Broker open house events or as they are often called in our market--broker caravans are still quite popular and typically well-attended.  They serve/can s erve multiple purposes here as a marketing effort to both the real estate brokerage community as well as the public including prospective buyers/sellers who know this may be a chance to see that new listing.

I prefer public opens but, if I have a spectacular high-end listing that needs more exposure and the season is right, I'll have a broker open. 

As I said, I'd rather have it open to the public and not just limit it to other brokers/agents.

If a seller insist on it.

1. Only if a client absolutely insists on it and in the last decade I've only ever had one. No buyers resulted. Serious buyers make appointments to look at homes with their agents or call me direct.

2. If someone is coordinating a neighborhood open house and asks me to participate... I've only had one of those in the past 10 years. No buyers resulted.

In 25 years I've never sold a home off of an open house. I've picked up a client here and there, but let's face it... that's not why agents "sell" open houses to their clients. Secretly agents just hope to pick up a few prospects. And then there is the issue of safety... not good for me and I'm not sure great for sellers as we really don't know who is wandering through their home. 

We have some very exclusive waterfront properties that rarely come on the market and if they did, would sell for MMs. If hired to list a property like that, I would hold a broker's open on a Saturday afternoon with music and libations and invite the heaviest hitting buyer's agents.

The chance of that is rather slim, but to me that would be the highest and best use of a broker's open. I am not a residential broker so when I'm invited to those I do not attend. The only time I would consider it would be if I had a buyer who was specifically looking for something along those lines.

They ar enot worth it in most cases in this market. I am getting home sunder contract in less than 7 days without them. They do work for new construction or a home that is unique

      High end house or luxury house.  Or, if I represent a developer or major builder in a subdivision, I will hold a Broker open in the model home.

Have not done one, some day I would like to attend one but so far they have all been scheduled when I was busy.

I always do Broker Caravan Opens.

I NEVER do open to the unapproved, looky-loo, petty crime, waste my time public.

I think if you have a "Hot Listing" you should do the Open House. Hot Listings sell at Open Houses. If you're overpriced & doing it just to keep a demanding seller happy then you've just wasted 2 hours of your Sunday. 

This week BVO is holding 27 Open Houses.

Zero, you can always be assured that the agents who don't do business will come for the free food.

I'm doing one today.  Unhosted though.  Basically just put it in the system and any brokers interested can go.

James,

I agree with Michael Jacobs .  They work very well here also.  It depends on the market place.  A

In our market area (Central Washington) they are weekly and well attended.  It is the most effective way of keeping up with new inventory as it comes on the market.  It was an important event in my weekly schedule.  The local MLS office coordinates the list and disseminates it to the membership.  It wasn't a lot of work, other than tending the Open for a 2 hour period.

As someone who has been involved in several markets in Florida and Illinois, it depends! They work in some areas and are a waste in others. Know your market!

They are popular in our area but not always necessary in our active market.

It's a good way to get other agents interested or at least aware of the property. Unfortunately, getting them to attend is another matter. In my area, agents do it with luncheons, prize drawings, etc. 

Only if seller requests it..

Never done one, never plan on doing it.  I've attended a lot of them, mostly for the free food

It would have to be a hot buyers market.

New listing, one that needs to be seen to be believed.

with new construction, it's a MUST...

Will do on high end homes.  Probably a good to get an idea what other agents think of the pricing of the home expecially when the seller wants it listed too high.  Typically I walk away and turn down the listing if seller is not reasonable, though.

Only if a seller insisted upon it.  In 15.5 years I've never had a listing on a broken open. My experience is they are agent social hours and opportunities for free food.  

For a higher-end home that is not likely to disappear within a few days of hitting the market.

Client request or if I see the need...

Our market has been so hot, we have stopped seeing (for the most part) broker opens.

At every opportunity, depending on the property

I do not think it is worth it in a fast market.

It is a great marketing tool to impress sellers and potential listing clients.

Your question is specifically about BROKER OPENS.

What circumstances?

1. When critical mass can be created. That means several houses open in close proximity.

2. A purpose. As we all know, agents have access to the MLS. So, what's the real purpose? Could be: special features. Networking. Opportunities. Education. Gossip.

3. The property represents the type of business I want to grow.

OPEN HOUSES of all types are GOLD MINES for those who know how to establish a purpose and have a 'open house' team to accomplish the goal.

Any time we feel the listing needs an added push whether it be orientation, design, setting, view, etc. the Broker's Open often can be the necessary nudge. Big events are relative to big prices and rightly so.

James (Jim) Lawson, DBA - only to make sellers happy.

I never have.

In the down turn, my wife and I attended them weekly. We prioritized which ones based on homes meeting our buyers potential interests, comparables to current or upcoming listings, interesting or unusual properties and finally the ones who had a nice lunch or giveaway.  

These days I do it with new agents I'm training. 

I hold them for all listings however, and publish them to the public as well. The more the merrier.