Agent Open Houses – House Flip Strategy or Waste of Time?
The most important resource to successfully flipping houses is time. That being said, using time wisely is key. This is true for any business, and is of utmost importance in the business of house flipping. So what does this have to do with Agent Open Houses and whether or not they work? More on that in a moment. First, let’s find out what exactly what house flip tips we are discussing.
Agent Open Houses (sometimes called “brokers opens” or “realtor caravans”) are when the listing agent for a particular house invites other agents to come and “preview” the house. These are typically held during the work week. This is a great way for agents to see what is currently available on the market to sell. But is holding an Agent Open House actually worthwhile? Let’s take a closer look.
For a buyers agent who has buyers looking in a specific area, attending an Agent Open House can be beneficial. Not only does the buyers agent see exactly what is being offered for sale in the target area, but they also see the types of finishes and current pricing offered. Once these facts are communicated to their buyers, the buyers can make more informed decisions.
Another benefit of the Agent Open House is the ability for buyers agents to network with the selling agent and the other agents attending. Networking, although an overly used and abused term, can be one of the most rewarding home selling tips if the agents attending the open house are smart about who they meet. The more agents you network with, the more deals you are likely to encounter. This also, however, is a double edged sword that brings us to the down sides of holding and Agent Open House.
Networking is a downside of Agent Open Houses – wait, didn’t we just say that it is a benefit? Yes, its actually both. Many agents have been known to attend open houses just to have something to do in the middle of the week. Or, some will attend just to get a free gift or prize (or lunch!). A few agents interviewed for this article actually tout the idea that none of the agents attending open houses actually ever do deals! Now, this is not a complete truth because I personally know several agents who do deals AND attend Agent Open Houses. Agent Open Houses can and do turn up their share of tire-kickers.
Has anyone actually sold a house flip through an Agent Open House? The answer is yes although it is rare. The reason it is rare is that once a listing is published, then buyers agents will usually know about it before the open house is held. Savvy buyers agents know that if they have a house that comes available, and it perfectly matches the criteria that their buyer is looking for, then they will jump on it immediately. A buyers agent won’t wait until the open house is held to then decide if they should then show the perfect house to their buyer.
In summary, Agent Open Houses can be beneficial and can assist in discovering how to flip a house fast. Don’t confuse this with “Agent Open Houses will sell your home” because that is not usually the case – directly anyway. They can, however, help you grow your house flipping network and can grow attention to your current listings. This really can be a benefit a house flipper and is why holding an Agent Open House will ultimately help you flip more houses.
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