Dear Monty: How do we conduct a for-sale-by-owner (FSBO) open house? We are first-time home sellers. A friend just sold their home FSBO and told us it was not complicated. We want to start the process with an open house, but we want to avoid mistakes. Can you give us direction on how you would conduct an open house?
Preparation Considerations
No. 1: Inform Your NeighborsYour neighbors can be great lead generators. They may know of someone who is looking for a home right now. It could be a relative, co-worker, friend, or someone they know in a service club.
No. 2: Data Sheets
Print up to 25, 50, or 100 data sheets with the date and time of the open house and have a neighborhood kid hang them on the neighbors’ front doors, mailboxes, or porches.
No. 3: Yard Signs
On the Monday before the open house, put a sign in your front yard that says: “Open House, Next Sunday—11:00 a.m. to 2:00 p.m..” On Friday, put out several open house signs on corners with an arrow pointing in the right direction. These signs are vital if you are not on a heavily traveled street.
No. 4: Promote, Promote, Promote
Social media has become a good source of leads. Facebook, Instagram, and many others will advertise FSBO homes for free. Zillow will allow FBSOs to advertise for free, and Zillow feeds to Trulia, Redfin, and other websites. Craigslist will also run your ad for free. Because those ads are free to FSBOs, you can also buy an ad in your local paper or the newspaper where agents promote their open houses. Make sure you include any open house information in any ads.
No. 5: The Sign-Up Form And Data Sheet
Greet your guests near the front door. Ask them to sign in. Make a data sheet like the ones agents hand out containing all the information about the house. Leave them in a visible spot such as the kitchen counter. If they don’t take one, they may not be a prospect.
No. 6: Safety
Besides having others with you in the house to help, they also serve as deterrents in the unlikely event someone is there for nefarious purposes. In the rare instances where an incident has taken place, it has been at a private showing in a secluded or rural location.
No. 7: The Open House
Ask them to sign in. Then ask if they would like to walk through independently or would like a guided tour. Many people will opt to wander around on their own. But some will enjoy a guided tour. Be friendly but make friends at the closing. Remove your pets from the house as they can be a distraction.
No. 8: The Follow-Up
Sales can be lost because neither party acted. A seller should contact prospects within a day or two and ask the prospect if they have questions.
