What Is a Broker Open House & How to Host a Successful One

Looking to generate excitement around your property? Throw a broker open house! But what is a broker open house? It’s a clever tactic to ramp up interest, increase visibility, and sell a home quicker! But if you don’t know the ins and outs of a broker open house—I’m here to give you all the details about how it’s different from a regular open house, why it’s essential, and how to host one yourself.

Broker Open House Defined

It’s a strategic opportunity for real estate agents to invite peers to tour their listings without clients. This exclusive sneak peek allows pros to access your listing and create a buzz before opening it to the public. A broker open house, also known as a broker preview, is when a real estate agent or broker invites other real estate professionals to tour their listings without their clients. The purpose is to showcase the home to other professionals who may have interested buyers before opening the house to the general public. 

Broker Open House vs a Regular Open House

Remember that a broker open house looks the same as any other open house from the outside. It includes an open house checklist, flyers, signs, and refreshments but is only open to real estate professionals, not the general public. The listing agent’s goal and approach are also different. A regular open house directly generates buyer leads, while a broker open house indirectly generates leads through other agents.

In a typical open house, prospective buyers and lookers tour the home, but it is uncommon for buyers to purchase it at an open house. It does happen sometimes, but statistically, only 50% of buyers opt for an open house as their information source for the home search, and only 4% found their home via an open house sign. Below, see what is a broker open house and how it differs from a regular one:

Broker Open House	Regular Open House
It is exclusive for professional guests.	It is open to the general public.
The intention is for guests to bring buyers to the home after viewing.	The intention is to sell directly to a guest and generate buyer leads.
The broker provides property information sheets.	The broker includes information sheets, disclosures, and purchase agreements.
The event is advertised only to brokers and agents.	The open house is advertised to the public.
Guests typically hang out a little longer to mingle with other professionals.	Guests tour the property, ask the host questions, and leave.
It generally occurs during regular business hours.	It occurs typically on evenings and weekends.
The agent’s assistant may or may not be present.	A client and/or assistant may accompany the agent.
It is usually a one-time event.	It is held multiple times.

Why a Broker’s Open House Is Important

After learning what a broker open house is, it is time to know its pros and cons. Since hosting a broker’s open house is crucial for real estate professionals, here are a few key reasons why it is important:

• It allows other agents to spend time and ask the listing agent any questions about the property.
• It helps agents feel more connected to the property, allowing them to describe the home to their buyer clients better.
• Agents become ambassadors for the hosting broker and listing, creating buzz and a personal connection to the property.
• It saves time by allowing multiple agents to see the property simultaneously, expanding its potential reach to qualified buyers.

Pros & Cons of a Broker’s Open House

Hosting a broker open house can be a fantastic use of your time if you can attract enough guests. Weekdays would be a better choice here since showings and open houses are typically held on the weekends for clients. That’s why making your open house appealing and unforgettable is essential. Let’s look at the advantages and disadvantages of hosting a broker open house.

Pros	Cons
Having multiple agents tour the home speeds up your marketing efforts.	Sometimes, it’s challenging to get busy agents to attend.
Hosting it as a fun event can entice attendance.	The sellers have to ensure the home is prepared and leave their home for the event.
It expands the listing’s reach and visibility through word-of-mouth marketing.	If the listing is in a remote location or a distance away from town, attendance can be low.
Many sellers appreciate when their agents go the extra mile to host a broker’s open house and one for the public.	Weather can impact attendance.
It offers the opportunity to network with your peers.	You could spend money on the event, and no one shows up.
The house could sell quickly as a result.	You could still have neighbors and the public show up if they see your ads.

Steps to Host a Memorable Broker Open House

To make something memorable out of your open house, you must tap into the agent’s emotions and help them feel what it would be like to live in the home, even though they’re not the buyer. You want their enthusiasm high when they tell others about your listing.

Step 1: Create a Guest List

Remember to gather all the brokers and real estate agents in your area! Also, consider inviting other real estate professionals you know, such as lenders, insurance and title agents, and real estate attorneys. Plan for the event to last about two hours. Some guests will pop in, take a quick look at the property, and leave, while others may stick around for a bit and mingle.

Step 2: Prepare the Home

Your listing is likely already clean and staged from when you had your real estate photographer come in for the photo shoot, and your sellers have probably been diligent in keeping it ready to show on short notice. Still, enlist the seller, walk through the property, and decide what needs attention. Ensure there is no clutter or odor that detracts from its visual appeal.

Step 3: Set a Marketing Budget

You need a budget for advertising, including broker open house ideas, to market your listings. Marketing ideas can be free, like email and social media posts, but you might need to spend some money on invitations and ads. How much you pay depends on the property type and how often you have open houses. If you’re selling luxury real estate, you’ll spend more than if you’re selling a smaller property. For broker’s open houses, where there are fewer people, you can spend less, maybe a few hundred dollars, but check the costs in your area.

Check out our free, downloadable real estate marketing plan template to get started with your marketing plan budget.

Step 4: Send Invitations 

Remember to send out those snazzy invitations and follow up with an email. Politely ask your guests to RSVP so you know how many people are coming. Also, schedule the open house soon after listing the home to capitalize on the buzz, which could lead to a quick sale. It’s best to aim for within a week or two of listing. Trust me, it’ll make your event extra special and ensure you’ve got everything you need. And here’s a pro tip: save time and money by buying invitations in bulk, so you’re always ready to impress when you list a new property.

Here is a simple example of an invitation, but you can add images of the home or any other elements you like. Be sure to add your company logo and contact information. Save money using Canva’s free design tools with hundreds of templates. All the elements on their invitations are fully customizable, so you can change colors, fonts, and images and add your brand.

