by Andrew Reichek | Apr 11, 2025 | Industry, News Feed
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While open houses aren’t a necessity for all homebuyers, some find the opportunity to see, feel and experience a home in person can turn a consideration into a must-have purchase.
The chance to physically inspect key features, experience living conditions and ask agents direct questions can help buyers visualize their future lives in homes on the market, but hosting an open house event isn’t always easy.
Below is a comprehensive guide to open house do’s, don’ts and rules for estate agents to help avoid common mishaps and present sellers’ properties in the best possible light.
Why host an open house?
Hosting an open house provides sellers and agents a great opportunity to guide prospective buyers through the best aspects of a property in a welcoming and professional environment.
Of course, some buyers prefer to focus on key details in listings, but giving people a chance to inspect physical features and ask detailed questions in person can be invaluable.
Redfin research from 2020 suggests open houses can increase sale values by as much as $9,000, while reducing the time a property spends on the market by up to seven days.
However, when open houses aren’t carefully planned and managed, agents and sellers run the risk of buyers losing interest.
What to do when hosting an open house
To run a successful open house, agents must prioritize presenting properties in the best possible light while remaining honest and ensuring potential buyers feel welcomed.
With this in mind, below are four key points to consider when hosting your next open house.
1. Do make sure required forms are signed
Open house regulations changed in 2024, with the National Realtors Association (NAR) introducing new rules for sellers, buyers and agents to follow.
Under the new NAR rules, agents must make sure potential buyers sign at least one form before entering any listed property, the most common of which include:
- Limited Property Representation Agreement: Grants agents the right to provide more detailed information about the property to prospective buyers for up to 30 days.
- Open House Visitor Non-Agency Disclosure Form: Acknowledges that the agent is acting as a representative of the seller and has no professional ties to the buyer.
- Full Exclusive Buyer Representation Agreement: Defines an exclusive agreement between the agent and the buyer in relation to real estate and brokerage services.
2. Do engage with prospective buyers
Open houses give agents the opportunity to form real connections with prospective buyers.
Be friendly, welcoming and polite to every attendee to help them form a positive relationship with the property they’re viewing.
Make sure to tailor your approach to different visitors, ensuring all prospective buyers feel comfortable asking questions if they wish, but equally free to explore the property in peace.
3. Do highlight the property’s best features
Being face-to-face with prospective buyers gives you a chance to showcase key features in ideal conditions.
Take cues from each attendee and consider what they’re looking for in a home. For example, some buyers may appreciate HOA or neighborhood features like security cameras, while others may be more interested in architectural details and features.
4. Do have printouts ready for attendees
Well-organized, professional printouts detailing key property information and features help buyers plan walkthroughs around their needs.
Presenting factsheets to visitors on entry provides a starting point for conversations about the property, helping you gauge what individual buyers are looking for and demonstrating your commitment to facilitating a friendly, welcoming and professional service.
What not to do when hosting an open house
While open houses can make properties more attractive to potential buyers, poorly managed events can drive buyers away.
1. Don’t host at an inconvenient time
There’s little point in hosting an open house if no buyers are available to see it, so you need to think carefully about times and dates.
Hosting in the afternoon on weekends will usually attract the biggest crowds, but hosting on weekday evenings can be a good idea if you want more control over viewings.
2. Don’t put pressure on potential buyers
Pressuring prospective buyers into making a deal right away can lead to unhappy visitors and potential reputational damage, so steer clear of high-pressure sales tactics.
Listen to each attendee’s needs and offer helpful guidance where you can, but avoid slipping into a sales pitch without any confirmation of real interest.
3. Don’t let the seller have too much input
Of course, the ultimate goal of an open house is to find a buyer and make the seller happy, but sellers won’t necessarily have the same soft skills as you do.
It might not be intentional, but sellers can sometimes show desperation or put pressure on potential buyers, so it’s important for agents to take full control of open house events.
4. Don’t overlook the power of social media
Bringing attention to open house events is made much easier when agents harness the power of modern marketing tactics, helping draw in bigger crowds from much farther afield.
Post about events on social media sites, include high-quality pictures and video tours, and take the opportunity to highlight key property features listings may not draw attention to.
