Why You MUST Maximize Open Houses Now

Hey there, Kathy Byrnes here, your go-to REALTOR in the Lake Norman area just north of Charlotte, North Carolina. Let’s dive into an important topic today—how crucial open houses and broker opens are in this new real estate market. And I mean critical. If you're in real estate or thinking of jumping in, this is something you can't afford to ignore.

What’s Changed in the Market?

As of August 17th, 2024, sellers and agents can no longer include the commission amount in the MLS. That’s right—gone are the days when you could easily see what the seller is offering in terms of compensation for buyer agents. This changes the game entirely. But where some see complications, I see opportunity.

So, how do we navigate this? We’re going to have to get creative with how we market properties, and trust me, open houses and broker opens are going to be key.

Open Houses: A Critical Opportunity

With this new rule in place, you’re going to see open houses popping up everywhere. Why? Because potential buyers might not want to sign a Buyer Agency Agreement before seeing the house. And guess what? Until they sign that agreement, as agents, we can't even show them the property!

Imagine this: you’re a listing agent. Your marketing strategy could be something like, “Don’t want to sign a Buyer Agency Agreement? No problem. Come to our open house instead!” You’ve now opened the door for buyers who are hesitant about committing to an agent right away.

This way, they can still see the home, and you could still pick up some potential leads, even if they’re unrepresented buyers at first. The open house becomes a low-pressure environment where buyers can explore the property without feeling boxed into a formal agreement. That’s huge!

Broker Opens: A Networking Goldmine

Now, let’s talk about broker opens. You can’t overlook these—they’re just as important as open houses, maybe even more so. Broker opens are your chance to get other agents in to see the property and spread the word about what the seller is offering to pay.

Here’s where it gets interesting: you can still tell other agents how much the seller is willing to pay for buyer agents during these events. Use this opportunity to network, show off the house, and build relationships with agents who may bring their buyers to your property. Make sure to stand out—whether it's with a wine-and-cheese event, a Facebook live, or a simple lunch, you want to create visibility and buzz.

Handling Buyer Agency Agreements

Now, here’s where it gets a little tricky. Without that signed Buyer Agency Agreement, you’re limited in what you can say to potential buyers. They can come to the open house, sure, but if they start asking about the home’s price or what the seller is willing to pay, you need to tread carefully.

Here’s what I would do: if a buyer tells me they’re not working with an agent, I’ll show them the house but explain that I can’t dive too deep into details about their personal situation unless I become their buyer agent. It’s a delicate balance, but it’s manageable with the right approach.

And let’s be real for a second—dual agency isn’t my cup of tea, especially in today’s litigious environment. You have to be careful, folks. It’s important to be crystal clear with buyers about representation and compensation.

Creative Solutions for the New Rules

So how do we deal with the fact that we can’t list commission rates in the MLS anymore? There are several creative ways to handle this. You could place a sticker on your “For Sale” sign that says, “Call for Commission Details.” Or, how about leaving a voicemail message with the commission rates? These small tweaks can keep you compliant while still getting the word out.

And during your open houses, make sure you’ve got everything prepared. Have a signed 220 form from the seller that details what they’re offering the buyer’s agent. Keep that handy so you can quickly move forward if a buyer is interested in making an offer.

Open Houses on Steroids

I’m telling you right now—get ready to ramp up your open house game. You’re going to be hosting these every weekend. Maybe even during the week. The market is shifting, and this is one of the best tools in our arsenal to keep buyers coming in, even if they’re not ready to sign on the dotted line.

And if you’re not the listing agent? No problem! Offer to host open houses for other agents. It’s a win-win—you get the exposure, and they get their property shown. But make sure you’re prepared with all the necessary paperwork and have a clear understanding of the seller’s commission offerings.

Broker Opens: Don’t Sleep on These

Now, don’t forget about broker opens. These are great for spreading the word to other agents about what’s available. And in today’s environment, it’s also an opportunity to let them know what the seller is willing to pay the buyer’s agent. You might even want to consider hosting a Facebook Live while you’re at the broker open, showcasing the house, the amenities, and all the cool features that make it stand out.

Visibility is everything right now. You want other agents to know you’re out there hustling, showing homes, and bringing in buyers. Plus, by doing these broker opens, you’re positioning yourself as the go-to agent who’s staying ahead of the curve.

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Let's Connect and Grow Together

So, what are your thoughts? I’d love to hear them in the comments. And hey, if you’re ready to take your real estate game to the next level, book a business strategy call with me. I’m with eXp Realty, and we’re ahead of the curve when it comes to navigating these new changes in the market. If you’re curious about how we’re handling it or think eXp might be a good fit for you, let’s chat!

In the meantime, start planning those open houses and broker opens. Make this new market work for you, not against you. I’m rooting for you, buddy! Stay sharp, stay visible, and let’s make things happen!