Should You Still Be Doing Open Houses?
Whether they generate reliable business is a debate among many professionals, but it depends on how you use them. APRIL 2015 | BY JARED JAMES If you were to ask 100 agents if they think open houses work to create new business and generate leads, half would probably say yes and half would say no. So do they work or don’t they? I believe that, as with most things, the issue is usually not the tool you are using but the implementation of the tool. For example, if you gave me a wrench to fix the engine in your car, I can tell you with almost 100 percent certainty that by the time I’m finished, your engine will be no more “fixed” than when I started. Why? Because I don’t know how to fix an engine in a car, regardless of the tools that you give me. But I’m not going to go on a tirade about how the wrench doesn’t work. Most of us know that Internet leads have become a huge part of our business, but converting them is another story. Generally, the agent who pursues a lead the longest and actually gets an in-person conversation with them wins, but that can take months — if not years. With an open house, you are getting these same potential leads in person, and you’re able to have a conversation right then and there. What could be better than that? But wait — I know what you’re thinking. Those aren’t the people who come to your open house. You only get “nosy neighbors,” right? Well, that’s a marketing issue. When done effectively, open houses can be incredibly profitable, so let’s talk about four ways to run them in a more successful way. Use targeted Facebook ads. Most of you reading this have heard all about Facebook ads, but few actually understand how to create and target them correctly. This is a shame because they are an absolute game changer. Gone are the days of putting your open house ad in the Sunday paper and getting overloaded with traffic. However, this isn’t an article on how to create Facebook ads, so I advise you to either watch tutorials on YouTube or hire a company like mine to do them for you. You can create either an ad or a boosted post with your Facebook business page that is targeted at buyers in your area and promotes your open house. You should offer something of value to those who register beforehand or to the first 50 people who show up and mention your ad. Offer exclusivity/privacy. Don’t underestimate the power of allowing potential buyers to get in for a private or exclusive showing...Read More