Follow the rules
Open houses can help agents engage with potential buyers and show off the best features of listed properties, but only if rules, regulations and best practices are carefully followed. By considering factors like updated NAR rules, communication with visitors and appropriate hosting times, agents can leverage open houses to improve the sales process for all parties.
Andrew Reichek is the President of Bodebuilders.com. Connect with him on LinkedIn.
This post was originally published on this site
by Andrew Reichek | Sep 4, 2024 | Industry, News Feed
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Not too long ago, we conducted most multifamily housing transactions at a table in an office. We signed property agreements, took apartment applications, processed rent checks, and renewed leases there. It was a busy table. And rightly, we don’t use it much any longer.
Property management software has redefined the multifamily housing industry, bundling marketing, showing, leasing, payment, and financial processes into seamless online hubs. The market for these products continues to expand. By 2030, property management software could be an $8 billion industry worldwide, with North America serving as its largest market.
Technology has transformed multifamily housing in ways similar to the taxi industry. Ride-sharing apps give customers agency over their transportation choices, and property management software empowers renters to take control of their living choices. The value is two-way, as operators and customers benefit from the technology.
But both industries still rely on people. Rideshare companies need drivers (for the moment, anyway), and multifamily properties need onsite managers. Renter retention is the most important factor in multifamily success and requires a human touch. That’s why we believe onsite management will remain essential to multifamily housing.
Renewals rely on onsite property managers
Every multifamily operator knows the value of lease renewals. They drive revenue while saving time and money. Unleased apartments cost the industry $50 million annually. As Multifamily Insiders notes, owners must deploy a variety of tools to determine rental discount rates, apartment turnover costs, optimal retention programs, and more. AI-driven software corrals this data into actionable insight. Multifamily operators, however, can’t abandon people entirely for data.
Tech hasn’t yet proven a substitute for the onsite property manager in retention. Renewals matter far more than new leases in a property’s long-term success. On-site managers build relationships with residents, which is essential at renewal time. While multifamily renewal rates generally hover around 60 percent nationally, we have properties with renewal rates as high as 75 percent. Site managers play key roles in this success.
Tech is terrific at helping to generate leads and new leases. It offers 24/7 access to services like rent payments and maintenance requests. But residents tell us often that they appreciate calling the manager about a renewal or stopping by the management office with an issue. Some just want to say hello.
Generally, properties should employ at least one inside (or office) person and one outside (or maintenance) person for every 100 units. While some third-party vendors are entering the on-site management space, we still hire and place qualified property personnel at our locations. Some live onsite, though that’s not required. What is required, however, is a commitment to nurturing an environment where people want to live — in other words, a community.
The value of community in multifamily housing
Renters, particularly those in Generation Z just entering the market, demand a growing list of digital conveniences where they live: high-speed internet, secure apps to pay rent and make maintenance requests, and smart-home technology. Yet they also crave a communal experience, one for which they’re also willing to pay.
RealPage noted that 8 percent of renters were more likely to renew after making friends in their apartment community. It also quoted National Apartment Association research that found “residents will pay up to $200 more to stay in a community where their friends live.” Relationships matter for multifamily residents, and property managers are integral to building them.
Yes, managers primarily provide professional services in maintaining properties and answering tenant questions and concerns. Those who go beyond also help build a sense of belonging in their properties. They personalize the rental experience. By doing so, they deliver value.
Consider the “Friendship Factor” in renewal rates. According to the Apartment Life blog, renters who don’t know their neighbors renew at a rate of 29 percent. Those who know seven or more fellow renters renew at a rate of 47 percent. Property managers can help facilitate these relationships.
How to find a good property manager
The key skills we look for when hiring property managers are interpersonal. Some states require property managers to have real estate licenses. Otherwise, we feel the rest of the job is trainable.
Property managers must be organized, efficient, and self-reliant, of course. Moreover, they must be the landlord’s public-facing representative and conduit to the community. Good managers are our in-market eyes and ears. They inform us when the paint is peeling or asphalt is cracking or landscaping is lacking. They listen to tenants. They are proactive.
Good managers, as noted earlier, also build communities. Some managers we employ have been at their properties for many years. They know the couples who become families, the kids who leave for college, and the retirees who have found their new homes. They organize events and activities for residents. They activate a sense of belonging not just among residents but with themselves as well. Good managers become active members of their communities.
