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When thinking about Promoting your property, it is useful to think of the 5P’s of Marketing: Product, Price, Promotion, Process, and People. Each element must be functioning optimally to give you a smooth transaction. Getting timely and adequate feedback is crucial to adapting and optimizing the 5P’s. We get feedback from many sources, but the richest source of feedback is the Open house.

What sets the Smart Open House apart from the rest of the competition is that we have turned it into a both an art and a science.

The Art of the Smart Open House: We never forget that the property is a sales floor and the open house is one of the best chances to snatch a buyer. Our Smart Concierge Open House Service includes professional on the floor salesmanship. We dress professionally and greet visitors with a smile. We have refreshments, fliers, and brochures. We have warm smelling cookies, chocolates, and/or candles. We have adequate lighting. We do everything to create a newer warm home feel. We put the property, the neighborhood, amenities, and features in the best light. We are ready to professionally give information, answer questions, and efficiently guide them through the house. If we don’t have the answer, we will definitely get their contact info and get back to them. Of course, we’ve prepared for the event by letting the neighbors know by flier, passerbys by street signs, and buyers and other agents by internet and the MLS.

The Science of the Smart Open House: As you can see don’t sit back and let people walk through. We also don’t let go a good opportunity to get feedback. We take each open house and each visitor as an opportunity to conduct professional Market Research, consisting of Qualitative and Quantitative Research opportunity.

Qualitative Research: We closely accompany the visitors to qualify them for the sale. We ask a lot of questions about who they are, their readiness to purchase, how many homes and which they have seen, what they think about the property, etc., more so if they meet more and more of the qualifying criteria. In other words, we not only size up the visitor and discern the interest and readiness of the prospect to buy your property, we also ask them feedback about the house and how it compares against the competition for the price. If they appear to qualify and seem ready to purchase, we make sure to get their contact information. Even if they aren’t interested in making an offer, we weight their information more than those less able, ready, and interested. Of course, we mostly discount the responses of looky-loos and try to get them out the door as fast as possible!

[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section admin_label=”section” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”on” make_fullwidth=”off” use_custom_width=”off” width_unit=”off” make_equal=”off” use_custom_gutter=”off” fullwidth=”off” specialty=”off” disabled=”off” custom_padding=”0px|||”][et_pb_row admin_label=”Row” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” use_custom_gutter=”off” custom_padding=”0px|||” allow_player_pause=”off” parallax=”off” parallax_method=”off” make_equal=”off” parallax_1=”off” parallax_method_1=”off” parallax_2=”off” parallax_method_2=”off”][et_pb_column type=”1_4″][et_pb_text admin_label=”Quantitative Research” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] Quantitative Research: At the end of the visit, each visitor or family is given an Open House Survey Form and a pen to fill out before they leave. The survey form has several questions asking them what they think about various parts of the house giving them a chance to rate them. There is also an open-ended question asking them if there is anything we can improve. The responses are in the form of ratings or handwritten in remarks. These are collated into a spread sheet for analysis. [/et_pb_text][/et_pb_column][et_pb_column type=”3_4″][et_pb_image admin_label=”Open House Survey Form” src=”https://smart-123.com/wp-content/uploads/Open-House-Survey.jpg” show_in_lightbox=”on” url_new_window=”off” use_overlay=”off” animation=”off” sticky=”on” align=”center” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_style=”solid” alt=”Smart Realty Open House Survey Form”] [/et_pb_image][et_pb_text admin_label=”Click on the image” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]

Please click on the image for a larger picture.

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Smart Realty Open House Report

Property Address:  1234 Your Address, Your City, State, Zip.
Date of Open House(s):  Saturday and Sunday, June 6-7, 201x
Time of Open House(s): 1 pm – 4:30 pm Saturday, 1pm-4pm Sunday
Agent/Broker Conducting Open House: Charles K. Park, Broker

Time, Weather, & Traffic

Two days of open-house was conducted from about 1 to 4:30 on Saturday and Sunday (6/6-6/7) of this weekend. The weather was bright and crisp, though a little warmer on Sunday. On Sunday, the AC was turned on. We had a total of about 40 visitors: About 28 on Saturday and about 12 on Sunday.

The competition

Within about a block radius, there are about 8 homes for sale ranging from about $yyy   (about 1,300 sqft) to $zzz (5/5 b/b and 3,588 sqft). Several of them held open houses.

Right nearby, another home held an open house (around the corner). A guest reports that the other house: Had 5 bedrooms but it was smaller (yyy sqft), had only 2 bathrooms, had lot of delayed maintenance, and had low-quality workmanship. MLS says it is priced at $zzz.

Together they represent a diversity of home sizes and prices.

Characteristic of Visitors

The majority (23 families/groups) of visitors expressed interest in buying a house this summer, with about half of them expressing a “strong” (7-10) interest. A majority of these people had already seen several homes. Only very few came alone. Most came with family and/or friends. There were a 2-3 agents who came to check it out. There were also several neighbor lookie-loos who came by.

What They Say

Positives: There are many things to like about 1234 Your Address. They like the size of the house, size of the bathrooms, size of the family room, and size of the bedrooms. They like the quality of the remodel and amenities, including the hardwood floor and bathrooms. They like the walk-in closets and the master bedroom. They like the upgrades and remodeling done in the bathrooms and the kitchen. They like the furniture too!

Negatives: Some complained about the carpet in the bedrooms. Some people wanted a larger backyard, though it was fine with others. A couple said that dining room was small or non-existent. But the biggest negative was the price.

A couple of people were shocked to hear that we were asking for over a million dollars. While the home scored high on the Survey for other amenities (8.8+), the average score for price was 6.2. The large variance (5.2 vs. 1.3 for other factors), indicate strong disagreement on whether the price was high or about right. Those who gave the highest positive ratings (9-10) for price were least interested in buying soon. Still, a good number of people gave it a score of 8

Conclusions

Overall 1234 Your Address is a very attractive house.

It has a great location being in the best school district (by far this is the most important) and in a clean and well planned city.

People approve of the rebuilding/remodeling and later renovations. The floor plan is a positive (though noted is lack of a separate dining room). Bathrooms and kitchen are very large and generous. Family room is a big plus. People like the staging and furniture, wanting to keep some furniture, if they ever bought the house.

However, the vast majority appear to believe that the house is high priced with a few expressing their opinion that it is overpriced. No one with a strong or moderate interest in buying a house soon, ranked price a 9 or 10 on the survey. A significant proportion of visitors rated price a “8” – but it sufficient to make them want to make an offer.

A person said, “If I can get another similarly sized house for $yyy I wouldn’t mind spending $100,000 to $150,000 to fix up that house and save money doing it. That’s the difference.”

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For the first few open houses, the research is gathered after each weekend and an Open House Feedback Report is produced and shared with you. It will describe the results of our finding and summarize client feedback. These findings are then used to modify and improve our 5P’s and fine tune the marketing strategy.

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