A real estate agent explains why open houses work better than most people think. The key: location, pricing, and aggressive follow-up like door knocking. Process matters more than luck.
I promise you, this is so far from anything that you've ever been to. And now question, what is the average amount of nurtures or appointments or closing? Whatever you track, you can expect to get back from open houses. Oh, I love that. The lead ratio from open houses, Sandy, is really, really strong. I don't know if I want to throw out a specific number because I don't have it right here at my fingertips in terms of the exact amount because it's so different from market to market, in area to area. But if you're doing open houses with great signage and you're doing open houses that are in really good locations at price points, that's who. I didn't mention that. At price points that attract a large number of buyers. Again, depending on your market and your averages and things like that, with the right location and right price point, I've seen open houses in North Carolina where we, we can get anywhere from 8 to 10 to 12 to 15 people through on a beautiful Saturday or Sunday afternoon. That's why I'm so excited and energized by the opportunity. And these leads are obviously a higher quality lead than just a pure Internet lead. So from a conversion standpoint, it's not like it's 2 or 3 or 5%. Your conversion ratio on this type of lead can be double to triple that. I know from my background in new construction, which was purely just an open house, right, where people are walking in, was anywhere from 10, around 10%, I would say from a conversion standpoint, one of 10, 10 to even 15, with some of the better agents. And when I say better agents, I can't again stress enough the importance of sales process. Sales process in open houses and not winging it and having the structure to go through your process. And when you do that, that's how you get the maximum results. And I just saw that all the time in the new construction world. Process, process, process. Look at this. Thomas Elrod said we had 150 people through on Saturday at one open house, 66 signs with 10 solid leads. So there you go. It's just proof in the pudding. Thanks, Thomas, for chiming in there. So 150 people through a Saturday open house here in Charlotte, North Carolina, with 66 signs and 10 solid leads. So just there's an example, right, of Thomas taking it very seriously. Going real deep, not wide, gets, you know, out there with, I'm Sorry, I said 66 signs. He said 66 sign ins. So people that registered and gave their email address, gave their cell number and that's because Thomas has created a culture, right, of intentionality, execution within open houses. And that's the payoff. I think the tendency for most people is not to go deep and to get out that much signage or to get out that much marketing around it. So that's where, again, I'm really preaching hard, is around process and system and going deep with that. So thank you, Thomas Elrod, for sharing that. Thomas also follows up and says list it on Tuesday, promote it. Door knocked on Friday. No one was allowed until 12 o' clock on Saturday. So you can take the cookie away too. It's like, hey, you can't get in the house until a certain time, right? That creates an atmosphere of expectation and high desire from people. And the door knocking is huge too. I didn't mention that, but we've had agents that show up either the night before, like a Friday, like Thomas just mentioned, or a couple hours before the open house. If it's a 1 o', clock, they're rolling in around 11 o' clock and they're door knocking for an hour. And that works out so perfect, right? Because you're there anyway, you're doing the open house. And so if you're door knocking and doing an open house, I mean, you're just combining high dollar producing activities, you know, all together, you know, on a beautiful day where there's an extreme amount of interest in most of our markets around inventory because so many of us are short right on inventory out there today.
