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It's Lonely Going At Open Houses For Brokers

A North End broker recently offered $5 bills to any real estate agent who would preview a new client's house in the Oak Tree neighborhood - an incentive to shake up interest.

Six months ago, the offer would have put the agent deep into debt. A throng of agents, hungry to show a long list of potential buyers anything new on the market, would have created a steady stampede through the home.

Last month, however, it didn't cost him a cent. Not one agent came to the midweek broker's open house.

``Things are still very slow,'' a Renton agent said. ``What is so surprising is how fast the market changed. We've gone from nothing being offered to coffee, then cookies, then buffets. Now money?''

A broker's open is an open house hosted by an agent for other agents. It serves as a preview for the host agent's new listing. Its purpose is to lure other agents into looking at a house so they will tell their prospective buyers about it.

The host agent generally submits the house to be included on that week's tour schedule, prepares a fact sheet with basic information and any special touches, and then sits ready to answer any questions as the horde of agents races through the house.

Typically, touring agents carpool with others in their office and quickly spin through the open houses in a specific area on a designated day of the week. Many agents take less than five minutes to view the home, taking mental inventory of anything a particular client might deem attractive, then quickly moving to the next house on the tour.

But the number of homes for sale, coupled with cautious, scrutinizing buyers, have transformed broker's opens from networking sprints into solemn, almost lonely affairs.

``Talk about putting on a party and nobody coming . . .'' said Michael Nelson, veteran agent for Greenlake Realty. ``We had a very attractive condominium for sale on Capitol Hill. We thought we'd try a different twist and serve cocktails after work hours so agents could relax after the day.

``We sent invitations to 50 agents that we knew and then faxed the invitation to all of the offices around. We followed up with phone calls. We bought cheese, pate, dip, you name it. Not one person showed.''

The slow market has resulted in some significant moves by real estate companies. Coldwell Banker residential, for example, recently closed its Issaquah office and will shut down its Queen Anne and Kent offices Nov. 1. The Queen Anne office will merge with the University District office. Personnel in Kent will move to Renton, Federal Way and Enumclaw.

``We have the same number of houses for sale on Mercer Island as we did in October 1985,'' said Coldwell Banker's Joe Spencer.

``I've been in this business for 20 years,'' said regional director Jim Ross. ``And I've never seen a market turn from frenzy to frigid so fast.''

Housing moves in cycles. It's curious, though, how fast the last one was moving when both tires burst.

Tom Kelly is a private real-estate consultant. His column runs every Sunday in the Home/Real Estate section of The Times.