Attending an Open House as an Investor

[Lisa V.]

I am going to attend some open houses this weekend and was wondering if there are any tips from the seasoned BP pros. Do I mention that I am a real estate investor or keep it low key and just say I'm looking. What do I pay attention to besides the obvious? It's been a long time since I've attended open houses so any help is appreciated.

[Ted Kuhlmann]

I somewhat agree with Dave Van Horn on this but he’s missing one caveat. The brokers that sit open houses do not necessarily have the best interest of the seller in mind.

obviously, if the broker is the listing agent, their loyalties are to the seller and you are walking into the lions den if you don’t have your broker present. Just be careful what you reveal and I always tell my clients to just be quiet, listen and say nothing.

On the other end, sometimes other brokers in an office sit open houses for the listing agent in an attempt to pick up clients. This means as soon as you walk in the door, they will be attempting to “pick you up” in an attempt to work with you. If you don’t have a broker and hit it off with the open house broker, then go for it.

Open houses can be very tricky and like Dave said, it is always better to reach out and let your broker know you will be going by prior to attending.

My best advice at an open house is to listen as much as possible and again, reveal nothing of who you are or what your intentions are. Gather Intel only!!

Good luck!!!