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And the second answer to your question? Since, in most market areas, open houses account for less than 1% of all sales, there must be another answer - the real one: Agents sit open houses to obtain new clients. Many people who go to open houses are just beginning their home search and have not yet established a relationship with a real estate agent. Open houses are a good place to meet potential clients, and many new agents use this as one of their main strategies to get their business going - there are always new agents in any real estate office eager to sit open houses for other agents' listings.
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64 Comments on FAQ#2 - Open Houses
Better chances for a successful open house if you have about 12 directional signs strategically placed. Another way to find out if a buyer has an agent is to ask, "May I help you find a home? I can save you a lot of time and money." The buyer's response will tell if he/she is working with another agent.
Flavia Brown, The Real Estate Group, Torrance, CA
Great Blog and it is the truth, but if you don't hold the open house, you are missing that 1% of potential buyers. If it is a difficult home to sell, an open house may be the way to go. It can work both ways.
I ask the question a little differently. Asking the person if they are makes it too easy for them to say yes. Instead I like to ask "So who is your agent?" This way they actually have to give me a name. If they do then After the open house I will call that agent to let them know their client stopped by and might be interested in writing an offer. They are usually very appreciative of this courtesy.
I like to hold desirable vacant listings open over and over. One property yielded me 3 closed transactions in a 30 day period.
Very good explanation to FAQ #2. Also I do agree that a lot of new agents use open houses to generate business. However some agents use open houses as a first showing. You can see the property at the open house...not before that. Thanks Dick.
Hi Everyone - Thanks for your comments! It was a surprise to find out that the Daily Drop had resurrected this post from obsurity - at first I had no idea why everyone was commenting on it again. Of course, the effectiveness of open houses really varies by location - here, they're not very productive - as always, we all focus on what works best for us.
Great post Dick! Although I don't do open houses anymore, it was a huge part of building my business in the beginning with both buyer and sellers. I always respected the fact if the buyer had an agent and would not "step on their agent's toes".
Though I agree with almost all you say, I must say that I hold open houses with the hope of selling that very house! I have both bought and sold as the result of Open Houses - hope springs eternal!
All good information.
Good explanation Dick. I'm sure many folks that walk in to an open house are wondering why they are asked that magical question.
Dick...Thank you for your post. These are excellent points and good reminders.
Jerry Gray CRB,CRS,GRI,SFR / Allen Tate Realtors / Winston Salem, NC / 336-918-2433
I talk myself into open houses about once a month and decide during the open that I would rather be getting my teeth cleaned with a chainsaw. Not a great use of my time, I know they work for other agents but my personality isn't a fit for that kind of 8 second relationship.
Great post on the questions that need to be asked. Thanks!
GREAT explanation!!
I think the question is helpful, too, in introducing, if necessary, an explanation that anything they tell me is not necessarily in confidence until we form Agency, or something of that order. This issue is a fairly large deal in our area. Kinda like old traditional royal badminton of the 1800's as it was played by the elite. Before serving (underhand of course) the server addresses the opponent and asks, "Are you ready, Sir, for me to serve?"
LOL I abosultely love it. As much as I dislike spending a weekend day in a home waiting for people to come by I still do it - sometimes.
I think you have nailed it right on the nose as to why agents hold open house. That and to keep the owner happy.
Just another way to promote our businesses and meet new clients. Whatever works
Open Houses are great for meeting new buyers and sellers, Agents must remember this is a big part of the interview process.
Interesting post Dick, I'm reading it at an Open House, that I am doing as a favor for another Realtor. Open Houses are all about the prep work in how results are yeilded.
My last listing I sold because of an open house. And my best client ever found me at an open house. They can work for all parties.