How to Get a Real Estate Deal a Month From Open Houses

Mention open houses to most agents, and you’ll get an eye roll. Open houses don’t work anymore, the thinking goes, because they were great in the early 2000s before the internet and have been a waste of a weekend ever since. We’d push back on that, because a couple of agents we know are quietly doing very well with open houses, and their approach isn’t complicated.

Open houses fail without the right strategy. Early in his career, before we went into business together, my COO heard a talk about open houses and decided to build his business around them. He held more than 40 open houses and walked away with zero clients. Like most agents, he concluded that open houses simply don’t work and stopped doing them. What he was missing were the strategies that actually turn a visitor into a client, and then he learned the approach we’re about to share.

Four opens can produce one client. One of our friends gets one closed client for every four open houses he holds. He also told me something that changes the math. Most agents assume an open house has to run three or four hours, but an hour and a half is enough. That lets you hold two 90-minute opens on Saturday and two more on Sunday, which adds up to four in a single weekend. If you’re willing to do them, that’s potentially one new client every weekend.

Set an appointment, not a contact. The 7 Habits of Highly Effective People teaches you to begin with the end in mind, and open houses work the same way. The end goal of an open house is an appointment with every visitor who doesn’t already have an agent, not a list of phone numbers. Getting there starts with a non-negotiable rule that everyone who walks in signs in.

Know the answers before buyers ask. Once the conversations start, you need to know the details every buyer asks about. Have the age of the roof, the water heater, and the HVAC system ready, along with the school district. Buyers ask the same questions at nearly every open house, almost as if they’d rehearsed the script together, so it’s like watching a movie when you already know the ending. There’s no reason to be caught without the answers.

Have the next house ready to show. The real advantage comes from knowing a couple of other homes in the area. Only about 5% of visitors will make an offer on the house they’re touring, which means the other 95% will end up offering on something else. When visitors love the house they’re in, be ready to write the offer and get everything done. For everyone else, offer a next step on the spot. “I’m done here at 4:30, and there’s a house at 123 Main Street that also looks like it fits your needs. I could get you in at 4:30.” Most of the time, they’ll mention they saw that home online but couldn’t catch an open house, and just like that, you’ve set an appointment. Do that with everyone who comes through, and you’re set.

Nosy neighbors are tomorrow’s sellers. Beyond buyers, open houses also attract the visitors many agents write off as nosy neighbors. In roughly 80% to 85% of my listing appointments, the seller has told me they’d already toured that house or a nearby one during an open house. Those neighbors are often thinking about selling and want to see what other homes have done, even though they’ll tell you they’re just looking. I learned how little “just looking” means years ago, before I lost a bunch of weight, when I tore the seat of my pants at a wedding. I ran into a mall next to the reception, and when a salesperson asked if they could help, I said I was just looking. I was the opposite of just looking, with a hole in my pants and a reception to get to. Neighbors at an open house work the same way. Ask questions to understand what’s really behind the visit, and you’ll start finding listing appointments alongside your buyers.

A deal a month isn’t hard to reach if you’re willing to hold four open houses a month. The same David who once ran 40 opens for nothing went on to master this, and he’s now a killer at open houses. We recorded a full open house training with him, so send us a message and we’ll send you a copy, and you’ll learn how to turn every four open houses into a deal.

To get the training or talk through your open house plan, Book a Call with us, email ChrisCraddock@ChrisCraddockLeadership.com, or visit chriscraddockleadership.com. We’d love to help you turn your next weekend of open houses into real appointments.