FSBO Public Open Houses
| | Wednesday, March 17, 2004 @ 08:00 AM EST
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Contributed by: Nancy Chadwick
Nancy Chadwick Properties
Read more archived articles about Marketing
How can you make open houses work for you? It occurred to me after I had posted some suggestions in one of the forums on this topic that an expanded version of tips and ideas might be helpful. There are two types of Open Houses -- one for the public and one for the real estate brokerage community. Public Opens in my area are usually held on Sunday afternoons anywhere from 1-4 PM. Broker’s Opens take place during the weekday (Wednesday is popular) from around lunchtime till 2 PM. Either type of Open requires preparation to be effective and run smoothly.
Your first issue is the date. Choose a date far enough in advance to get your daily/weekly newspaper advertising in place for the Public Open and give you time to assemble your marketing and other materials. Your ad should include price, address and directions as well as the start and end times of the Open. Look at the property with a critical eye to determine if any cosmetic work, weeding or freshening up needs to be done and do it. If the property is tenant-occupied, you may need a massive amount of cooperation in advance in getting closets, cabinets and all other areas straightened up and decluttered. The house should be vacated at least one hour before the start time of the Open (animals included). Remove all articles of value so that they don’t "walk" out the door with visitors.
Make sure your inventory of Open House directional signs ("Open Sunday 2-4") is adequate. Check with the municipality and if applicable, homeowners' or condo association, to find out what restrictions exist for signage. Contact property owners at intersections for permission to erect directionals on their properties a few days in advance of the Open and be sure to get sign exposure on busy roads. Attach helium-filled balloons to your directional and yard signs on the day of the Open.
For Public Opens, put together an attractive flyer listing price, address and other relevant information like parcel number, subdivision name, lot dimension and excerpt from tax parcel map, room dimensions, taxes, age, total interior square footage, available utilities, school district name, BR/BTH, etc. Include a color photo and if you have one, the actual floor plan of the house. Floor plans really help people remember the "flow" of the house. Also include information on improvements, such as appliances, windows, roof and major systems and any special features or amenities ("Built by X", "Adjoins open space"). For Broker Opens, add to this flyer information relating to payment of commission, contact data and showing instructions. Duplicate the flyer in quantity, and if you are hosting a Broker's Open, at least 4-5 days before the Open, hand deliver quantities of your flyer to the real estate agencies in the area.
If your state requires written seller property disclosure statements, obtain the form from an association of realtors or real estate attorney. Complete, date and sign it and duplicate it in quantity. Obtain information on some current mortgage programs from local lenders (interest rate, points, LTV, term, etc.) and list this information on a separate sheet, together with factors per $1,000 (e.g., conventional fixed, 30 yr at 6% = 6.00; 15 yr = 8.44) so that people can easily calculate their principal and interest payments based on varying mortgage amounts.
Collect data on all "comparable" properties in the area that have sold in the last 6 months and also those currently for sale that appear to be competition, and at least drive by them, taking notes as appropriate. You'll want to be able to fix them in your mind to use in conversation with visitors at the Open. Prepare a visitors' book or registration sheet asking people to provide their name, address and phone number. Prepare "Do Not Open" or "Do Not Use" notes you can attach to outer doors, toilets, switches and other areas. As appropriate, prepare descriptive notes to be attached to fixtures and appliances or to call attention to improvements you’ve made ("Washer & Dryer Included"; "Bathroom remodeled in 1998"). Stock up on potpourri, incense or air fresheners.
When you get to the property on the day of the Public Open...
1. Quickly go through the house, straighten up as necessary, leave closet doors slightly ajar, turn lights on in rooms, closets, storage areas, basement and garage. Install your notes and use air fresheners as necessary.
2. Turn on exterior lights, if any. Turn off radios, TV's and all other sources of distraction.
3. Leave outer front door (or point of entry door) ajar, if possible. Keep all other doors locked, placing "Do Not Open" notes on them. You want to restrict ingress and egress to one door not just for security reasons, but also for control. You want several passes at observing the same person -- body language, expression -- as well as opportunities for dialogue.
4. Depending on weather conditions, provide a doormat or plastic runner so people can wipe their shoes/boots. (Resist the temptation to ask visitors to remove their shoes/boots.)
5. Set yourself up in a location in the house that allows you to see when people are coming in.
6. Give people handouts after they have signed in.
7. Allow visitors to go through the house by themselves as they will feel more comfortable without you breathing down their necks.
8. The house sells itself, so keep your introductory remarks to a minimum, pointing out only what may not be self-evident. You are there to answer questions, receive information and observe.
9. Stay in the "point of entry" room to receive new visitors, engage in conversation and answer questions. For your personal security, it is not advisable for you to accompany a stranger on a tour of the property. Male and female real estate agents alike have been killed or assaulted by "buyers" while showing a property. Listen to your gut and act accordingly. If possible, have a friend or spouse help you at the Open. Carry your cell phone.
A day or two after the Open, phone all visitors (including those who did not appear to be interested in the property) ostensibly to thank them for coming to the Open and use the opportunity to determine if they’re current or future buyers for property -- yours or someone else’s.
Note: Nancy Chadwick has developed two books about developing land and conducting research as an investor.
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