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Definition: Broker's Open House
Broker’s open house is an event that is designed to display or showcase one’s to other brokers or real estate agents rather than normal public. Since, each agent generally manages seven to eight active buyers. Hence, it helps to find the buyers of the house more easily. Moreover, brokers can also provide some professional feedback about the house, or the locality or about the neighborhood of the house. Each agent or brokers are generally familiar with other agents of the same locality and hence, through broker’s open house information can be spread more easily.
These are better as compared to that of standard or regular open house because in case of regular open house generally there are 14-15 people who stop to have a look at the house but most of them are not very serious about property buying or are just “lookie loos”. Moreover, people generally organize regular open house on weekends. However, for brokers it’s their work and hence broker’s open house can be organized on weekdays as well. However before organizing broker’s open house or regular open houses, the property should be properly cleaned, depersonalized and repaired so that the prospective buyers can imagine it as their own house.
Since, home buying process is not very easy and after few years of financial crisis it is not a buyer’s market anymore hence, it is better to opt for broker’s open house. With the advent of technology and everything being made available online including housing tours certainly outweighs broker’s open house but its major advantage also includes professional information and guidance that prevents the buyer from aggressive bidding, a professionally estimated range in which rent or interest rates may vary and also in accordance with the budget of the buyer and also prevents aggressive negotiation which ultimately lands buyer nowhere.