I like to hear your opinion about holding an Open House.
We have some listing agents in our office, who keep asking other agents to keep Open House on their listings. Especially with a slower market and their listings are not selling.
Should a listing agent pay another agent to keep an Open House for him or her and how much should they pay per hour?
What is your experience and thoughts?
Ronny Geenen - Southland Properties
211 N Glendora Ave, Glendora, CA 91741
Http://CaFoothillsRealEstate.com
Mailto:Ronny@RonnyGeenen.com
Cell: 626-278-2205
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My opinion is that holding open houses in primarily a buyer prospecting activity. Although the Seller may benefit, and obviously the listing agent, if by chance you get a "hit" on the house; I don't see that an hourly rate makes sense. My suggestion is to work with the listing agent to ensure a "successful" open house that leads to a real estate commission check; isn't that what your really after? That is, "real" prospects. Good luck.
Bob Holbrook, GRI
No! You sit at an open house and YOU get the opportunity to sell it and make a commission. You also get to KEEP all the potential buyers that come in the door. This is your payment. If you're just getting started, you should grab every opportunity to "Sit" at an open house.
Does the agent sitting the Open expect to get business from it? If they
are paid who gets any leads?
There is no pat answer: when I started in 1996 experienced agents used to
pay me to do Opens and after awhile I did not think it worth my time to
waste any more Sunday afternoons so I stopped. Now, as an experienced
agent, I rarely have open houses but when I do I have no trouble getting
newer agents to do them for free.
Andrew
Andrew Wetzel, MBA
ABR/ CSP/ e-PRO/ GRI/ REALTOR/ MEDIATOR
Century 21 Alliance
1100 West Chester Pike
Havertown, PA 19083
Buyer & Seller Agent Licensed in PA. (RS 213448L)
Office: 610.853.2700 x604/ DIRECT: 610.853.5604/ Cell: 610.457.0831
andrew@AndrewWetzel.com
Visit www.AndrewWetzel.com today to view properties!
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3:03 PM
Speaking only for myself - and my husband, since we're working as a team - we're happy to do any open house anyone asks us to do, unless it conflicts with something else we're doing. Most people who stop by an open house don't end up buying that house, but they'll often end up buying another, and even if they're just curious neighbors, they might buy something at some point or know someone else who's looking... in short, it's a prospecting activity, and well worth our time. Just my opinion, of course, but it would never occur to me to ask for payment, or to offer another agent payment were I to ask him/her to sit an open house for me; it's part of the job, and for new agents, who may not have any listings of their own yet, a great way to pick up some buyer leads.
Bente Gallagher
Neighborhood Realty
(615) 336-9110
www.happy2sellNashville.com
Ronny asked: Should a listing agent pay another agent to keep an Open House for him or her and how much should they pay per hour?
What is your experience and thoughts?"
I have had to pay other agents to do open houses. Especially for a listing that has gotten a bit stale after some time on the market. Most jump at the chance to hold new ones open so I don't typically pay for those, but not so much the ones that have been on a month or more. I pay $75.00 or $100.00. I do this as I have some clients who feel an open house will sell their house, no matter how much I try to explain the stats of open houses and further how few people we get when we do hold it open. And as much as I try I can't be everywhere at once. Its getting tougher though to get people to hold my listings open as most of the people in my office have their own to do. I believe in open houses for capturing buyers, as that is how I got my start in real estate. Open houses every weekend, sometimes both days and within a month of being licensed I was closing deals for those I met at an open house. Only ONCE did someone walk in and buy the house I was sitting at. Once in 5 years. I know it happens, but is once in 5 years enough for me to keep sitting them? I have enough business now, but I know anytime I want to drum up more I can hold an open house.
Catherine Myers, REALTOR
GRI, CRS, e-PRO, ABR, SRES, QSC
Alain Pinel Realtors
Walnut Creek, California 94596
Website: http://www.DiabloValley.net
Direct: 925-627-3027
The way we have always done Open Houses is the listing realtor puts the ad in the paper and pays for it. The other agent holds the Open House and any clients who come in the door (those without an agent,of course!) are hers to work with. If he/she writes a contract on the house the selling side would be theirs. If another agent brings their clients to the open house and writes a contract, the Open House agent gets 25% of the listing side or an amount agreed upon in advance with the listing agent.
Dina Collins
Broker, ABR, CRS, e-PRO, GRI
HALO Realty
Hendersonville, TN
615-516-8676 cell
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