Perhaps I’m biased, but I view property management as a wonderful job. Those who like people, solving problems, and forging relationships rarely have a bad day. When owners visit properties, they see primarily unit numbers. It’s comforting to have an on-site manager who takes ownership of the property, knows the people in those units, and wants to make the rental experience positive for everyone involved.
Proptech has and will make multifamily housing management easier. However, property management can’t be converted entirely into an online business. It’s an onsite business run by managers who love their properties. I can’t ever see an app replacing that.
Michael H. Zaransky is the founder and managing principal of MZ Capital Partners in Northbrook, Illinois. Founded in 2005, the company deals in multifamily properties.
by Andrew Reichek | Aug 16, 2024 | Industry, News Feed
President and CEO of Anywhere Brands Sue Yannaccone offers advice and perspective for the professional changes ahead.
Days before the Aug. 17 practice changes go into effect, President and CEO of Anywhere Brands and Anywhere Advisors Sue Yannaccone writes how the industry can get ready for what’s next
As we approach the Aug. 17 practice changes deadline as part of NAR’s commission-related legal settlement, it is clear to me that our industry is all over the map (in some cases, literally) on how we are viewing and preparing for what’s next.
At Anywhere, we have been focused on ensuring our agents, affiliates, and employees are educated and ready, but I have read and heard from others everything from nothing to see here to the sky is falling — and many reactions of confusion, doubt and frustration in between.
I don’t have a crystal ball on how every NAR-affiliated MLS or state association will interpret the legal language in NAR’s settlement. But what I do know is that we all have a choice: You can either seize this moment, or you can be a witness to it.
I encourage you to choose the former.
I truly believe the more prepared, informed and committed we all are to serve our clients during this time of industry change, the more we will be viewed as the trusted advisors they have sought to help them successfully reach the closing table.
Remember: Consumers have a broadly positive view on real estate agents.
We’re not playing defense, but it’s never been more important to authentically and transparently own the value that we provide to our clients.
Here are a few tips my brokerage and brand leaders have been sharing with our affiliated agents and franchisees to help them get ready for August 17:
1. Tap into your brokerage resources
If you haven’t already, ensure you’re making the time to review and fully digest any forms, educational resources and guidance surrounding industry change from your brokerage.
2. Bolster your network
Ensure you know who to contact with questions or challenges. Foster discussion with your colleagues, and form relationships at your local association, MLS, and yes, even with competitors.
3. Embrace the buyer agreement
Many organizations have begun releasing their buyer agreements to comply with the NAR practice change. Familiarize yourself, and ask questions now to avoid business interruption.
4. Hone your pitch
It’s not about scripting yourself — it’s about knowing how to simply and succinctly articulate what you do. We’re providing our brokers and agents with training on their pitch, but some local associations have rolled out helpful materials as well.
5. Understand offers of compensation
Offers can’t be displayed on the MLS, so it’s important to work with your company and/or legal counsel to know how this information can be shared in your market and make the appropriate technological changes to your website.
And 1 bonus tip: Zoom out
We are steeped in uncertainty and fast-moving waters, but our purpose as professionals and stewards of homeownership hasn’t changed. Even if there are some initial bumps, questions you can’t immediately answer or additional complexity to figure out, we are in this together — as an industry — and this is our time to do what we do best: help homebuyers and sellers achieve their dreams.
Sue Yannaccone is president and CEO at Anywhere Brands.
by Andrew Reichek | Jul 30, 2024 | Industry, News Feed
HAPPENING NOW! At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. JOIN US VIRTUALLY.
When creating a brand, professionals often get caught up in the aesthetics — the trendy font, the eye-catching color scheme or the unique logo. While those things matter, four branding experts said the secret sauce lies in creating a distinct, authentic feeling that homebuyers and homesellers won’t forget.
Agent Upgrade co-founder Kevin Knight asked the Inman Connect MARTECH — short for marketing tech — crowd to imagine walking into a grocery store and going to an aisle with rows and rows of brightly-colored bags of chips. Many of the chips on the aisle are made with the same ingredients and have similar taste profiles. But what makes you choose Plain Lays potato chips over another brand? Or what makes sour cream and onion Ruffles the right choice for a family barbecue instead of Cheetos?
