I will admit it, I am one of those agents that used to think that an open house was an awful way to spend a Saturday or Sunday afternoon. Then I received a listing in the city of Winchester, Virginia on a major route near the historic district. Although this 1910 Victorian had pretty much been stripped of all of its charm, I decided to do an Open the first Sunday of the listing. I decided I wasn't going to spend any money on advertising, or anything else for that matter. I placed the open house information in the area MLS, put up my OPEN HOUSE SUNDAY 1-4PM signs (on a Wednesday) and low and behold...I had 23 visitors! I received an offer that night (although it was a low ball.) Then Monday morning I received an email from the very last visitor to the house...he wanted to make an offer...he was already pre-approved and ready to go...he didn't have an agent...he wanted me to be his agent. I kept pinching myself after the offer was accepted. We closed...WOO HOO! Let's see...no advertising costs...sold in the first 7 days...I will be doing A LOT more REO Open Houses!
Congratulations Craig, I believe the secret to success with REO's is to treat them just like any other listing. The only difference is the client. I market them just like every other listing, including open houses, color flyers, various internet sites, email blasts to active agents, etc. Open Houses are always a great way to promote your listings, it also helps to establish you as the area expert. Great work!
I'm a believer in Open Houses. I've signed contracts using that technique as well as helping new buyer clients out. Some of my AM's actually state that marketing including open houses is a requirement.
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