There are two common types of open houses. The first is what you may think of where home owners come to visit a house that’s for sale. Then there are broker’s open houses, a.k.a. broker’s opens.
Let’s take a look at the difference between a broker’s open and a normal open house, then we’ll dive into the purpose and how you can make the most of broker’s opens.
The difference with broker’s opens
Broker’s opens are just like open houses for home owners, but they’re targeted toward real estate agents instead. Professionals in the real estate industry are invited to come see a house. Once there, they can network with other agents, mortgage lenders, and also learn more about the property so it’s top of mind when they’re looking for houses for a client.
Houses at a broker’s open may have just gone onto the market, or they may have been on the market for a while. They could be any size house or even a commercial property.
The purpose of broker’s opens
The purpose of the broker’s open is to educate real estate agents and make connections in the industry. Yes, it’s often to sell that particular property, but it’s also to build long term relationships for properties in the future.
A broker can invite lenders, contractors, insurance agents, and others to come see the home and network. There are often door prizes like gift cards, gift baskets, and more. The broker wants to give an incentive for people to come to that open house and others they put on in the future.
Making the most of broker’s opens
Even if you’re not in the market for a property and don’t have a client currently looking for that type of property, it can still be a good idea to attend broker’s opens. They are great for those with a long term growth mindset.
Broker’s opens can be good for the following:
- Lead generation
- Finding referral partners
- Getting to know your competition
If you have an abundance mindset, getting to know your competition means you can refer to them when they would be a better fit than you. And if you do that consistently with the right people, you’ll end up getting referrals from them as well.
Broker’s open houses create win-win situations for a lot of people, not the least of which is the property owner. If you haven’t considered putting one on before, it can be great for your business.