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Open House - Myth of Myth Busted

By
Real Estate Agent with Four Daughters Real Estate

Hey there - thank you for your posts, hope you are having a great weekend, and I'm sorry about Notre Dame...my neighbors watched the game and they were not happy.

I find my self sitting on the balcony of a very nice 2bed 2bath new condo downtown Palatine, Il.  The weather is clear, and all is calm.

Too calm.

Some people are out walking their dogs, couple of cars drove by, and an occasional breeze interrupts the sound of "nothing-ness".  I generally do 1-4 open houses Saturday through Sunday, and recently I have found myself thinking...is this really worth it.

Worth it for my clients who have to leave and find something to do for 3-4 hrs.

Worth it for the people that may or may not walk through just to discover that this home is not at all what they are looking for.

Worth it for me to sit here in their cozy home, and type a blog regarding whether it is worth it for me to be here.

I once sold a home at an Open House. I was a hypocrisy of Open House stories, as this was on a cold rainy September afternoon. I was in Waukegan, IL hosting a 15yr 3 story town-home which had been on the market for 40 some days and had not grabbed much attention. It was cute and the location was great, but our future was in the hands of the public and their agents.

As I finished up a 3 hr Open, I began to collect my signs. Soaked and muddy, I drove up to the last sign, and suddenly I noticed a young couple looking around as if they lost something in the distance. They passed me and right at that moment the seller had pulled up asking how things went.  I had a hunch - they were looking for the Open. I told the seller to hold and I pulled the young couple over to ask if they wanted to see this home.

30-some days later we were celebrating a closing and it was a great experience...but...

...I sit here today, wondering, was that just something that happened - I mean - people win the lottery...just how often does it happen to you (and more than once). What do you guys think?

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Of course Open House works.  All you have to do is hold the house open to sell the house.  I've sold lots of homes at open house. 

 

Sep 02, 2007 06:36 AM
James Lockard
RE/MAX Properties - Saddle River - Allendale, NJ
Realtor, Allendale, NJ
Sold one while sitting an open house for a fellow associate at the office.  That's one in about 30 for me in my four years of open houses.  I suppose I am about to hear from other bloggers I should be doing more open houses?      Of course you should always look for the buyers with out a agent at the open house and see if you can represent them.
Sep 02, 2007 06:44 AM
Mario Bilotas
Four Daughters Real Estate - Palatine, IL

Hi Lenn - okay - but to date I have hosted 8months x average of 2 per weekend x 3hrs per open = 64 open houses, 192 hours and although we benefited from meeting new buyers, promoting our company, and showing our client that we are doing for them, the question is:

What is the probability that it will sell the property? Year-to-date, none.

What if I invested 192 hours toward something more productive?

Sep 02, 2007 06:44 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Tough question,  Seems like most of the old timers and the ones who became Realtors within the last 3-4 yrs don't like them.  In this slow market we all have to do whatever we can to get in the way of opportunity !
Sep 02, 2007 06:45 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County
I do open houses. I have had as many as 5 transactions come from one open house. It is a crap shoot but as for me I will continue to do them!
Sep 02, 2007 06:46 AM
Rob Baldwin
US ECO-GREEN REAL ESTATE INC. - Santa Clarita, CA
REALTOR, Santa Clarita
Mario, I have been at this for two years now. I think that I have hosted at least 80 open houses and I have not sold one of them. I know of an agent that started when I did, she hosted her first open ever and sold it that same day. Just goes to show you, you never know whats around the next corner. We should never give up because of what happened yesterday.
Sep 02, 2007 06:51 AM
Mario Bilotas
Four Daughters Real Estate - Palatine, IL

I agree - opens are a great way to meet people. Its the best way to have ready or soon to be ready customers to come to you while you promote a product that builds rapor with the prospective buyers and your seller.

Is it safe to say that Open Houses are 90% for the agent, 10% for the seller?

Sep 02, 2007 06:54 AM
Nicole Kraus
Signature Realty Associates - Dover, FL

Though it sometime seems like a waste of time, I have picked up many buyers and have even been able to sell my own listings through open houses.  Many people still like the face to face interaction that a open house provides.  I always bring with me catch up work so if no one shows up I still have the opportunity to do things that I had not gotten done over the week. 

Sep 02, 2007 07:01 AM
Mario Bilotas
Four Daughters Real Estate - Palatine, IL

So the bell just rang - and guess what?!?

This woman walked through - said the home is too much for her - and we are meeting Tuesday to look at condos in her price range.  Yes - Open Houses are great for agents.

I have been recently approached with doing Open House Tours - meaning - several homes in the area group to mass market-promote and do a multiple open house. Although collaborating with other agents and their busy schedules is tight - I have had some good experiences with this type of Group Effort.

What other ways would you recommend to Flair Up an Open House?

Do you believe in promoting in the paper? Craig'sList? With other agents? New Ideas?

If you don't mind sharing, I would love to learn from you.

Sep 02, 2007 07:47 AM
Birmingham Alabama Real Estate, Stephen Wolfe
LivingInBirmingham.com - Birmingham, AL
So far I have met no one who has sold at an open house in the past couple of years. I find that open houses can be a way to find a buyer for that home, but I also see it as an opportunity to find buyers.
Sep 02, 2007 08:16 AM
Darrel Quebedeaux
Evergreen Realty & Associates Inc. - Newport Coast, CA
Sometimes it the one little extra step that makes the biggest difference.  I say make the most of every opportunity to be of service and you will be blessed with people who need your service.
Sep 02, 2007 05:21 PM
Anonymous
Mario B
Well said Darrel - well said.
Sep 03, 2007 05:07 AM
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