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How Many Leads Should You Be Generating from Open Houses?

If you are a new agent, you are likely hosting open houses every weekend. Open houses are one of the best ways for agents to get in front of motivated buyers who are actively looking for a home to buy, but how many leads should you be getting from open houses?

Placing yourself in the path of actively searching buyers is a logical move, and certainly is a reliable means of generating buyer leads. Although it is a reliable, it can be stressful and lead to you questioning if it’s worthwhile. Depending on where you are at in your business journey, it may or may not be the most effective use of your time.

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Average Open House Lead Generating Results

When looking at lead generation capabilities of an open house, we will be looking at it based on the average open house. This is what we are seeing in our market and hearing from others about their markets, but may not be how you are doing it. That’s okay. In fact, that is a good thing if you are doing more!

Average Practices for Advertising

Most open houses are advertising on Facebook, and possibly Instagram. Often times they will be posted on the MLS, Zillow, and announced on social media platforms 2-4 days in advance of the event.

Social media is a great strategy for advertising open houses, however, it is often saturated with events these days. Most potential customers are trying to plan their weekend in advance, and have made their plans by the beginning of the week. Posting on Thursday or Friday will lead to missing out on many potential visitors.

Average Hosting Practices and Results

Walking into an open house, you will likely be greeted by an agent trying not to be creepy but wanting to introduce themselves. They will come around a corner and give you their card, maybe even a property flyer with the same pictures and information you found online.

More than likely they will have a clipboard with a sign-in sheet tucked away somewhere, usually on the kitchen counter. They’ll ask everyone to sign-in and leave their contact info, but nobody will. There may even be an iPad covered in greasy fingerprints that was supposed to be used for signing in, but it fell asleep due to inactivity and now everyone is walking past it.

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Realistic Outcomes

If there are fifteen to twenty guests at the open house, this agent may get the contact info of a handful who end up talking to them. Out of the four or five they get info from, there might be one who is really looking for a home and ready to get pre-approved at the bank and begin writing offers.

Although not a failure, was this the best use of this agent’s time? Putting in a whole afternoon on the weekend away from their family and friends to get one warm lead is not my idea of working smarter. To be a top agent, you should be finding ways to leverage your time and energy when generating leads for your business.

Leverage Your Time, Capital, and Energy

One way to do this is to break the traditional mold and build an open house model that works specifically for your strengths and capabilities. Outsourcing what you are not good at, and using strategies that convert lookers to buyers.

Finding What Works Best for You

Starting out you will be a fish out of water when learning how to host an open house. With experience, you will be learning what does and does not work for you specifically. Some agents have great success with “mega open houses” ala Tom Ferry. Others find that a more laidback atmosphere with food and good conversation is producing the majority of their leads.

Giving different strategies a shot will help you in determining what is most productive for your personality. Leaning into what works best will set you apart from the crowd of average agents.

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Increasing Attendance

When increasing attendance at your open houses is critical, what’s the first thing that comes to mind? Getting more eyes on your event will lead to more attendees, and this means posting about it where the people are.

Primarily, social media. Facebook groups for local real estate listings, Insta and Meta stories, on your business and personal pages, and in your newsletter that you send out to your clients.

Increasing Conversion Rate

Want to increase your conversion rate on open house attendees? The key to increasing conversion of open house attendees to clients is in the screening process.

As part of the conversation you have with guests, be sure you are qualifying them. Ask qualifying questions to help you determine if they will be a good fit for you or if you need to wish them the best and move on. Some questions to ask:

  • “Are you currently represented by a real estate agent?” (If yes, do not break state law or ethical guidelines by attempting to take them as a client from another agent)
  • “What are you looking for in your next home?”
  • “How soon are you needing to move into your next home?”
  • “Do you need to sell your current home?”
  • “What price range are you hoping to find your next home within?”

Following Up With Attendees

Even with the best open house practices, one cannot succeed without follow up afterwards. Taking time the following week to go through your open house signup sheets to reach out to everyone you spoke to and add them to your database is key.

When adding open house attendees to your database and reaching out to them, be sure you ask if it’s okay to reach back out to them. Get them on one of your drip campaigns and send them a text or call at least weekly until they are ready to buy a home or decide not to.

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Matt Moreland
Matt Morelandhttps://www.mattmorelandrealtor.com/
Matt is a real estate agent, investor, and entrepreneur in Texas, where he lives with his wife and three children. When he is not working on The Agent's Archive, he is helping his clients acquire investment properties, guiding new agents as they enter the industry, farming wine grapes, or working on something for his winery. In his free time he enjoys homesteading with his family, hunting, swimming, and backpacking.