What is a broker’s open house?
A broker’s open house can be described as an exhibition of a property for sale to real estate agents. The purpose of an open house is not to attract home buyers directly but for agents to evaluate if a property is suitable for their client(s).
The broker’s open house is similar to an in-house advertisement of shares in a private company. In the broker’s open house, houses are listed for agents and other real estate professionals to assess and determine which one suits their clients. But unlike a standard open house which is held on Sundays, the real estate broker’s open house holds during the week to enable agents and other professionals view the listings.
The essence of holding a broker’s open house is to spread the news of a new listing to fellow professionals within the real estate industry. This facilitates a quick sale of the property. Usually when a broker or agent calls a broker’s open house, the brokers and agents on his contacts and they tour the property on the scheduled date. This helps the visiting agents to determine if the property is suitable for their clients.
However, a broker’s open house may also be done electronically with the aid of visual software, social platforms and multiple listing sites.