Open House vs. Broker Tour

What’s better, an Open House or Broker Tour for your listed home?

In my opinion, the Broker Tour wins hands-down, and here’s why:

One of the first things we do when we list a property is schedule a broker tour.  There is much debate about the effectiveness of open houses for individual buyers (often accompanied by their agents).  Many agents love to host open houses, and smart ones use them as tools to get more listings and meet other buyers who do not yet have an agent.  Open houses, however, come with risks and are only somewhat effective in getting the property “out there” for the public to view.

I recently searched this question on the “Agent-to-Agent” section of Trulia, and there were many responses with which I had to agree.   Here are a few:

I think that a broker open house is better to be first, that way all agents can give you their candid opinion about the condition, the price and the way it shows. You can address all those items they point out then have an open house to the public.

… at a public open, you’re more likely to have casual lookers, curious neighbors and passersby than you are true buyers.

Broker’s Open first, because that way each broker can go back to his/her clients and tell them “I just previewed something that’s brand-new on the market and perfect for you.”

I also like the idea that the agents who come to the broker tour are often visiting with a specific buyer in mind, to preview the property for showing.  Their buyer is already pre-qualified and the agent is familiar with what they want.

And, it also gives me a chance to “preview” the property to my peers, who often have great suggestions for staging and/or marketing each one.

Both methods are necessary tools in marketing a property, I just prefer to show my listings to the agent/broker community in a “sneak preview,” which has often resulted in an immediate offer.

Anne Beck, Broker

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