Home Selling Tip #21

Posted by admin - June 21st, 2008

Host a “Broker Open.”

Often times, when a real estate agent lists a house for sale they host what is called a “Broker Open” which is an Open House for real estate agents (brokers).

If you’re selling your home on your own (FSBO) you could host one of these yourself. Or even if you’re using an agent tell them you’d like them to host a Broker Open at your home.

Agents do this typically right after the home is listed to try and entice brokers to make a special trip over to the house because they may just have a buyer who is looking for a house just like yours!

If you are selling your home on your own, understand though that hosting a Broker Open comes with certain strings. To successfully entice agents to come to your home you’ll need to offer a commission to the Buyer’s Agent who brings the actual buyer to your home. It’s a really good idea to start at 2.8% of the total sale but it’s an even better idea in this market to offer 3% or even more.

You’ll also need to feed the agents, otherwise they won’t come.

Finally, be prepared to get pummeled by all the Realtors for the privilege of listing your home themselves. I can pretty much guarantee they’ll ALL hit you up. If this doesn’t bother you and you’re good about saying “no” you should have to problems. I’ll admit, some agents will get testy with you, because some of us take FSBO’s personally, as if it’s taking food right out of our mouths or something. I personally don’t care if you want to sell your home on your own. If you’re willing to take on the work then more power to you.

Finally, in order to advertise your Broker Open take invitations (flyers) to the real estate offices in your area inviting the brokers and stating up front that you are offering “x%” commission and food.

photo credit: comicpie