The Truth About Open Houses

There may be nothing so sacrosanct in Buckhead real estate as the open house. But, upon closer inspection, do open houses fall within the boundaries of productive marketing or seller appeasement?

Many agents, especially those with more listings than they can effectively manage, often allow inexperienced agents to hold their listings open. This is usually done to make the seller think they are working hard to sell their home. These newly-licensed agents know little about your home or neighborhood, but often know less about qualifying potential buyers. If a couple of directional signs, some balloons and a plate of cookies was all it took to sell a home, sellers wouldn't need real estate brokers in the first place. The fact is, less than 1% of homes ever sell as a result of an open house.

The truth is that open houses have an extremely limited window where they are actually beneficial to the seller. Here's why; when your home is new to the market, potential buyers - and agents - want to see it. If it is priced correctly, all repairs made and staged appropriately, an open house can be a great opportunity. But that opportunity only lasts for a few weeks. After that, most agents and buyers are familiar with the house.

After the first few weeks, if an agent agrees to hold an open house, it's for one thing; to meet potential buyers. The agent is using your home as a lure in hopes of catching buyers who, oddly enough, most likely will not purchase your home.

Conrad Lyles Realtors specialize in Buckhead real estate.