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To have and to hold ... open!

By
Real Estate Broker/Owner with Evergreen Global Homes & Land | RSVP Real Estate

Woodinville luxury home, woodinville open houseI'm sitting at an open house in Woodinville WA right now, and just finished having an interesting conversation with another real estate agent who stopped by.  She's not a local agent, (actually lives in Minnesota, and she's just visiting family here).  We were discussing the pros and cons of holding open houses.  She was of the mindset that open houses were a complete waste of time.

Case in point: This home I'm holding open just came on the market yesterday.  Typically, new listings get a lot of traffic, both online and on foot.  Right now is the best chance to reach the most number of people to tell them about this new home on the market.  It's a glorious, hot weekend in the Pacific Northwest, and I've had pretty slow traffic through here, even thoug this is the first weekend this home as been on the market.  So, the other agent said that today's open house illustrates her point, that I could be spending my time doing more productive things for work, and that holding this home open really wasn't doing anything to help sell it.  To her, it was a No-Win situation, a recipe for Time-Wasting.

Whoa?!  I disagree!  Sure, I didn't get a lot of people through the house today.  Yet, I DID get people through.  (Afterall, I had a visitor all the way from Minnesota!)  I hear this refrain a lot from agents, and I've come to the conclusion that many agents seem to only look at short-term (dare I say short sighted?) value investments.  If a specific action doesn't yield a signed-around contract at the end of the day, it's not worth it.  The agents I've talked to who don't want to do open houses, seem to consistently feel like it's a "time waste" because they didn't sell the house after sitting in it for 3 hours.  I wonder if that's the case across the board.

The objective of an open house is not to sell it in 3 hours (that's what auctions are for).  The objective of an open house is to present the home to the public, alerting potential buyers of its availability.  Very few buyers will make a snap decision to purchase a home in the 20 minutes they walk through the home during an open house, even if that truly is the home they end up buying.  Buyers want to take their time, think about the home, and living in it.  From a seller's perspective, this is the value in open houses.  It gets the word out, and gets people talking.  No matter how fantastic our online shopping experience becomes, there's still nothing like seeing, feeling, touching something for yourself.  I can guarantee you that every single person that comes to an open house is going to tell AT LEAST ONE OTHER PERSON about the home, even if they're not interested in buying it.  That's viral marketing at its most elemental!  However, when someone looks at 30 houses online one afternoon, they're not telling other people about all 30 houses they saw.  Maybe only one or two, and that only to a family member who would likely be making the move with them.  Online shopping is so much more private.

That's great for the seller, but how 'bout the agent?  Yes, we can benefit, too from open houses, even if we hold open listings that are not our own.  You can and will meet new prospects and end up working with new clients from open houses.  Clients I meet at open houses are a significant part of my business.  They are also some of my best clients.  You see, they picked me!  I'm not just 1 agent they talked to because they walked in to a real estate office, or the one agent that their friend/relative told them they should work with.  Buyers visit many open houses, and can shop around for the agent they want.  So, these clients and I, not only establish a rapport, but establish a stronger energetic connection, solidifying that we will work well together.  That is a recipe for success!  I LOVE meeting new clients at open houses!

I enjoyed my conversation with the Minnesota agent, despite our different perspectives.  It's always interesting to hear how real estate works in other regions.  And who knows?  Maybe she and I will be working together some day!  Since she's an agent, did I bother to get her contact information?  You Bet 'Cha!  Her daughter goes to college out here, and may decide to stay after graduation.  Her daughter may need to buy her first place after she gets out of school, and I know just the agent to help her!  Now wouldn't that be ironic!

Copyright 2010 Marie Bumback - Evergreen Global Real Estate Services - RSVP Real Estate - Woodinville Open House - Real Estate Open Houses

Contact Marie: Marie Bumback 425-495-0394 MarieBumback@comcast.net

www.EvergreenGlobalRealEstateServices.com

www.Redmond-Washington-Homes.com

 

Posted by

Authored by: Marie Haydock  Real Estate Broker

Evergreen Global Homes & Land

RSVP Real Estate

 

Serving residents of the Puget Sound, Washington.

Call us today at 425-495-0394 to get your home sold!

 

Comments (9)

John Howard
Century 21 LeMac Realty - Mountain Home, AR
GRI, Mountain Home, Arkansas 870-404-3614

Another great reason to hold a home open....to generate listings!  I hope you get it sold  Have a Great Week!

Jul 10, 2010 01:24 PM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Marie -- I agree with the viral aspect. It only takes one comment to get it going.  I bought my house on an open house so I am living proof that they do work.  Good luck with your listing!

Jul 10, 2010 01:32 PM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

Nosy neighbours seem to be the most traffic of late. I take their name and number and add them to my data base. I have listed 7 homes by doing this.

Jul 10, 2010 01:41 PM
Marge Draper
Keller Williams Realty Palo Alto - Menlo Park, CA
REALTOR, Keller Williams Realty, Menlo Park CA

I held an open house today, too.  I had 17 groups through the house which is an REO.  This afternoon I think I learned a super sentence that made the buyers standing near me perk up when I said it.  The sentence was "I can write an offer for you because I'm not the listing agent and therefore will have no conflict."  I haven't seen that much interest from buyers in my 15 years in real estate.

Jul 10, 2010 01:47 PM
Marie Haydock
Evergreen Global Homes & Land | RSVP Real Estate - Redmond, WA
Simplifying Real Estate

John, you're absolutely right!  One of my friends was just setting up her open house a-boards one day when one of the neighbors came outside and asked my friend to list their house! 

Barbara, you're the dream buyer!  Woo Hoo!  You bought your house from an open!

Neighbors always make up a good chunk of the open house traffic.  I'm glad you're cashing in on that, Ellie!

Marge, you're an OPEN HOUSE MANIAC!!!  Great job on 17 groups!  Yes, I like to hold other listings open as well.  There's never any conflict that way.  Plus, it's just fun to check out other homes and other neighborhoods.

Jul 10, 2010 04:00 PM
Diane Kawell
Windermere Real Estate / West Campus / Federal Way WA - Federal Way, WA

Hi Marie! I found you here! I did an open house today .. months since you wrote the blog post, but still relevant all the same! I find good leads at open houses these days and like Ellie, neighbors who like to have inf .. I add them to my database and start calling and mailing them. It's great .. but I did not always think this way. This market has turned me around :-)  See you in Federal Way? West Green?

Feb 13, 2011 02:48 PM
Marie Haydock
Evergreen Global Homes & Land | RSVP Real Estate - Redmond, WA
Simplifying Real Estate

Hi Diane.  Yes, I think Active Rain is great!  Open houses are a good way to get yourself out there, for not a lot of money.  And it's a good way for the public to access agents in an informal setting.  Seems like a win/win to me.  Hope we get to meet soon! :)

Mar 08, 2011 04:47 PM
Fay Kelley
Interdimensional Healing Light - New River, AZ
Alternative Healing With Crystal Energy

I agree .... Open houses are an excellent use of time.   I can't remember how many of my listings I have sold due to holding them open.  
A lot! 

Sep 08, 2011 12:35 PM
Nick Krehnke 425-202-5655
Barrett Financial Group - Seattle, WA
"Your Trusted Expert Friend in the Home Loan Biz"

I haven't have less than 35 people to any of the open houses I have co-marketed. My high was 85.

Mar 17, 2012 04:02 PM