Realtor Tour Versus Open House

            What is a realtor tour? The easiest way to describe a realtor tour is by simply comparing it to that of an open house. You may have also heard it called a broker's open house or broker's tour. A realtor tour is an event that allows real estate agents to invite other agents to visit an upcoming listing before it is made available for sale to the public. This is an excellent opportunity for other realtors and brokers to become familiar with the upcoming listing and market inventory. During this time, they can provide feedback on pricing and presentation and even bring potential buyers to tour it later. Tours increase the exposure for sellers in the real estate community. Unlike an open house, a realtor tour is specifically for anyone in the real estate profession. In the Bryan/College Station (BCS) MLS (Multiple Listing Service) area, our local realtor tours are held every Tuesday rather than an open house, which is typically held on the weekends.

            Preparation for a realtor tour is essential and can also be a lot of fun. You must ensure the home has been cleaned and staged to be well-presented for guests. Marketing, Marketing, Marketing, is a must. Material such as brochures and information sheets are important. Some agents use QR codes and frame them nicely in different areas around the home so visitors can scan them conveniently and have the information uploaded directly onto their phones. You also want to provide refreshments and snacks during the tour. Many agents will have themed events. For example, Cole Bearden hosted a realtor tour in early June and titled it "Sips & Sun Tans." This was a title and theme that fit the hot 90-degree summer day. He offered mojitos and mimosas and had the most beautiful variety of fruit, bread, meats, and cheese laid out on a large charcuterie board for all who visited. Cole created such an excellent environment that allowed all visitors who attended to feel most welcome.

            When Oro Realty hosts a realtor tour, it is not only about showcasing Oro's new listing but also about reaping the benefits of the tour. The most important thing is to increase the exposure of your client's property within the real estate industry. At Oro Realty, we hold ourselves and our agents to the Gold Standard and go above and beyond for our clients who have entrusted us with listing their homes. Our priority is to generate the greatest possible interest early in the listing. With realtor tours, you can encourage other agents to recommend the new listing to their clients, and hopefully, this will result in multiple competitive offers early on. The goal is to have more exposure and more potential for a quick sale, which is the desired outcome.

            The opinions of other realtors are highly valuable information, such as comparative properties listed by different agents. Pricing, staging, and even marketing strategies can be shared among the professionals. Other agents can share possible concerns, allowing you the time to make the necessary adjustments before the listing "goes live" or is made available to the public. You will frequently see realtors hosting a realtor tour once, and typically, it is early in the listing to increase interest immediately. On average, a realtor tour will last around one to two hours. A more successful tour can occur when you coordinate with other agents with nearby listings. This allows an easier and more convenient schedule for realtors to have the ability to see multiple properties within one tour on a single day.

            Advertising your upcoming realtor tour is crucial. I suggest at least two weeks before your event. Updating your MLS listing early on is also vital so that everyone with access can see the upcoming date you have set. This will allow realtors to plan accordingly if they decide to collaborate with their nearby listings. Email invitations, phone calls and texts, social media marketing, and networking with other agents are all great ways to invite other agents to participate in your tour. Offering prizes is also another highly favored marketing strategy that can be implemented to attract a large turnout.

            Hosting a realtor tour never replaces an open house; the two are designed to complement each other. The tour is intended for professional feedback and interests, which can help maximize exposure and improve your listing. Your realtor tour is a more professional environment that allows networking amongst agents. Whether or not you decide to guide other agents through the home is solely up to you. Some prefer to walk home alone and chat for more information and handouts at the end of my tour. Open houses are used to target buyers directly and tend to be a more casual environment. Make sure to be punctual and accept the constructive, professional feedback provided by the other real estate professionals. Respect the property and ensure no mess or items are left after the tour.

             Realtor tours can lead to success stories, including scenarios where multiple agents bring their clients for private showings shortly after the tour, resulting in competitive offers and quicker sales. For example, Cole's successful realtor tour of his newly listed property resulted in an executed contract within a week, with a full offer due to the initial buzz created by the tour. Overall, be punctual and accept the constructive, professional feedback provided by the other real estate professionals. Respect the property and ensure no mess or items are left after the tour.