A broker’s open house is an open house for a property that is targeted towards other real estate agents, as opposed to home buyers. It is used to help agents decide if a property might be of interest to any of their clients, and is a good first step to introducing an available home to professionals and to the community.
On the day of a broker’s open house, visiting agents tour the property with the selling agent, and discuss their opinions with their industry colleagues. They are generally held within the first few days that a property has been on the market to try and capitalize on initial interest, and if there is a change in the listing like a price drop the attending agents are usually the first to know. This strategy is good for homes that you want to get in front of interested buyers as soon as possible, because it cuts out the sometimes extraneous foot traffic that comes with traditional open houses.