How many open houses are a waste of time for Realtors®?

Locked Into The Way Things Have Always Been Done

Last week, I had a conversation with an acquaintance who is a business analyst.

When we were chatting about real estate marketing, he said something to the effect that most agents are locked into doing things the way they have always been done.

As examples, he offered print advertising and open houses.

He questioned how many agents continue to advertise in print media...not because it is an effective marketing strategy but because other agents are advertising there.

This idea was touched open in my posts about print advertising Print Advertising Has Passed Its 'Best Before' Date.  and The Comments Say...Print Advertising Has Had Its Day 

There is absolutely no doubt in my mind that print advertising is no longer a cost-effective marketing strategy.

“Open houses are the problem...”

As for open houses, he questioned why so many agents continue to hold open houses, when online virtual tours offer so much more flexibility.

It seems to me that Greg Osmond's comment in response to my post making reference to thefts at open houses  accurately reflects the reality of open houses:

“Open houses are the problem.We (the industry) should just get rid of them unless the house is vacant. 

“If people are serious about house hunting they will make an appointment. 

“ How many open houses are a waste of time for Realtors®? 

"I avoid them and will do them if my vendor really wants one but I discourage them.  If someone wants a viewing I ask prospective buyers to make an appointment.

“That has been working just fine.  Most of the time Realtors end up being professional visitors on Sunday afternoons.”

Virtual Tours And Single Property Websites

Security issues aside, I do not see open houses as a time-efficient marketing strategy.

With the widespread availability of virtual tours and single property websites, seriously interested purchasers can get a sense of the inside of a home.

As Greg says “If someone wants a viewing I ask prospective buyers to make an appointment.”

This approach allows you to spend more time with prospective clients...which in turn allows you get to know more about them, what they are looking for and most importantly how you can help.

Depending upon what else is happening at open houses, it is not always possible to spend this one-on-one time with prospects.

Window Shopping with a Tour Guide

Open houses also offer high quality leisure time activities for those mildly curious and generally nosy people who are more interested in simply seeing other people's homes...and what is in them...than in buying the home. 

It's kind of like window shopping...but with a tour guide.

I don't know about you but I like to think that I have better things to do with my time than contribute to the amusement and entertainment of window-shoppers.