“Who are you marketing to? Who’s gonna buy your products? Spoiler alert: it’s not everyone,” Knight said on Tuesday while standing in front of a screen emblazoned with rows of chips. “What attracts that audience to you, right? For the barbecuing dad, it could be the sour cream and onion ridges on Ruffles that resonate with him and that’s what attracts it. That would be a value.”
“Then you’ve got your style, how you present yourself, how you communicate. It’s what you drive. It’s what you wear,” he added. “It’s how you talk. And then you’ve got the essence. And the essence is, ultimately, that feeling that you leave people with after every interaction with your brand.”
Sydney Miller and Kevin Knight | Credit: AJ Canaria Creative Services
Knight and his business partner, Sydney Miller, pointed to Whole Foods, Trader Joe’s, REI Co-Op, Mercedes Benz, BMW and Volvo as shining examples of branding done right. Each company, they said, has a clear vision of its target consumer and has built a brand that connects with its consumers’ pathos.
“REI is a brand that [reflects its values] extremely well,” Miller said. One of the campaigns that they did that I think really shows their values is a campaign they did a few years back called Opt Outside. Basically, on Black Friday, they shut their doors, which is unheard of, right, for like a big retail store.”
“They said, ‘You know what? Instead of going shopping at REI, we’re gonna be closed. Go outside,’” she added. “And what does that show you? It shows you that REI values its values more than even making sales … That is how they’re able to really build this loyal community around them — because they stand for something.”
Miller and Knight said setting company values and boldly following through on them — a la REI — is what gives a company name or logo meaning. To prove the point, they flashed logos for Mercedes Benz, BMW and Volvo and asked the audience to yell what words come to mind.
“Luxury!” someone shouted for Mercedez Benz. “Performance,” another person said about BMW. “Safety,” another attendee said about Volvo.
“People ask me who the strongest brand on earth is,” Knight said. “I think it might actually be Volvo because it doesn’t matter how big a room I do this in, anywhere in the country, when I show the Volvo logo, everyone sees safety.”
“To Sydney’s point, you don’t have to say it necessarily. This is not a tagline or a slogan or something like that,” he added. “This is how you communicate your whole self in every single interaction.”
Moderator Katie Kossev with Griff O’Brien and Elias Astuto | Credit: AJ Canaria Creative Services
In a separate session, Estate Media co-founder and CEO Griff O’Brien and #TEAMFAST Powered by eXp Realty Director of Sales and Coaching Elias Astuto said video content is the most effective and dynamic way for agents to strengthen their brands and stoke growth through authenticity.
“The opportunity is for us to speak our voice, our purpose, our cause, our crusade, our mission,” Astuto said of video content. “When you’re aligned with that, then what happens is that you have a sense of freedom. But I feel like we all battle at some level when we’re starting out in this game with the imposter syndrome.”
“Well, the moment that you can get rid of that imposter syndrome and just be whoever the heck you are and be comfortable with it, I think that’s when the freedom comes in,” he added. And now you’re free to be yourself; it’s like being in a good relationship. But don’t chase the vanity…”
Astuto said agents need to focus on providing substance in their videos, which gives your sphere of influence a clear, realistic picture of who you are and what you bring to the table. O’Brien said that focus on substance extends to the visual mediums agents choose to connect with their audience.
“If you try to force someone right into a medium, or a series, or some piece of content that they are not excited about, it’s going to show, and it’s going to come through on screen,” O’Brien said. “So we’re really focused on creating IP and assets with talent, whether that’s a newsletter, whether that’s a podcast, whether that’s a video series, it might be [an] option for television.”
“It always starts, again, with what you are an expert in, what you like, and what challenges you are currently facing,” he added. We always start from that central premise of, again, what you have perhaps wanted to do that you have not been able to, and how can we then help get that done?”
Although most agents’ goal for video content is monetization, both men said agents must have other motivating factors, as growth may come slowly. Once agents are clear about their main motivations and who they want to connect with, they can stick to a plan that provides satisfaction and long-term success.
“As you’re starting out, ask yourself a very simple question. Who is this video for?” Astuto said. “If you’re a mom and you’re balancing being a mom and a wife and an entrepreneur, create that type of content because then other people see it like, ‘Wow, if she can do it, I can do it.’”
“At the end of the day, it’s what’s in it for them, and then leveraging other people’s audience,” he added. “If you’re out in a community, you’re shooting a video at the local bakery, or wherever it is, you tag that company, and your hope is that they repost that. Then their audience gets to see your face.”
