Broker's Open House

Broker's Open House

A broker’s open house is a showing of a property for sale targeted to other real estate agents. A broker’s open house is not for home buyers but is held for agents to enable them to determine whether a property may be of interest to any of their clients. A broker’s open house is a showing of a property for sale targeted to other real estate agents. Agents who tour a property will consider whether it would be a good fit for any of their clients and then bring those clients to the property for a private showing in the following few days, especially if the broker's open is well attended. A broker’s open house is the showing of a property to real estate agents and not homebuyers.

A broker’s open house is the showing of a property to real estate agents and not homebuyers.

What Is a Broker's Open House?

A broker’s open house is a showing of a property for sale targeted to other real estate agents. A broker’s open house is not for home buyers but is held for agents to enable them to determine whether a property may be of interest to any of their clients. 

A broker’s open house is the showing of a property to real estate agents and not homebuyers.
The broker’s open house is meant to help brokers determine whether the house would be of interest to their clients.
These open houses are generally held during the week as opposed to a standard open house, which is held on Sunday.

Understanding Broker’s Open Houses

The guest list for a broker's open house is limited to other real estate agents and industry professionals. Standard open houses usually are held on Sunday afternoons because most potential buyers have weekends free for house hunting. A broker's open house usually is held midweek when agents are more available than on weekends when they are occupied with showing homes to their clients. A broker’s open house is among the tools that real estate agents use to market a home. In addition to internet marketing systems like Multiple Listing Service (MLS), it's a way to introduce a listing to industry professionals in a community.

Broker’s open houses can be used to evaluate how a home compares to other similar properties for sale in the same market. 

Benefits of a Broker’s Open House

Once an agent schedules a broker's open house, they will advise their network of industry contacts. Usually, food and beverages are offered as an incentive to attend. On the day of the event, visiting agents tour the property with the selling agent, mingle with colleagues amid the refreshments and discuss their opinions on the property. Broker's open houses generally are scheduled within the first few days of a property being put on the market to capitalize on the initial of interest in the new listing. And, if there is an eventual price drop or other change in marketing methods, a broker may hold another open house to spread the news. 

A professionally targeted broker's open can reduce the amount of traffic through the listing needed to market and sell the property. Agents who tour a property will consider whether it would be a good fit for any of their clients and then bring those clients to the property for a private showing in the following few days, especially if the broker's open is well attended. Real estate agents hold broker’s opens to generate interest, excitement, and demand for a property to be able to sell it for the best possible price. Even if an offer does not result directly from the broker's open, it can be valuable as an opportunity to evaluate how a home compares to other similar properties for sale in the same market. The host realtor can collect feedback from the visiting realtors on the property’s perceived advantages and disadvantages and its pricing.

Related terms:

Broker and Example

A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. read more

Multiple Listing Service – MLS

A multiple listing service (MLS) is a system utilized by a group of real estate brokers that allows them to see one another's listings of properties for sale. read more

Open House

Open houses are periods of time in which houses or other dwellings are available to be viewed by potential buyers. read more

Open Listing

An open listing is a property listing that uses multiple real estate agents in a nonexclusive arrangement to find potential buyers. read more

Pocket Listing

A pocket listing is a real estate listing that is retained by a listing broker or salesperson and not distributed or shared among any of their peers. read more

What Is Property?

Property is anything tangible or intangible over which a person or business has a legal title. Discover more about the term here. read more

Short Sale (Real Estate)

In real estate, a short sale is when a homeowner in financial distress sells their property for less than the amount due on the mortgage. read more

Real Property

Real property is the land, everything that is permanently attached to the land, and the rights inherent in the ownership of real estate. read more

Real Estate Agent Definiton

A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions. read more