This is a common question our sellers receive from other agents. Can they host an open house for them? What does this mean? How does it affect the seller? Why are they asking me this?
First, it shows that Congress Realty has a fantastic relationship with local Realtors(R) across the board. For that we are grateful and appreciative of the interest our listings generate amongst local Realtors(R). So what is the Realtor(R) actually asking? The Realtor(R) is wanting to host an open house at your property. At this open house, they will meet with potential buyers and guide them through the property. Typically, this Realtor(R) will advertise the open house at a cost to the Realtor(R) and not the seller. Why would a Realtor(R) want to do this? Simple answer – They are trying to acquire leads for themselves. They are hoping to generate business for themselves in the future by “working” these leads. What does this mean to the seller? If the Realtor(R) procures a buyer, the seller would owe this Realtor(R) whatever commission they had agreed upon in the MLS listing.
Should a seller participate in this type of Open House? As long as you are not wanting to work your own “leads”, I think it is a great idea. It gives the seller the freedom to spend Saturday and Sunday doing as you please, while someone else is trying to sell your home. On the other hand, if you want full control over your potential buyers, you may prefer to sit your own open houses w/out the assistance of a Realtor(R).