I've been going to sit at open houses with realtors, handing out cards, and chatting up clients trying to drum up business. It's been reasonably successful, landing me two clients in the past month. The thing I'm wondering about, especially the legality of it, is whether a mortgage broker could man an open house on his/her own.
If this is possible, a realtor, instead of getting other realtors to man the house, could work with a broker and get him to sit there. The realtor would obviously get any buyer/seller referrals, and the broker could chat up the mortgage customers. The other bonus would be that the realtor could be sitting at his own open house, and pass out the broker's information. You could kill two birds with one stone and both walk away with client contacts.
The legality of this would be something I would have to look into, but I'd also like feedback from realtors on this idea. Obviously young, energetic, realtors just starting out might not like this, as they are often the ones asked to sit at open houses organized by more experienced realtors.
Personally I like the idea of sitting with the realtor. If you can develop some synergy between the two of you, the clients may like the idea of two people to ask questions, have opinions, or to show them around the features of the home. I would also be worried about not knowing the answers to questions posed by possible clients about the real estate process. Being a broker, I probably have a better grasp on the process than the average person, but I'm not about to purchase a home on a private sale without a realtor involved personally, so I obviously don't know everything.
Thoughts?
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