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Do Open Houses Work?

A common debate amongst real estate agents is whether or not open houses really work.  Some sales agents have stopped holding open houses entirely while others diligently continue the practice.
A successful open house does not have to cost a lot of money, nor does it have to be very elaborate.  In fact, the simpler the event the better since the goal is to get attendees to pay attention to the property not fancy cocktails, raffles or other distractions.
I personally feel that open houses are an important part of a property's marketing strategy.  My standard marketing program calls for two separate open houses during the first 30 days of property marketing.
The first open house is hosted within 1 week of listing.  This is a private open house for real estate agents and brokers only.  This open house is usually hosted on a weekday for 1-2 hours, usually close to the lunch hour.  The purpose of this open house is to visually introduce the property to a network of active real estate agents with buyers and to get their valuable feedback on the property.  Attendees are surveyed for their opinion of price, condition and other factors that could influence ... more

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