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Redefining Open Houses
For years agents have turned to open houses as a way of generating new buyers in a slump market. There's a good reason for the open house concept: it gets people through the door and gives agents a chance to develop prospects, even if the featured home isn't the "right home" for the prospect. But low attendance is keeping the open house from being the fertile ground again.
That's where you come in. Imagine a strategy that makes it easier for the agent to produce results from open houses. You'd have agents ringing your phone off the hook.
The strategy is so simple, it may seem obvious: offer to co-host an open house for the agent. Like most of us, the agent is interested in his or her business and first wants to know "What's In It For Me" (WIIFM). If you can show the agent how co-hosting an open house changes the dynamic, you've got a partnership in the works.
Establishing the WIIFM
Imagine telling an agent that you have a strategy to build his or her clientele, and it will save money, provide qualified leads, and result in lead conversion. How many agents would walk away from that presentation?
The concept of co-hosting open houses is actually a win-win situation. Both you and the agent receive a direct benefit to your business.
The Agent "Win"
There are so many reasons that co-hosting an open house benefits the agent, it's difficult to imagine that he or she would turn the idea down.
- Saves Money: In these times of market down turn, we are all looking for a way to tighten our belts. When you offer to co-host the event, you immediately cut the expenses in half.
- Increased Traffic: With this strategy, you can almost guarantee an increase in open house traffic. How? Because the day of the open house, you hand-deliver invitations to the neighbors. You'll have a steady stream of nosey and not so nosey neighbors coming to view the property, for the drinks and snacks if nothing else.
- Lead Conversion: What happens in a traditional open house if the agent finds a prospect that's shopping for a home? They have to take the prospect's name and contact information and follow up later, hoping the prospect is still interested or hasn't found another agent. But with you there, the agent can jump in their car with the new buyer and show properties. It's the most important reason agents should never host an open house alone.
- Pre-qualified Lead: When you co-host the open house, you can pre-qualify buyers on the spot. The agent can show the buyers homes they can afford immediately. No guessing, no estimates, and no wasted time.
You "Win Big" Too
It's not just the agent that benefits from this arrangement. When you co-host an open house, you walk away a winner too.
- Develop Relationships: With each open house, you are spending a lot of time with the agent planning and promoting the house. You'll have several opportunities to build trust and lay the foundation for a great relationship.
- More Leads: Your open house attendees will register in your guest book. You can instantly generate a lead list from it and fire up an instant email campaign to stay in touch and convert those leads into prospects.
- More Referrals: When the co-sponsored home sells, you will help the agent hold a "going away" party for the sellers. Why? Because this is one more opportunity to meet the neighbors again, especially those that are getting emails from your instant email campaign.
- Increased Exposure: You'll never build your business if you sit in your office waiting for the phone to ring. You have to become an active part of the community. With this plan you are building relationships within the community, not from your office.
Helping agents build their business is one way to guarantee a future relationship. With a little nurturing, you can produce a partnership that reaps benefits for both of you for years to come.
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