Special offer

When Showings Start at First Open House

By
Real Estate Agent with Coldwell Banker, Franklin,MA/508-369-5131 9017020

crowdMy relocating buyers were here for just two days to look at homes in the Franklin, MA area and of course several new to the market listings indicated that "showings start at the first open house."  As both a listing and buyer agent, I can completely understand both sides of the argument on this topic but I have to share our experiences yesterday.

As I met the family at ten minutes prior to the starting time of the "first open house" I noticed, like everyone else, all the other cars pulling up.  There were families, couples, Realtors and each was sizing up the neighborhood and this wonderful home.  Since we had to remove our shoes and therefore pause at the door with many other people it provided an interesting opportunity to hear other conversations.  Most people loved the home, its great condition and features.  Most people were marveling over the beautiful neighborhood and fenced yard.  Unfortunately what I also overheard was that many people were feeling scared off due to the likely competition for this home.

By the time we were getting ready to leave this home there must have been at least 30 cars parked out in front and many cars had already left as others were still arriving--this was within the initial 30 minutes of the start time.  (Remember that there were still 1 1/2 hours remaining for the open house.) My buyers loved the home but clearly expressed their fears over the likelihood of a bidding war which could push them up higher financially than they would have liked.  We discussed the fact that the bank's appraisal must come back at or above the sales price in order to avoid appraisal problems.  I have to say that inside the home, down in the finished basement and walking the yard, I did overhear at least three other couples expressing similar fears at the overwhelming nature of the situation.  Someone said, "It feels like a carnival, not an open house."  Another woman commented, "I can't even think because I feel such pressure with all these people around."

Although as a listing agent, I understand the sense of urgency created for the home and the opportunity to get the home sold quickly with the least inconvenience to the sellers, however, after hearing the comments I did, I have to wonder if maybe this is not the best method...

I would love to hear your thoughts on this...

Posted by

************************************************************************************************ 

Kathy Stankard of Coldwell Banker Residential Brokerage can be reached by cell at 508-369-5131 or via email

Kathy has been a top producing REALTOR since 1996 helping buyers and sellers in the Franklin, MA and metrowest of Boston area.  Feel free to check out her website for more resources and information.

 

 

Franklin MA Real Estate News

Comments (8)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Thanks for posting. We learn a lot of good information from Active Rain blogs. Best Regards,

Mar 22, 2010 02:52 AM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

we don't market our homes like this in our area...I think I am glad...yikes!!!   Good for the listing agent but not so good for buyers....I think most of my clients would have been scared away!  

We have all sorts of listings that will say all offers will be reviewed by......certain date....then no one knows how many offers/competition there is! 

Mar 22, 2010 02:55 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Kathy....most of the time, it's the best method....it does create an urgency....not everyone is worried about the competition....they have a top figure that they are willing to spend and if they are strong buyers, they may just get the deal even if there IS competition.....from a listing agent's point of view, it's the best way....it may make it more challenging for the buyers' agent to convince the buyer to go forth if the buyer is looking to steal the property.

Mar 22, 2010 02:58 AM
Kathy Stankard
Coldwell Banker, Franklin,MA/508-369-5131 - Franklin, MA
Years of Experience, Years of Results

Barbara--Thanks for your comments.  I know that creating urgency is good theoretically but if you could have seen the frenzy.  Even the most solid realistic buyer would have some reservations with this kind of shoulder-to-shoulder situation!

Mar 22, 2010 07:50 AM
Kathy Stankard
Coldwell Banker, Franklin,MA/508-369-5131 - Franklin, MA
Years of Experience, Years of Results

Deborah--I like the sound of how your area operates where no one know how many offers and by giving a certain date that offers will be reviewed.  We do that method on occasion here but I think we should do this more often... Thanks for your input.

Mar 22, 2010 07:52 AM
Kathy Stankard
Coldwell Banker, Franklin,MA/508-369-5131 - Franklin, MA
Years of Experience, Years of Results

Edward & Celia--Thanks for the comments!

Mar 22, 2010 07:53 AM
Elizabeth Bolton
RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA
Cambridge MA Realtor

Hi Kathy ~ I don't think it's the way to go. IMO the best way to market a house is to have it in pluperfect show ready condition and then go away with your pets for a few days and let showings be scheduled as easily as possible. 

I work with many buyers nowadays who hate open houses - they can't get a good sense of the place with lots of other people there. And if your relo buyers' trip took place during the week you would be out of luck. Now that the weather is good many local buyers go away for the weekend.  Plus as you mention many buyers are scared off by the idea of huge numbers of bidders.

You still get multiple bids - particularly if you set a date for offers - but you end up with better prepared buyers who've had a chance to really see the house.

Liz

Apr 07, 2010 12:39 AM
Kathy Stankard
Coldwell Banker, Franklin,MA/508-369-5131 - Franklin, MA
Years of Experience, Years of Results

Liz--I really like your comments.  My area unfortunately does alot of these "showings start at open house" which does can make it hard for everyone involved.  I think I will try setting a date for offers instead to be able to capture those more prepared as supposed to pressured buyers.

Apr 07, 2010 06:43 AM