“For the seller, they are giving up their home, where they have all these attachments. And for the buyer, it is about painting a picture of their new lives and then carrying them through the whole process to a positive result.” -Sally Forster Jones
An investment in real estate has been seen as one of the most effective avenues for a dependable flow of income. If done right and executed well, it would be without a doubt, one of the most lucrative means for making a more than decent revenue. However, having a real estate investment by itself is in by no means a guarantee for profit. You need to ensure your properties, and investments get noticed first before you turn these potentially profitable ventures into metaphorical cash cows. In other words, you need to out yourself and your property out there. Do not expect prospective buyers to come stumbling across your property when you have not even let the word out yet.
One of such ways to ensure that your property gets noticed. And not just by anyone, but the right kind of prospective clients that is. In this way, not only would you create an opportunity for excellent cash flow, but in this regard, you would also be able to do it seamlessly. If you wish to expand your prospective buyer pool, conducting an open house may sound like the logical thing to do. Indeed, it is, but you need to be strategic in your approach and have a concrete plan in going about it. You do not want to be the kind of property manager that seems to pushy in their endeavor. A little enthusiasm never hurts but curb it a little bit, or you might turn off potential buyers and lose your leads. In any case, should you have a condominium in Pasig up for sale or elsewhere, here are the things you ought to keep in mind during an open house:
1.) Never plan on calling people later
At first glance, this might seem like unseemly and counter-intuitive advice but again, let us try to focus on buyers who are willing to buy the property then exploring every potential lead you have. Your assertiveness might be admirable, but you might want to channel that same forcefulness on your prospective clients that do want the property. In this regard, you will mitigate the chances of losing potential home buyers. Dedicate your time and efforts to those clients that have expressed interest in the property and never tell your visitors that you would call to follow up. Use the time you have at the open house to make a better impression and a stronger connection with your prospective clients. Remember, they are more likely to engage with you on a face-to-face basis. Furthermore, you would make more of an impact in person than you would be over the phone. Look for the potential home buyers that do not only express interest in the property but actually know what they are looking for. Determine if they wish to set up an appointment to talk further with you or if they would rather explore other properties that might be more suitable to them. In any case, you should never initiate the call unless you are prompted by a positive answer to the scenarios stated above. Be sure to hand out your calling card as an interested client would most likely give you a ring.
2.) Welcome visitors at the door
Most open houses do not have locked doors. After all, it is designated as an open house so having a locked door would go against the very purpose of conducting an open house. However, safety precautions and issues aside, you might want to impose a closed-door rule. Why? You want to ensure that the people walking in are indeed interested in the property and are not simply after the free snacks you have offered. Imposing a locked door rule would effectively let you filter out the potential guests that would walk into the home. Sure, it might seem unconventional, but at the very least, you would be assured that everyone who walks into the door has an interest in the property in one way or another. Besides, locking your doors and greeting your prospective buyers at the door is also one way to engage with each and every one of them in person and minimize the possibility of inviting crooks into the property.
3.) Approach visitors during the walk-through
Part of what makes an open house so effective is that it allows potential home buyers to wander from room to room and envision themselves in the property. As the property manager, it would be best that you approach them during the walk-through. Gauge their interest in the property and ask what they liked or disliked. Do not hover and follow them from room to room as this will annoy them and ruin your chances of landing them as a client. Engage with them but do not push it. At the very least, leave them to their own devices. After you have interacted with them, leave them be and encourage them to ask you questions should they have it. After your initial approach, let them approach you after that.