Open House is a concept that is of great benefit to the sellers as it increases the market exposure of their property.
The concept of open house has been always a very prevalent and a popular approach in addition to being one of the oldest methods of getting home buyers directly to the doors of the property. Talking specifically about the Indian Real Estate market, the concept is still new as not every realtor has embraced to the habit of bringing forth the new developments and changes from the traditional approaches of Real Estate selling. But still the concept is building up in India and I feel that Open House is a concept that is quite niche and can be very well explored.
Serious home buyers will definitely do the research online in terms of reviewing the photographs and location of the property and then they prefer visiting the site. It is a fact that what one sees is what one believes. So before hosting an open house, creating virtual tours and slide shows of the property can be one of the best ways to convince customers about the prospective homes they are looking for. This will also add more value to what the Agent wants to present. At the same time one needs to ensure that the cost of such open houses is kept within strict budget in order to conduct as many as possible. Normally, it is seen that some of the most important information is shared through mails; however, it should be mandatory to share important information with customers during such open houses as well. This helps in building up more trust and confidence, therefore, rise in the number of loyal customers as well as company goodwill.
If I give examples of RE/MAX Associates embracing this concept, we have Broker Owners from the regions of RE/MAX Delhi NCR and RE/MAX Gujarat who have been very active in making use of it to market their properties. Paper advertising, event creation on social networks, getting signage designed and assigning agents their respective jobs on the D-day of the Open House are tasks which Nirav and Harit, Broker Owners, RE/MAX Realty Solutions, RE/MAX Gujarat have been actively doing in making this concept a success for them. As hardcore marketing professionals, they make sure everything is in motion and zero-error chances are always created by the duo. In addition to it they also plan on gifting goodies to customers who are really interested in buying a property as such actions help in building loyal customers and improving the goodwill of the firm.
It is vital to select the best available property on site to conduct an Open House session as a substantial amount of time, resources and money is spent to conduct one proper session. If the property location is not right, the whole hard work can go for a toss. Other important factors that should be kept in mind at all times when getting the show on is the right pricing and proper staging. Manish Patni, Broker Owner, RE/MAX Investmart, RE/MAX Delhi NCR has also been active when it comes to showcasing a property through an Open house in a market like Delhi. The Open House sessions are also a perfect way to create a group of buyers who may or may not want to invest in the property shown to them; however, through an open house you can also share information about other properties that match their investment interest. Mr. Vivek Parikh, Broker Owner, RE/MAX Metro, RE/MAX Gujarat is another RE/MAX Associate who has been active on this front.
There are a lot of people who are still hesitant in making use of this concept. I feel that the Indian real estate is in process of seeing numerous changes and with the splurge of more players vying to be the change leaders; the new ideas will overlap the previous ones. We need to show that the Indian market is ready to get in equilibrium with the modern age style of Real Estate marketing. With the Brokers now becoming Real Estate Consultants to the customers, they need to bring in these new approaches and seal the deals through it. We need to make the sellers and buyers aware to these creative concepts and think of more innovative ideas that can be a win – win for both the sellers as well as buyers.
Author’s note: Mr. Sam Chopra is the Founder & Chairman, RE/MAX India, Master Franchisor for INDIA Region, Global Real Estate Franchising Network. A Chartered Accountant with a career spanning more than 30 years of diverse experience and numerous successful entrepreneurial assignments under his belt. His significant contribution in the Real Estate sector has made him the recipient of “Award for Excellence” at Realty Kings of North India, 2014.
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