Mastering the Art of Open House Prospecting
One of the best ways to find buyers for your quality or high-end listings is from open houses. If you were to sit an open house for a few hours every weekend, and only averaged 1-2 good prospects each time, you could end up with so many buyer contracts that you could earn a six-figure income by just working on the weekends. The key to exploiting open house opportunities is to master how to approach prospects that visit your open houses.
Listed below are some great tips on what to do in your open houses.
- Salutation – have a warm greeting that makes visitors believe you are happy to be at the home. Always smile during the entire conversation, it tricks your brain into thinking you really are happy and this feeling is conveyed to your client.
- Play a game – your win if you get their “real” contact information. The less you talk about real estate and the more you talk about them, the better. Remember to use FORP:
- Plans for the future
- Take control – common courtesy dictates if they ask a question and you answer, you’re entitled to ask them a question in return. Sample questions are as follows:
- Do you folks live in the area, or know anyone that does?
- Have you seen any other homes that you like?
- Are you interested in homes just in this area, (or price range)?
- Use a hook- have something they will want and can’t get without talking to you.
- “If you don’t mind, there are a couple of unique features that I would like to share with you.”
- “Would you consider something a little more expensive (or larger)? I know of a home that you could drive by that isn’t listed yet.”
- “Have you received a report on the dramatic changes in local market conditions? I would be happy to share extensive research that I’ve done.”
- “Are you familiar with the distressed and bank-owned properties that are coming on the market?”
- Remove the selling pressure – show them you want to meet their needs, not just push a home they don’t like.
- “Do you have to buy right away, or could you wait a little longer?”
- Build Rapport – As discussed above, wherever possible ask questions about them, not just real estate.
- “Do you folks live in the area?”
- “What do you like most about our area?”
- “Do you have any preference for particular activities, like golf or boating?”
- Identify any other agent associations – Your visitors may already be in a committed relationship with another agent, or worse, have a license themselves. Be diplomatic by asking:
- “Have you worked with any other agents recently?”
- “Was there anything else you’ve seen with another agent that you liked?”
- “Was there anything you didn’t like about your experience. This question makes your visitors focus on the negative experiences, instead of the positive ones, weakening previous relationships.”
- Always close with a “next step”- If you don’t know what is going to happen with your open house prospects next, nothing will happen.
- “Would you like to schedule a time to see the property that isn’t listed yet?”
- “Would you find the extensive research I’ve just completed helpful for you to make the most informed decision?”
- “If a “real deal” comes up, would you like me to contact you?”