Today I held an open house on a condo we have listed in Snoqualmie Ridge. In sharing the experience I think you will retain a feel for the local markets in our area.
I woke this morning at my Issaquah home to a nice carpet of snow surrounding our home. It was slowly melting, so I took some cheer that Snoqualmie Ridge, well east of me, might have some clear weather by this afternoon.
The Ridge is a fairly recent development, a mix of high end golf course planted, gated mini-mansions surround by single family homes outlined by Condos and Town-homes, all nestled on a ridge in the Snoqualmie valley, about 29 miles east of Seattle.
So why an open today? The next two weekends are spring break at local schools, so chances are folks will head out for fun instead of looking at homes. Turns out I was in good company today, as there were more open signs at the ridge by 2 PM than I have seen in more than a few weeks.
The usual timing for opens in the ridge is between 1 and 4 pm. I set-up at 12:30 so I always have first dibs on A-Board placement.
I no sooner put up the last a-board in front of the property and opend the door, in burst a gentleman, shoes removed, to have a look see. He quickly explained he was a local home owner and was looking for a rental property. Wanted to know what I thought of the rental rate this 3 bedroom 2 bath condo would bring. We talked for nearly an hour. He was a dreamer, being in a 7 year ARM on a 3 bedroom 2300 sq ft home and not able to put more than 5% down on another property, but I gave him sound advice never the less. You might ask, why bother? First, what else did I have to do and second, he might just recall me and mention the condo to a friend......stranger things have happened. Anyhow, he took my card and I asked for the referral to his friends and family.
My second visit of the day was a neighbor, who was curious about days on market and admitted he was looking to sell his unit....on his own.....I asked him why he didn't want to use an agent and he said he didn't know one.....that was the amazing statement of the week. I again spent about an hour talking with him about the local market on the ridge, what was moving and what wasn't and why. I asked him if he needed to sell and he said no, I advised him not to sell in this market, we had plenty of inventory and he would be lucky to break even, having only bought two years ago. It ended with me providing him with a referral to my tile guy for flooring upgrades in his bathrooms and kitchen, my cabinet guy for some kitchen countertops and a plan to sell 3 or 4 years from now. I don't know if he will call me in three or four years, but I again asked for the referral for anyone interested in the condo. He took some flyer's to post in his local business, the Sno Ridge karate school. even though I only talked to two people in the space of four hours today, I feel it was time well spent, face to face, talking real estate to someone other than another agent.
So, do open houses sell homes or are they just for the agent to collect leads?
I guess the answer lies in the agents motivation. Whens its my listing I am holding open I make it all about the listing, thats my job. If there are any leads to be had, they will come as a result of my efforts to sell what I have.
Tell me how you feel about open houses, waste of time or time well spent?
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Rich, I would never say that open houses are a waste of time, only because I always something to do while I'm there, whether it be a work-related project or just a magazine I haven't had a chance to read yet. In fact, when business is slow I tend to do two open houses each Sunday. It just takes one person coming through an open house to get business on track again, and I don't want to miss that opportunity. I have never actually sold the house I'm holding open to anyone visiting the open house, but I have had a fair amount of business from people I have met at open houses buying something else.