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I am planning to put my house on the market first week of September.
I would like to have a brokers open when it is listed for agents to see property. I would like to serve food and beverages and have it between 3-6pm. Perhaps a raffle with gas cards.
Who would pay for this? I have no problem covering the cost, but just wanted to know what is customary.
How would I approach my agent about doing this? Are agents receptive to this idea?
The greatest value of a broker's open here is input on what to do to improve marketability.
You might ask your broker if exposure or marketing input are more expected in your area.
Gee, if you are willing to foot the tab for refreshments and/or prizes, I cannot imagine NOT doing it for you.
But, if you are in an inaccessible area, like deep into a condo complex, or a gated community, or have limited parking, it may be much less productive than hoped for.
We've done lots of improvements that might not translate from the listing.
When I brought out three agents to interview, they all said that it is a unique property. Therefore that is why I would like the agents exposure to the property.
I was really wondering when there is a brokers open who generally pays for the event, the agent or the selling owner?
I have a question for you. My husband and I live in Michigan. We're going to be retiring (re-locating) to Corbin, KY. We would like to find a new or slightly used Manufactured home that's already on land. I haven't had much luck in searching the Internet.
Would you happen to know where in the world I can even begin my search? It will mean a lot of searching and driving back and forth to KY, but it will be worth it.
Thanks in advance, for any help you can give,
Cat48328
We've done lots of improvements that might not translate from the listing.
When I brought out three agents to interview, they all said that it is a unique property. Therefore that is why I would like the agents exposure to the property.
I was really wondering when there is a brokers open who generally pays for the event, the agent or the selling owner?
I would usually foot the bill, but would ask you to really spiff the place up.
I am planning to put my house on the market first week of September.
I would like to have a brokers open when it is listed for agents to see property. I would like to serve food and beverages and have it between 3-6pm. Perhaps a raffle with gas cards.
Who would pay for this? I have no problem covering the cost, but just wanted to know what is customary.
How would I approach my agent about doing this? Are agents receptive to this idea?
Thank you for your input.
Before you get set on this, ask your agent how broker's opens are received in your area.
In my county, it can be like pulling teeth to get agents through the door ... but you can get warm bodies if the agent hustles. (But by no means is it a massive turn out - and it mainly ends up being agents from your own office.)
The next county over, fugetaboutit. They just don't work.
(And btw, IMHO, 3-6 is a horrible time ... that's a kids getting home from school, spouse getting home from work, homework, dinner, crazy time.)
Who would pay for this? I have no problem covering the cost, but just wanted to know what is customary.
"Customary" is a local factor. In my area I think you would find that the agent would cover this under marketing costs.
Quote:
Originally Posted by misty88
How would I approach my agent about doing this? Are agents receptive to this idea?
Again, this is a local factor. In my area they are fairly common.
I would hope that your agent would be honest enough with you to tell you what local customs are and whether or not broker opens are worth it or not.
I agree with Mike - in my opinion, broker opens are not as much about exposure as they are about getting feedback and other opinions on such things as condition and price - at least in our area.
I usually pay for these types of things, though it's not uncommon, in my area, for the seller and agent to split the expenses.
I would find out from your agent if your local companies have a weekly sales meeting and caravan of listings. Just so happens that the two largest agencies in our town have them on the same day, so I like to do Agent Open Houses on that day from 11-1pm and serve refreshments. I totally agree that 3-6pm would be a difficult time.
My real estate board determines which day and the hours of broker tour. It's every Tuesday 10-2, in my area. Towns adjacent to my own ( different real estate boards) tour on Mondays or Thurdays.
Used to be that many agents were known for putting out elaborate spreads to get the maximum amount of broker/agent traffic through the door. I have often paid $500-750 out of pocket to put the feedbag on and get the traffic through the front door with a target of at least 100 agents. Nothing quite like hearing an agent on the phone with a client, telling them they have just found the perfect home for them, during the broker tour.
I do not rely on broker tours or showings to tell me if the property is positioned well or for condition. It's my job to know the local market and persuade the seller to act in his own best interests. Having said this, it is common for sellers to persist with the belief that their home is a unique product and somehow imune to greater market conditions. Such sellers often need more time to come to terms with reality and then rely on feedback from strangers more so than the professional they hired. The dynamics of real estate agency are unlike any other market.
Broker tour gimicks have substantially reduced in this market, in my area, especially when getting sold is discretionary for the seller. How much out of pocket is an agent willing to invest to obtain maximum exposure when there is a 50-50, the seller might withdraw from the market and either decide to stay put, or try again next season.
Given you are on 40 acres, it sounds like you might be in a rural/semi rural area. If so, be aware that many angents who work in rural areas cover substantial geography and may not be predisposed toward touring and if they are, not necessarily at a time that's most convenient for you.
I always cover broker tours within my marketing plan so that the seller knows upfront what to expect and why it makes sense, before they hire me. That's the best time to make clear who is paying for what and when. It's also important to note that those agents who offer a substantial fee discount or a pay for use arrangement are not likely to take unnecessary financial risks unless the seller is willing to pay for it, out of pocket.
The custom in my area may not be the custom in your area. Real estate markets are local. Talk to your agent and next time, focus on the marketing plan and ask questions before you hire an agent.
Last edited by middle-aged mom; 08-19-2010 at 01:07 PM..
I'm a broker that spends a great deal of time marketing my listings to other brokers. I find myself in agreement with MikeJanquish on this one. Speak with your broker. As for who should pay for it - I'd ask your broker what s/he is willing to pay for.
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It is a rural area