“I’m like, ‘Oh, I like that bakery. She likes that bakery. I might want to follow her,’” he added. “Then they go to your page and they see your lifestyle. They see the things that you are doing with your family, who you are as a human. And you know what? Now I want to stay.”
If this sounds daunting, both men said agents can start by building a robust email list that’s not subject to wild algorithmic changes on social media sites and creating content buckets that make it easier to generate posts. Some of Astuto’s favorite content buckets are inspirational, educational and conversational — each one creates a dialogue between an agent and their audience.
“How can I produce something that is shareable, saveable and of substance?” Astuto said. I don’t care about the vanity metrics. I want to know how many people are actually going to save this, come back to this, and how much value that is. When you stop chasing vanity, then you can start to be more yourself.”
Email Marian McPherson
by Andrew Reichek | Jul 30, 2024 | Industry, News Feed
Greg Sexton, chief operating officer for Century 21 Real Estate, describes the brand’s 45-year-long philanthropic involvement with the Easterseals.
HAPPENING NOW! At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. JOIN US VIRTUALLY.
I’ve devoted almost 30 years of my career to what I think is one of the most significant pillars of our society — turning a house into a home and using an address as a home base for community building. I know this idea resonates widely across our industry, and it’s why real estate professionals are so passionate about what they do.
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We know that people who own homes have higher levels of civic engagement — that’s a fancy term for being aware of and supporting the needs of your community. Our primary role as real estate agents contributes to this simply by being the facilitator of homeownership. But it goes much further than that for so many of us.
We don’t just help our clients buy and sell homes; we are also heavily invested in our communities through volunteering, fundraising, donating and serving. Real estate agents don’t just provide real estate service to their cities and towns; they live there, too, and work tirelessly to make them better places for everyone.
In that vein, I’d like to offer my thoughts on how we as an industry can take our commitment to community to the next level.
Lead by example, literally
Last year, I was honored to be appointed to the Easterseals National Board of Directors. To be clear, this leadership role didn’t just drop into my lap. It was the result of the Century 21 brand’s long-time and fruitful partnership with the organization.
Over the past 45 years of our work with Easterseals, we have raised more than $135 million to support adults and children with disabilities. Our contributions have helped Easterseals further its mission of empowering people with disabilities to be full and equal participants in society.
As a member of the Board of Directors, I have been able to lend my insights and experiences to actively guide the organization in a way that ensures the continued focus on its important mission. For Century 21 Real Estate, we have taken our support to the next level with this leadership opportunity.
I urge you to think about ways you can take your own philanthropic efforts to the next level. Can you join a committee, spearhead an initiative, throw your hat in the ring for leadership roles?
Prioritize philanthropy in your business
Don’t view charitable activities as separate from your business. Incorporate them into your overall business strategy. Participating in charitable efforts can lead to increased business opportunities. While generating more business shouldn’t be the sole motivation, it is a natural outcome of a well-rounded business plan that includes giving back to your community.
Philanthropy should also be an inherent part of your organizational culture. At my brokerage, agents affiliated with our brand learn about our relationship with Easterseals from the moment they join. We emphasize that Easterseals is a core component of our identity as community servants through real estate.
Create a collective focus on community impact
The Century 21 International Week of Giving is a prime example of how a collective focus on philanthropy can make a significant impact. We started this initiative three years ago as a way to mark our brand anniversary while bringing into focus our long-standing commitment to the community.
The first-ever International Day of Giving showcased the community giving efforts of the Century 21 network members around the world. Based on its success, the initiative was expanded to a full week the following year in 2023.
While many companies affiliated with our brokerage’s brand support Easterseals, they also support local efforts in their backyards. Creating an awareness week like this is an impactful way to remind clients and communities of the work that goes on all year long. It also strengthens the sense of community and purpose within each of our local brokerages.
Our 45-year relationship with Easterseals has shown that giving back is not just an obligation but a core part of our identity.
By integrating philanthropy into our business model, we contribute to our communities’ well-being, enhance our brand’s reputation and foster a culture of giving. Real estate professionals have a huge opportunity to make a lasting impact in their communities, and I urge you to seize it now.
Greg Sexton is Chief Operating Officer for Century 21 Real Estate, a post he has held since 2013. Connect with Greg on Linkedin.
