Real Estate Marketing Show

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!