A broker's open house is an open house that is only attended by real estate agents. The agents check out the property and, if they think they may have an interested buyer, will recommend a showing to their client.
Unlike a regular open house, a broker's open house is held during the week, when agents aren't busy with their clients.
Benefits of a Broker's Open House
Holding a broker open will do no harm, but most showings today are driven by buyers rather than brokers. Buyers are looking on the internet to decide what homes they want to see and brokers have little influence over what homes are shown.
However, a broker's open can help your home sale. A buyer may gloss over your home online, but if an agent sees it in person and thinks its a great fit, the agent will recommend a showing.
There's also the possibility that agents will network with one another. An agent who doesn't have a buyer who's a good fit for your house might know another agent who does.
Agents may also leave feedback with you or your realtor, which can help you sell your house.
Preparing for a Broker's Open House
You'll want to prepare for a broker's open house the same way you would prepare for a regular open house. That means cleaning the home on the inside, repairing obvious blemishes, and removing clutter. Cage or relocate pets, put out air fresheners, and open all the windows for lots of natural light.
Should You Have a Broker's Open House?
If you're selling your house yourself, a broker's open house is a good idea. You'll need all the help you can get, plus you can assure agents that you'll pay the standard 2.5-3% buyer's agent commission. Some agents are leery about working with a for sale by owner (FSBO) seller because they may have had bad experiences with agentless sellers in the past.
A big reason FSBO sellers don't want an agent is because they won't have to pay the 2.5-3% seller's agent fee. We also think that seller's agent fee is too high, but we also know that sellers who have a great agent sell for more and don't have to do all the work.
That's why Home Bay has partnered with Clever Real Estate. Clever is a nationwide brokerage that can match you with top-performing, local agents who can help sell your house for just a 1% listing fee (or $3,000 for home sales below $350,000).
Customers love Clever - the company has a 4.9 out of 5 score on Trustpilot with over 1,600 reviews. In just the first few months of 2022, Clever saved customers $12.5 million in fees, when the market was at its hottest and home prices soared.
Clever offers a free agent-matching service, and if they can't find you an agent you love, there's no obligation to continue. Depending on your area, Clever can match you with up to three pre-vetted agents to pick from.
Want to learn more? Connect with a Clever agent today!
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