Business

Open Houses: The More You Go, the More You Know

Robert Reffkin

Lesson time 10:31 min

Learn how to make the most of open houses. Robert offers a guide for how to find the “80% perfect” home, with valuable insights into what compromises to make and how to use your own values as a guide to your home-buying journey.

Students give MasterClass an average rating of 4.7 out of 5 stars

Topics include: Ask the Right Questions · A Digital Walk-Through · The Magic of Sunlight · Pretend You’re at a Flea Market · Don’t Let the Perfect Get in the Way of the Good

Preview

[MUSIC PLAYING] - Go to open houses. It's one of the best ways just to get smart on real estate and start envisioning the home that you want to live in. You can go to open house. You can get the brochure. You walk around the house. You can start-- you know, so you know that would be a nice private office. Maybe I should set it up like that when the time comes, you know. Or maybe this would be a nice know play area for the kids. [MUSIC PLAYING] So when you're walking through the open house with either your agent or with the seller agent directly, you know, there are a couple of questions to ask. What are the basics, right? You know, the questions that you just want to know. Like what-- you know, what's this neighborhood like? When were things renovated? That's a really important question to ask. Like, how new is the kitchen? Is there anything else that's been renovated? That's something that's usually not in the listing page. Another is if the home has not been sold for an extended period of time-- let's say, it's been on the market for 300 days-- ask them why is this home not sold? What's-- what's been the problem? And you should get some good context there. Another question is, can you give me a history of the home? And so like, over the last 20 years, how many owners have there been? What was the price at those periods of time? You know, why has the price gone up so much? Why is the-- why-- why is the price so high now, relative to they bought it three years ago? You know, where did you get that price from? And those are some of the questions that you can ask. [MUSIC PLAYING] In real estate, we've seen more digital tools and online experiences. Virtual open houses are great. So not just open house in person, you can do a live stream, and anyone could come in. Or a buyer tour-- a live stream buyer tours for an individual one-on-one. As opposed to an open house, a one-on-one buyer tour all virtually. Or a 3D tour. Now those are helpful to get to the home that you want faster. But it is dangerous to use those experiences in a way where you wouldn't actually see the home. You still need to see the home. Because remember, the seller agent is a professional marketer. They are marketing the property in its best light, whether it's the photo, whether it's the listing description, whether it's the open house, whether it's the buyer tour the live stream open house, right? They are going through every part of the experience with the best light possible. And you need to go through it in person with your own agent and ask the tough questions that the seller agent may not be highlighting and that the photos may not be highlighting. [MUSIC PLAYING] When it comes to the home, there are some key questions to ask yourself. Is it moving ready? When was it built? Is it renovated? Does it have a strong infrastructure? How much natural light does it get? Are there a lot of windows? Is the...

About the Instructor

As the CEO and founder of Compass, Robert Reffkin has used modern technology to revolutionize the real estate industry in the U.S. Now he’s demystifying the ins and outs of the American home-buying process and sharing tools that will help you buy or sell a home with confidence. Learn how to approach your search, choose an agent, make an offer, and more. Your future home is waiting—let Robert help you find it.

Featured Masterclass Instructor

Robert Reffkin

Robert Reffkin, the founder and CEO of Compass, helps you get closer to finding your dream home by simplifying and demystifying real estate.

Explore the Class
Sign Up