Open Houses for Flips

2 Replies

A question to all of you out there listing for investors. What are your favorite/most creative ways to market/show the property? This really could go for any open house(not just flips), but I'm trying to think of unique ways to produce additional investor clients. One good conversational piece I've used at open house is to have either an album or place some 'before' pictures in the house. The potential buyers can see how much of the property is new and custom. It starts a lot of conversations. What are some of your ideas?

@Michael Wegener

For retail buyers: As an agent showing an open house, staging is obviously key. I like the picture idea. But also things like scented candles, food also goes a long way (it makes people stay longer). And I would always do my best to highlight or show off the amenities in the new house.

Curb appeal is important too. So it would usually have to be appealing from the outside, otherwise I'd have potential buyers say "next" before we even got inside.

For investor clients: 

This was my specialty as an agent and eventually I got it down to a system where I'd do the majority of the work up front. First, I'd host investing networking meetings and bring deals to the meetings. I'd learn an investor client's criteria first before showing them anything. The criteria usually boils down to numbers. So I'd run all the numbers (the financing, the return, etc) beforehand, make sure they'd make sense and then I'd send them to the investor along with photos to give them more clarity before even deciding to look at the property. 

I would have an email database of investors that I would shop the deals to before showing. And I usually would show the same 10 houses to a small network of investor buyers, first come first serve style. Eventually it got to a point where many of the investors would use the home inspection to submit offers, sight unseen. This of course only happened after building trust.

My only regret from this time in my career was selling so many of the properties instead of buying them myself! I was settling for quick commissions when I could have been using hard or private money to acquire all the best deals for my portfolio.

Originally posted by @Dave Van Horn :

@Michael Wegener

For retail buyers: As an agent showing an open house, staging is obviously key. I like the picture idea. But also things like scented candles, food also goes a long way (it makes people stay longer). And I would always do my best to highlight or show off the amenities in the new house.

Curb appeal is important too. So it would usually have to be appealing from the outside, otherwise I'd have potential buyers say "next" before we even got inside.

For investor clients: 

This was my specialty as an agent and eventually I got it down to a system where I'd do the majority of the work up front. First, I'd host investing networking meetings and bring deals to the meetings. I'd learn an investor client's criteria first before showing them anything. The criteria usually boils down to numbers. So I'd run all the numbers (the financing, the return, etc) beforehand, make sure they'd make sense and then I'd send them to the investor along with photos to give them more clarity before even deciding to look at the property. 

I would have an email database of investors that I would shop the deals to before showing. And I usually would show the same 10 houses to a small network of investor buyers, first come first serve style. Eventually it got to a point where many of the investors would use the home inspection to submit offers, sight unseen. This of course only happened after building trust.

My only regret from this time in my career was selling so many of the properties instead of buying them myself! I was settling for quick commissions when I could have been using hard or private money to acquire all the best deals for my portfolio.

Yup. I prefer the networking meetups. Seems like not as many people are doing it as much -I guess everything has gone online. 

Join the Largest Real Estate Investing Community

Basic membership is free, forever.