Second Bite at the Apple
One of the cornerstones of a good home marketing campaign is exposure on Broker Tour.
Held from 11 a.m. to 1 p.m. every Tuesday (at least in the Twin Cities), that’s when agents showcase their new listings to the Broker community, and other agents get to efficiently keep up with all the new inventory (and frequently, get a free lunch!).
In contrast to Sunday open houses, which I think of as “retail,” the Broker Tour is strictly wholesale — and much more significant (although if a non-Realtor wanders in to my Broker open house, I hardly shoo them away — after all, I am there to sell the house).
Broker Tour looms large not only because agents representing the most serious Buyers have a way of showing up at 11:01 a.m, but because the feedback from fellow Realtors is your first, best indication of how the listing is going to go (whenever you hear several “nice listings” on the way out the door, you — and your client — are golden).
Of course, that’s all if the Broker open goes as planned.
But what if it happens to be 10-below that day (hopefully, in January), and turnout is abysmal?
I don’t know about other Realtors, but I’ll generally put a home back on tour — or reschedule completely — in the following three situations:
One. Inclement weather. If no one’s going on tour that day — no one’s coming to your Broker Open (and I don’t schedule them close to holidays).
Two. Time lapse.
Here’s a shocker: it’s a slow market, especially for upper bracket homes.
If several months have elapsed since the home was originally on Broker Tour, it’s possible that new Buyers have since joined the market and are overlooking it.
If so, putting a home back on tour can remedy that.
Three. “New news.”
That can be a major price reduction; new staging; or some other major change in the home (e.g., interior painting).
Even better: all three!
The most important thing a Realtor can do once a listing’s appeal has been punched up . . . is to make sure that other Realtors know about it!
P.S.: My Broker open houses are generally well-attended, because I aggressively market them.
But, that doesn’t mean every one I host is standing room only.
Regardless, my clients get a complete, candid report, usually by mid-afternoon (any Realtors tempted to do otherwise should read “Reason Not to Lie #37“).