training to Have Your Best Real Estate Year Ever

Work with a trainer.

And there are tons of them.  Here are just a few.

Don’t have the coin for that?

Try these free options

2. Practice to Have Your Best Real Estate Year Ever

  • Practice effective time management. Try Steve Chandler’s Time Warrior.
  • Practice being positive. Go to Amazon.com and type in affirmations, self help, self improvement, or sales skills. Make a practice of reading for 30-minutes every morning.
  • Create a morning practice for yourself. We both like The Miracle Morning by Hal Elrod.
  • You can join a network group. Either real estate or non-real estate related
  • Find a mentor. Even if it’s just someone who is really good at life.
  • Join a masterminds. What are other agents, in other markets, doing that you can steal and incorporate
  • Attend a real estate retreat like the Mike Ferry retreat. Or a non-real estate retreat like those given by Tony Robbins.
  • Practice good health. Holistic and natural health are important. If your health isn’t top notch, you won’t be top notch.

3. Marketing to Have Your Best Real Estate Year Ever

  • “We are marketing specialist with a real estate license.” – Shane Pendley
  • Take this time to re-look at your internet presence.  Are your blogs, landing pages, and websites all aligned and congruent?  Do they look the same, feel the same, and reflect the same attitude?
  • Review your marketing and giveaways for consistency of look and message
  • Be a subject matter expert.
  • Review your email campaigns

4. Prospecting to Have Your Best Real Estate Year Ever

You need to be prospecting. But you should choose something you’re good at and that you like.

Don’t like door knocking or cold calling? Then don’t do them.

Do what you like. Maybe that’s social media or sitting on a board of directors for a local non-profit.  The point is, you need to be “doing” something to prospect for new leads.

Farming

Whether you want to tackle your sphere of influence, expired listings, for sale by owners, or any other niche markets,
we recommend that you pick three.

Why three?  What happens if you perfected REO and then REO dried up?  You’d be out of luck.

So pick three.  Master them one at a time.  But spread that base.

5. Previewing Homes to Have Your Best Real Estate Year Ever

It may sound weird, but know your inventory, your market, your neighborhoods or tracts, or your new construction floor plans can make all the difference.

Here’s a video that Mike and his team shot on new construction.  Maybe it gives you some ideas.  Maybe you can record a video of your own on the subject.

 

Episode 015: Open Houses – Part 2

 

When you do the things we are told you in Part 1, couples are going to flood through the door. Now what?

When People Attend Your Open Houses

Don’t bum rush them please. If you’re not comfortable and confident doing speaking to the public, go back and listen to our episodes on personality styles and neuro-linguistic programming.

Be strategic about where you place stuff. Have your brochures by the door. Food closest to the hallway leading to the bedrooms.

Never talk about the home. Let the prospect get comfortable in the home first. There will be plenty of time to talk business later. In this episode Mike shares many scripts and dialogues and tells you exactly what to say, and not say, to prospects.

Follow Up On Your Open Houses

As soon as the prospect leaves, you go to your database and enter in every single thing they said. Be as specific as possible. Write down family details, personal details, when they need to move. You’re trying to capture their language and tone so that you can mirror and match that in your communications.

Be relentless. It takes seven contacts before someone recognizes your name. But it takes twenty contacts before they’re comfortable making a buying or selling decision with you.

Pro Tips for Open Houses

  • Don’t do open houses alone. Invite your lender, title rep, termite person, or home warranty person. Let them be your greeter, keep an eye on kids, or run the BBQ. This gives you time to mix and mingle.
  • Bring a “hot spot” for internet access. That way you have a faultless connection for looking up information for clients. Don’t rely on your phone. Have a back up plan.
  • When you don’t have any inventory, or you’re new to real estate, hold an open house for another agent.

Also Mentioned In This Episode:

 

Episode 014: Open Houses – Part 1

 

In this episode of the Real Estate Marketing Show we talk about open houses. And not just any open house, but “mega open houses.”

The average open house attracts 15 to 20 couples. A good open house attracts 30 to 50 couples. But a mega open house attracts 50 – 100 couples.

The first rule of holding an open house is to know why we are holding an open house. Here’s your why. You hold open houses to find more sellers.

Yes, we wouldn’t mind selling the home we are holding open. But the open house is the bait to attract other sellers. And if you’re willing to do an open house, there is profit in there for you.

So, how do we tailor our open house marketing and preparation towards finding more sellers?

Active vs Passive Marketing

Open houses can act as both active and passive marketing. It’s passive in that you do, to some extent, get to sit there while people come to you. But your preparation before hand needs to be active.

So let’s talk about the active marketing aspect. Let’s assume you’re doing a Sunday open house. And you want a mega open house.

Your open house for Sunday starts the Monday before. 90% of your open house’s success is what you do during the week leading up to the open house.

Prep the Neighbors

You want to create neighborhood buzz. Get the neighborhood excited that you’re going to have an event there.

Go knock doors, give out flyers, or mail postcards. You never know, maybe that neighbor knows someone who wants to move into the neighborhood.

Open houses postcard used by Mike Bjorkman

Enlist Your Sellers

Get your sellers to tell everyone they know. Have them email the virtual tour link to everyone in their database. Make sure they tell their coworkers. Enlist them as your marketing partner.

Time

An average agent holds an open house from 1 to 4. But you need to be willing to do what the average agent can’t or won’t. Why not make a full workday of your open house?

Hold your open house from 9 to 6. Weather and time of year depending of course.

Invite the neighbors to a “brunch preview” from 9 to noon. Have a special drawing just for neighbors.

Events to Feature Open Houses

Don’t just sit at the dining room table during your open house. You’re throwing your own party. And the guests invite themselves.  If you want to take your open house to the next level, try these tips:

  • Partner with a local lender and throw a BBQ
  • A petting zoo is great for attracting kids, which in turn attracts their parents
  • Hold a drawing for gift card
  • Have a coloring contest for kids
  • Create a charity giveaway

Use Technology

Bring a printer so that you can do market evaluations on the spot. No going back to your office. No potential seller waiting for your email. Bang, it’s on the spot. Put it in your folder, which also happens to be your pre-listing package with all your testimonials, recent sales, and your market plan.

Don’t forget your iPad. Put it on a stand and have visitors sign themselves in. People love to fiddle with new technology. And they are way more willing to give you more information and answer questions. Especially if that information is how they enter into your drawing.

Take a third screen and always have your introductory video playing on a loop. Keep this screen somewhere else in the property where you can have the volume up, but it will not interrupt your conversations.

Get In My Belly

If you’re throwing a BBQ, then you may have the food think covered. But if you’re not, then try and make your food a little unusual, but popular. Mike calls it “guilt food.”

Think about foods that have a higher than normal perceived value. When Mike was starting out he offered Snapple; a then just emerging beverage.

The perceived value for this new product was high. So when the customer took the Snapple, they felt like they owed Mike some of their time in return.

Also, when you eat with someone you are bonding. A good salesman never eats alone.

Where to Advertise Your Open Houses

Our internal research shows that 50% of your market comes from signs. And 50% comes from the internet. Do whatever you can to boost those numbers. You can try:

  • Internet syndication
  • MLS
  • Facebook ads (get super geographical with the power editor)
  • Local paper
  • Put out 100 signs to do a mega open house. Anything within ½-mile of your property is fair game. Cover all the possible entrances to your community.
  • Try balloons or customized tall flags. Anything to bring attention.

Also Mentioned In This Episode: