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Open House vs. No Open House
I usually have at least a seller a week ask me this question. Do open houses really work? As a professional REALTOR, here are my thoughts. 1.) It is about networking. An agent being out in the community is an agent that is bringing buyers and sellers together. 2.) If you are a seller that is far in the country, they are not always effective, but again it is about networking. 3.) I have heard statistics that less than 1% of the time the buyers coming to the open house will actually purchase that house. However, I would have to disagree with that as I have sold multiple houses this way. Granted they may not purchase it on open house day, but have come back later to purchase the house they went through the open house on. 4.) I believe that it is healthy exposure. Even if it is just a couple of neighbors, those neighbors talk and know other people. You should not just look at them like they are just a neighbor. When they come into an open house, they are now a neighbor who knows more about your house and can tell others about it. 5.) There are many agents that will say they are designed for the agents to pick up buyers. That certainly has truth to it. However, if I am at an open house of course I am trying to sell that house first, however, if it is obvious that the house I am holding open is not going to fit the buyers needs, I will find out what the needs are and suggest other listings I may have that may work. So even if an agent is out doing an open house at another house in the community they still have the ability to expose your listing. 6.) I think the most effective times to do open houses are when the listing is new and fresh. Then if a price change is necessary, right after the price change takes effect kicking off the new price. |
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May, 2012
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