Open for Inspection or Open to Prospect?
The open for inspection method is often the inspection method of choice for the agent too lazy or lacking sufficient training to prequalify buyers. The reasons for this are varied but if you scratch just a little dirt from the surface it will soon become very apparent why agents are so insistent upon their use. I am sure that some of you are already beginning to wonder just where I am going with this and what possible other reason could there be for conducting home opens other than to show potential buyers through property? The answer is simple – to prospect for sellers.
What better source of future and immediate home sellers could an agent have other than those already in the market place exploring the possibility of moving? You see the humble home open has become the ideal price comparison tool for those looking to get an early indication of their homes value prior to calling in an agent for an appraisal.
Aside from all the local criminals prospecting and note taking for their next target or sticky beak neighbours in search of decorating ideas, home opens are a fantastic place for lazy and inexperienced agents to prospect for new business. Most lookers are blissfully unaware that when they give their contact information over at the door it is the beginning of a barrage of calls, mail outs, flyers and door knocks from that agent in search of his or her next listing. The unfortunate part about this story is that if the agent in question applied the same amount of effort into finding a buyer for the homes he or she already has for sale as he does into using it to attract a future seller he would have it sold at a fantastic price in no time.
Any genuine buyer feedback obtained from those who inspected the property is generally useless and along the lines of “they thought it was nice but they are looking at quite a few this weekend” or worse still “we are just looking at the moment as we have not spoken with our bank yet”. This will often leave a vendor feeling upset and dejected as to why so many people have viewed their property this day, yet none of them wish to buy it.
This type of behaviour is often compounded even further by the undesirables in our industry who will further increase their strike rate with finding a seller by underquoting the home’s value in order to increase the number of people attending the open. This is some of the most deplorable conduct in the industry which you can be assured of avoiding by selecting an agent that does not use the open for inspection method.
An expert in marketing and negotiation will take the one on one option every time. He or she will have already determined the prospects suitability for the property and have a good idea about what they need and why. Needless to say the property will be accurately priced in order to further entice the prospect into placing an offer. Never allow your home to be used to prospect for anything other than someone looking to buy it.
Written by Matthew Fitzgerald