Today I drove around to some open houses to meet some local Realtors and to see how their business was going, what they're doing to cope with the changes and in general get a feel for their attitudes. Although there was some "Doom and Gloom" speak they we're slightly optimistic and had a 'Hang in there!' attitude.
I stepped back as potential buyers came through the properties and what really struck me was the following:
1. Realtors really made no effort to get to know the future clients.
They didn't actively ask for their names, ask them to sign the registry, or even ask them what they were looking for! I asked not even ask them to fill out the registry, capture their email addresses or anything! I was told: "I used to do that, but they usually dont want to, or they already have someone working with them." I said: "If they are already working with someone, why wasn't their agent with them??".
2. They didnt pick up on verbal cues from the future clients.
One young couple with a 14 month old child asked "Is the seller willing to help with closing costs?". Agent replied "Yes, probably around $10,000". That was the END of the conversation! Why not ask about financing? Are they approved? How far along the process were they? Etc. Client left probably never to be heard from again.
Next was a Father/Son pair. The son commented to the Father "This property is over 7,000 square feet!". The Agent thought nothing of it. Maybe ask the future client "Have you thought about expanding this home? What about the size of this lot do you like"? Anything to start a conversation!
Another observation I made was the complete lack of financial information available to future clients! Also, complete lack of any take-away material branded with the Agent's personal or company info.
In this (and really every) market, we have to make every effort to stand out and to connect if we want to succeed. I have many ideas and tons of materials on this. Please dont hesitate contact me!
Wow!! Great observations, I can't believe they weren't doing any of these things.
Andy Laughlin
Connect Reaty
Sometimes agents do open houses just "going through the motions" and not seeing the huge opportunity they are. Thats just a waste of time. Your points are right on.
Thanks for the reminder!
Hi Michael!
I actually have a response to some of your observations...all of which had some validity. I do have to mention...have you ever held a house open? In an internet savvy market, most visitors to open houses are not there to find their agent. They are there to do some homework, get acquainted with the houses in their area. I have found that asking to sign in will almost guarantee them becoming immediately silent and not even looking you in the eye.
Here's my approach...meet them at the door with a handshake, smile and introduction of myself. Usually, they will give their name, but not always. Then, invite them in to view the home. Listen to their comments and use them when they leave to ask questions or start a conversation. I absolutely agree with you that conversations rarely happen.
I don't offer financing information. I'm not there as a lender. I have lenders I have faith in that I can refer if the need arises. It clutters an open house to have too much "stuff". I do have a flyer with my contact info and a binder with all houses available in the neighborhood (and I have seen them all).
Houses, houses, houses. Some are there to window shop-
Others really want to see the house
I have found that open houses work better for the realtors to see the asset befroe he/she shows the listing to their client- Then they will ask the same questions all over again.
All the best. Keep up the faith.
Hoping for a positve change in the market
Bill
Thanks Paula,
I havent done any open houses. I focus on the financing side of the business. As a Broker I can do it all, but I'd rather do what I do best rather than be a Jack-of-all-trades.
As for financing information, I didnt mean anything crazy just a sheet with property info with some sample loan programs and different down payment options. If you email me I would be more than happy to send you a sample of what I use!
As for the registry, if the agents strike up a conversation and get to know the people I dont see why they would any objections to giving them at least their email address? I tihink its paramount in this market. Not everyone is there to buy, but to research or tire-kick. One day they might buy and if you have been marketing to them steadily you have a better chance of being their agent. I end up doing loans for old contacts/clients that I haven't spoken to in 2-3 years only because I am always on their minds and in the mailboxes!
Best,
Michael Wolff
The people that complain are the ones that are not doing the right things in todays market. Qualify and talk to the clients.
This is a people business and if you don't reach out to build rapport and develop relationships, your going to be left with very little if any business. Open houses are like running an ad, very seldom does the person purchase the home in the ad, but it is a great opportunity to find out their needs and and potentially sell them something else.
Good Post!
Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.
Hi Michael - Nice post. Welcome to ActiveRain. I look forward to networking with you and reading your future post. Have A Great Day!!!