Many agents say that few sales traditionally come from open houses, and this is true. However, they say they love open houses, but not because they move properties. Last year, 77% of homebuyers shopped online.
Indeed, only 2% to 4% of listings sell from open houses. Agents, and sellers both question effectiveness. For the most part, agents do not hold open houses for listings unless sellers press the issue. Many agents now refuse to hold open houses, considering them a waste of time, and a security threat.
This time around, many decide to forego scheduled open houses and simply give potential buyers private tours of houses as needed. Many brokers say that there are times when an open house is not practical at all, such as if a house is off the beaten path, or in a gated community. In their opinion, an open house is only worth having if it’s done properly. That involves sprucing up the house and its landscaping and advertising it well in advance. To be sure, in some cases, a house is just too unique to market without an open house.
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I used to think this way, too, until it was pointed out to me by a wise woman that I am approaching an open house with the wrong goal in mind. An open house is to capture unrepresented buyers. So it would make sense to do your open house with the buyer in mind, to have buyer packets ready to hand out - with your branding all over them, of course. Think about it, no one's handing buyers, represented or not, entire packets about the home buying process. You could be the only one in your area doing it.