Broker's Open House
Definition of 'Broker's Open House'An event designed to showcase one's home for sale to other real estate agents. Broker's open houses differ from standard open house events in that they are designed strictly for real estate agents and not for the general public. A broker's open house gives the seller's agent an opportunity to display the home to other brokers and answer any questions those brokers may have.
Investopedia explains 'Broker's Open House'Many real estate agents believe that a broker's open house is infinitely more valuable than a standard open house, because it helps to spread the word about the home being offered for sale and also because they facilitate the exchange of unbiased - or at least less biased - information. For example, another agent may offer some professional feedback as to how well the home shows relative to other homes in the neighborhood.
On the other hand, with multiple pictures and virtual tours available via the Internet, the costs of a broker's open house outweigh its benefits, in the minds of some.
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