LenderSelect Mortgage Group Host a Successful Open House

Should You Host an Open House? Not every home will benefit from an open house. In a sellers market, you may be able to sell the house before you could even get an open house arranged. Devoting an entire afternoon to one property may not be a good use of your time.

Planning the Open House A successful open house is a well-planned open house! Make sure the date & time doesn’t conflict with holidays, sporting events, or community activities. Ensure that the listing agent calls the owner to confirm the date & time; also identify any specific instructions. Determine where you will place signs and flags, and leave yourself ample time to post them. Contact a lender and ask them to be available to prequalify any buyers who may be interested in making an offer.

Planning the Open House (continued) Prepare marketing material. Mailers Property brochure and/or listing flyers Financing flyers Credit Homebuyer Handbooks Home Comparison Checklists Place the open house sign rider on the lawn sign early in the week, if allowed in your area (check with local sign ordinances).

Invite Attendees In person, door-to-door, over the phone, via flyers, or through social media…get the word out! Invite renters in the area, highlighting cost efficiency and the benefits of home ownership Invite neighbors – these are potential future clients! Invite clients from your database Advertise on Zillow, Craigslist, etc.

Invite Attendees Invite the neighbors “Hi, my name is and I’m with . You may have noticed that my signs have gone up in the neighborhood for an open house at the (name of family) house at (address). As a courtesy to them, they requested that I come by and invite all the neighbors to our open house (day) from (time) to (time). As always, we’ll have refreshments. I’d love to invite you to come over, as I’ve found that neighbors are interested in seeing what homes in their area are selling for or how they are decorated. Do you think you might be able to make it this weekend?” If yes or no: “A lot of times folks like to pick their own new neighbors. Do you know anyone who is interested in moving into this neighborhood at this moment? Or who in your family might want to live close to you?”

Practice and Prepare Walk through the home and familiarize yourself with its features. Anticipate questions and objections and prepare your responses. Familiarize yourself with other homes for sale nearby, and be ready to answer questions about how the home you’re holding open compares.

Work with the Sellers Encourage sellers to vacate the premises during the event, but keep you informed of their whereabouts in case of an offer. Ask sellers to arrange for pets to be away during the open house. Encourage sellers to call in a professional cleaning service the day before the event. Advise sellers to put away jewelry, valuables, or items with sentimental value

Have Sellers Prepare the Home Encourage sellers to prepare the home: Exterior: remove yard clutter, prune, clean windows, clear gutters, remove cobwebs, clean all door handles, ensure house number is visible, etc. Interior: remove excess wall hangings, furniture, knickknacks, clean or paint walls and ceilings, shampoo carpets, organize cabinets and closets, repair plumbing leaks, ensure light bulbs are functioning, eliminate unpleasant odors, take out trash, etc.

Prepare the Home Arrive early to allow yourself ample time to resolve any last-minute problems or glitches and get settled before visitors arrive. Make sure you have your Open House Kit. Open drapes, shades, and/or windows to let in light and fresh air. Turn on soft music. If bad weather is expected, place a doormat and umbrella stand at the entryway.

During the Open House Greet visitors and be sure they all sign the Open House Guest Register. Have water and snacks available; consider a giveaway of some kind. Respond to all questions/concerns.

During the Open House (continued) Discuss lenders with potential buyers and offer to put them in touch with your lender. “Most sellers require a letter from a lender stating that a buyer has been approved before entertaining an offer, so if you get to the point where you are serious abut buying, you will have to make sure you have spoken to a lender. Have you talked to any lenders about the home buying process? I have a great lender who is good at answering questions. I’d be more than happy to give you his/her number or have him/her give you a call if you ever want to ask questions about interest rates, monthly payments, etc.”

During the Open House (continued) Investigate whether potential buyers have a property to sell – if you can find out if they are looking to buy or sell, you can set an appointment to show them homes or do an analysis of their home to sell. “Where do you live now? Do you own that home? Would you have to sell that home before you purchase? Do you have any idea how much your home would sell for in today’s market? Would you like me to give you a quick estimate/second opinion? I can also show you all the homes that have sold and how long it took them to sell, in case you were curious.”

After Your Open House The key to a return on your time investment is immediate follow up. Leave the house exactly as you found it – clean and locked. Capitalize on immediate appointment opportunities. Write handwritten thank you notes, and follow up the next day by phone and/or email. Enter contacts into your database and put contacts on a touch campaign.

After Your Open House Follow Up! “Hello, .This is ________. I just wanted to take a moment to thank you for coming to my open house yesterday. I would like to follow up to see if you have any immediate real estate needs. I would be happy to send you some more information or get you in touch with a lender. Just so I can be sure, how soon were you thinking of buying a property? I have a system that will allow me to send you properties as soon as they come on the market – would you like to be the first person to know when a new home comes on the market in your area?” If yes: Great! Let me ask you a few criteria questions (price, square footage, number of bedrooms/bathrooms, etc.). If you see anything you like, all you have to do is send me a quick email, text, or give me a call, and I will make an appointment to show you the homes. If it is okay with you, I would like to follow-up in a couple of days to see if any of the homes that I emailed fit your criteria.”

After Your Open House Alert everyone when the home sells. “Hello, this is ________ from ________. This is a courtesy call. You had called/visited/inquired about the property at (address). I would like to let you know that it has sold. There are other homes in the area that are available, so I just wanted to know if you or anyone else you know would be interested in getting matched up with the other homes in the area that have come up on the market.”

How can LSMG help you with your Open House?