Have you ever met a prospective buyer who said they’re just looking and prefer to remain uncommitted to any particular agent? They’d rather just visit open houses or respond to ads or lawn signs that catch their attention. They clearly lack the benefit of knowing a trustworthy agent or may be innocently unaware of the value of your usually free buyer service.
For a serious new buyer, searching solo is not a bad way to begin, but like fishing, they may catch something or may not. To continue the metaphor, if they enjoy fishing for a home (or a fish) as an amusing pastime, then that’s fine. But dragging themselves around town every weekend with methodical intent, plodding through house after house, maybe with kids in tow, certainly isn’t my idea of a joyful way to spend a weekend. It can consume a lot of time and be exceptionally frustrating, plus an unrepresented buyer may be exposed to pressure sales tactics. After all, many agents hold opens hoping to sell that particular house.
While unrepresented buyers are awaiting lawn sign installations and open house announcements, they may miss potential golden opportunities. A listing agent may have placed an open house ad for a hot new listing, but due to a quick sale, didn’t have time to hold it. They may not even have installed a lawn sign! Buyers could completely miss the boat. If – and that’s a big if – they find and respond to the ad and arrive at the house, they could find a big red sold sign on the lawn. It’s a clear case of the early bird catching the worm.
On the other hand, exploring opens affords a buyer the opportunity to determine preferences. They can develop a feel for a special neighbourhood, learn what their money might buy and where to focus their search. They’re able to investigate various styles, sizes, floor plans, features and price ranges, as well as local schools, parks, recreational facilities and other public services. Seeing lots of homes up close can also help a couple clarify their individual and collective wants and needs, leading to agreed objectives. Visiting open houses can also provide an informal interview process wherein they have the chance to meet, question and learn from more than one agent.
When they finally comfortably connect with an agent – hopefully you – a serious search can begin in earnest. With hands-on guidance, your new buyer can satisfy their quest more efficiently and usually with a lot less stress. In a hot market, they can now be among the first to view sharp new listings in their target area and price range. Your MLS system’s search and email program can automatically notify them – on their smart phone – as soon as new listings and price reductions are uploaded, possibly even on an hourly basis. They could be doing a drive-by moments later.
If you’re able to establish the beginnings of a friendly relationship with a guest, before you send them on their way to visit more opens, suggest they inform the attending agents that they’re no longer “orphans”. The agents will likely still show them the property and answer questions, but may be reluctant to invest their time with another brokerage’s client. Or better yet, instead of wandering through inappropriate opens, they simply contact you for details. If it meets their pre-screened needs and affordability, you can arrange a private viewing. Since you’re working for them now, tell them they can take the weekend off and let you do all the legwork.
In the next column, I’ll address the subject of why it’s important to actively engage with visitors of an open house, rather than passively permit them to wander unattended through the building and grounds.
Ross Wilson is a retired real estate broker with extensive experience as a brokerage owner, manager, trainer and mentor over a highly successful 44-year career. His book, The Happy Agent – Finding Harmony with a Thriving Realty Career and an Enriched Personal Life is available where print and e-books are sold, including the TREB, MREB, RAHB and OMDREB stores. Visit Realty-Voice.com.
