Do open houses help sell your home? They could, but don't count on them as the be-all and end-all of your property listing. Open houses tend to interest the tire kickers, and people who just want to entertain themselves for the day by roaming through someone else's home as if it were a museum. Often, they are not qualified, don't even know what the house is worth, or still have something to sell and are just trying to get an idea of what kind of house they can get in the area. But that won't help you.
A quality virtual tour that is going to give the buyer an accurate representation of what the house looks like on the inside is better. Yes, they do significantly cut down on foot traffic for a listing, but the ones that have gone through the virtual tour and are still interested in it, are far more likely to be ready to make an offer.
Strangers in the House
No one likes strangers walking through their houses and besides that, it is becoming more and more dangerous for both agents and owners. There have been several cases of realtors killed while they were sitting at open houses. And robbers are free to case the place. Realtors develop a good sense of the people walking around the home but they can't know for sure. However, when they schedule an appointment to show a property, they've already collected the person's contact information and mortgage information.
Would a Realtor Hold an Open House on Their Own Home?
It should be something you ask your own realtor. As the creator of this article, I would never allow someone to do an open house in my home. I would use a virtual tour and only allow qualified buyers through the door.
Tell-Tale Signs of a Property with No Offers
A sure sign that a house is not getting much movement is an open house. Usually when all else fails, Realtors will hold an open house to appease the seller and make them feel that something is being done. But the truth is, when a listing has sat for a bit and an open house is done, it's a clue that the property is not getting any action. For buyer's Realtors, this is an edge in the negotiations and just something else to think about.
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You make some good points Heather....I still do an open house occasionally....yes it appeases the seller but it also brings me some new leads for future business. I have never sold a home that I was doing an open house at but I did meet some new clients and I have sold them something else.....so I appeased a nervous seller and I made money at the same time. Yes open houses can work but generally for the agent to obtain some new clients....not so much for the seller.