Attending an Open House as an Investor

5 Replies

I am going to attend some open houses this weekend and was wondering if there are any tips from the seasoned BP pros. Do I mention that I am a real estate investor or keep it low key and just say I'm looking. What do I pay attention to besides the obvious? It's been a long time since I've attended open houses so any help is appreciated.

@Lisa V.

If you already have a Realtor you're working with tell them to contact the Open House Realtor, and register that you'll be coming by (with or without them). If you don't do that, the second you walk into the Open House you belong to the Open House Realtor and they would have the seller's interest at heart. Whereas if you had your own buyer agent, and register in advance, they'll negotiate on your behalf.

I somewhat agree with @Dave Van Horn on this but he’s missing one caveat. The brokers that sit open houses do not necessarily have the best interest of the seller in mind.

obviously, if the broker is the listing agent, their loyalties are to the seller and you are walking into the lions den if you don’t have your broker present. Just be careful what you reveal and I always tell my clients to just be quiet, listen and say nothing.

On the other end, sometimes other brokers in an office sit open houses for the listing agent in an attempt to pick up clients. This means as soon as you walk in the door, they will be attempting to “pick you up” in an attempt to work with you. If you don’t have a broker and hit it off with the open house broker, then go for it.

Open houses can be very tricky and like Dave said, it is always better to reach out and let your broker know you will be going by prior to attending.

My best advice at an open house is to listen as much as possible and again, reveal nothing of who you are or what your intentions are. Gather Intel only!!

Good luck!!!

@Lisa V. If you are a Flipper might be a good place to sniff out who your buyers demographic will be one day

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here