The most important resource for successfully flipping a house is time. That said, using your time wisely is key. This is true of any business and is paramount in the house-flipping business. So how does this relate to agent open houses and whether or not it works? More on that in a moment. First, let’s get to know exactly what the house flip tip we’re discussing is.
An agent open house (also known as a “broker open” or “real estate caravan”) is when a listing agent for a particular home invites other agents to “preview” the home. These are usually held during the work week. This is a great way for agents to see what is currently available for sale on the market. But is it really worth it? Let’s take a closer look.
For buyer agents looking at a particular region, attending an agent Mississauga Open Houses can be helpful. Buyer agents can see exactly what is offered for sale in their target region, as well as the type of closure and the current offer price. When these facts are communicated to the buyer, the buyer can make a more informed decision.
Another benefit is that buyer agents can network with sales agents and other agents who attend. Networking is an overused and overused term, but it can be one of the most rewarding house-flipping tips if the agents attending are smart about the people they meet. The more agents you network with, the more deals you are likely to encounter. However, this is also a double-edged sword that leads to the downside of holding and agent open houses.
Networking is the downside of agent open houses. Wait a minute, didn’t I just say an advantage? Yes, actually it’s both. Many agents have been known to attend open houses during the week because they have work to do. Or some will be there to receive a free gift or giveaway (or lunch!). Several of the agents interviewed for this article pitched the idea that none of the agents present were actually making deals! Now, this is not the whole truth as I personally know several agents who trade and attend agent open houses. They can and do increase the share of tire kickers.
Has anyone actually flipped a house via an agent open house? Rarely is the answer yes. This is rare because once listings are published, buyer agents usually know about them before the open house. A savvy buyer agent knows that if they have a home available that perfectly matches the criteria a buyer is looking for, they will immediately jump in. Buyer agents don’t wait for an open house to decide whether to show the perfect home to a buyer.
In summary, agent open houses can be beneficial and can help you figure out how to flip a house quickly. Don’t confuse this with “they will sell your house”. Because that’s usually not the case. In any case, directly. However, they can help grow your house-flipping network and increase interest in current listings. This can actually be an advantage for house flippers and is why maintaining an agent open house will ultimately help you flip more houses.