Step 5: Advertise the Broker Open House

Marketing a broker’s open house somewhat differs from marketing a traditional open house. Place a directional open house sign out front on the event day, but get custom-designed signs that say “welcome brokers” instead of “open house.” Otherwise, you may have neighbors and passersby dropping in. Invitations, follow-ups, and emails to your list in your CRM (customer relationship manager) are also part of your overall lead generation and marketing strategy.

Here are other ways to market a broker open house:

• Social media: Tell people about the open house on social media, but make it clear it’s for real estate agents, not buyers. Also, let other real estate groups know about the event and ask them to share it with their members and guests. If there’s an online realtor group, share the information there too.
• Phone: The old methods are often overlooked in this digital era. These include picking up the telephone and making calls to your peers. It’s not the fastest way, but there may be some guests you prefer to call while sending out invitations to others in bulk. 
• Email: Send targeted emails to your contact sphere by creating and personalizing the invite. Most email marketing software allows you to use a code that inserts people’s names directly into the appropriate fields. Don’t forget to invite the people in your brokerage. 

Step 6: Keep a Contact Database

Don’t forget to keep a real estate database handy with contact information for local agents and real estate professionals. Real estate CRM software makes it easy to store and access their info and send email follow-ups with just a few clicks. Plus, many CRMs allow you to create stunning listing websites to showcase properties and promote your broker open houses with a simple link.

An IDX website, robust CRM, and marketing automation are just a few of the tools Market Leader’s marketing and lead conversion software provides. Upload your contacts and create and send targeted emails to your professional sphere of influence to invite them to your open houses. The platform also provides a mobile app to access emails and CRM contact information to receive and track RSVPs immediately.

Step 7: Provide Food & Beverages

Make your open house more fun by serving drinks and snacks and maybe even having a theme for the event, like asking guests to wear a special hat or fancy clothes. Just keep it simple; remember, the main goal is to show off the house.

Use your imagination and come up with food combinations your guests will love. The options are endless. Here are some broker’s open house ideas for food you could try:

• Tea and crumpets or scones
• Crudite platter with dips
• Salsa and chips or quesadillas
• Canned soft drinks or seltzers
• Fruit plate
• Wine and cheese
• Champagne and chocolate-dipped strawberries
• Luncheon meat and rolls platter
• Small desserts, cookies, or other baked goods
• Soups and salads

Provide everything yourself—like plates, utensils, etc.—instead of using the homeowners’. You can use recyclable paper products, or, if you want something more fancy, look for plasticware for weddings. Purchase gold or silver plastic cutlery and white plastic gold-rimmed dishes to dial up the fanciness.

Step 8: Use Technology to Your Advantage

Using technology at your event can make it better. Play background music to make people relax and stay longer. This vibe will create a more leisurely atmosphere and make people want to stay longer. Also, show your broker’s open house live on social media for those who can’t come and for potential buyers to see. Another way to use technology is with digital sign-in sheets. These sheets help you collect information and keep track of guests, so you can follow up later.

For all your real estate open house needs, Spacio offers a digital sign-in sheet and open house app. It enables you to track attendance and gather information for follow-up. It is accessible on any device with the Apple or Google Play applications. You can also add customizable questions to the open house registration form.

Step 9: Bring Printed Materials & Swag

Make sure to bring your colorful listing data sheets, real estate brochures, and other information about the property you want to include. Create listing packets, and don’t forget to include your business cards so agents can follow up to schedule showings. Use branded materials and folders for your packets. Strategically place the packets where guests can pick them up when they arrive.

Provide bags with a mix of branded items like pens, t-shirts, mugs, and fun items like scented candles, bath bombs, candy, or earbuds. If you’ve hosted a themed broker open house, consider adding small related items such as tea bags or a kit to make dipped fruit. VistaPrint offers branded listing packets and folders, promotional products like drinkware, candy, candles, and technology, as well as branded swag bags such as canvas totes, backpacks, drawstring bags, and heavy-duty paper bags, starting at $1.04 per unit.

Step 10: Show the Property

As much as we love to have fun and create lasting memories during an open house, it’s important to remember that the main goal is to have our guests explore the home and share their experiences with their network and potential clients. Some broker guests might breeze through the property, so it’s crucial to ensure everyone knows about the unique amenities and features that make this home special.

Turn the tour into an exhilarating scavenger hunt for the guests who are in for the whole event! Create a checklist of unique features inside and outside the house for everyone to hunt down. Guests can tick off the features they find and jot down the corresponding room. To spice things up, you could even offer cool prizes for those who manage to find them all!

Step 11: Send Thank-You Notes & Follow-Up

After hosting an open house, brokers should promptly send guests personalized thank-you notes on customized stationery, including handwritten notes and their business cards. Follow up within two or three days, and consider sending a brief follow-up email a week later to remind guests of your availability and inquire about potential buyers or their interest in the property.

As a busy real estate agent, sometimes it’s best to outsource what you can. At Fiverr, use their search tool to find an event planner or manager to set up and market your broker open house. Then you’ll have one less thing to do. Thousands of professionals list their services on the site, with prices starting at $5. Save some time on planning your event today.

Frequently Asked Questions (FAQs)

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Bringing It All Together 

Are you ready to make a lasting impression? Hosting a broker open house is your chance to shine! Personalize your invitations, generate excitement, and add a touch of fun like icebreakers. Your fellow real estate pros are your audience, so tailor your approach accordingly. Time it right after listing the property, invite colleagues from your brokerage, and stay connected after the event. If you’ve got any questions or broker open house ideas, don’t hold back—share them below!