Open Houses May Become Hugely Profitable Post-NAR Settlement

If open houses aren't a typical part of your listing strategy, now's the time to reconsider that decision. Why? Because thanks to the NAR settlement, open houses are predicted to make a major comeback.

More buyers are expected to go directly to listing agents in a post-settlement world, and that means that the usefulness of open houses as a sales tool just went way up. Even if you only work with listings, remember that buyers attending open houses may have their own properties to sell, offering you new business opportunities.

Tip: Use a digital open house sign-in app so that attendees' contact info is ported into your CRM and you can easily follow up after the event.

Open houses may serve sellers better, too, says Realtor Brand Mulrenin. In the video below, he explains that unlike in the past, where open houses rarely led to sales, sellers can now expect a higher chance of buyers purchasing the property directly.

Even buyer's agents can benefit from open houses, says Mulrenin. With new regulations restricting commission offers through the MLS, open houses can become a forum for buyer's agents to collaborate with listing agents and negotiate compensation.

Watch the video below as Mulrenin explores the new profit potential of open houses, and learn how you can take advantage of them to generate more business: