Real Estate Blog - Open Houses....do they work?

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Open Houses....do they work?

I for one probably need to hire an assistant now. I am very busy (not complaining) but on the weekends, most of my active buyer's want me showing them properties so they don't have to take off work during the week.

That being said, I have posted on our office blog the need for someone to help me with open houses. It's a chance for people to get leads and even possibly to find new lead's if the home they are doing an open house doesn't quite fit their criteria.

My broker still tell's me that open houses sell homes. What do you all think, after all there are lot's of Realtors(R) on here and I would like to know if Open Houses work for you. Do you do them?

With the plethora of homes/condo's/TH's for sale, how much traffic do you get if you host an Open House?

I find, food is a draw...what do you think? I would love to know.

http://www.KarenMonsour.com, 954-464-4194 cell

I'm sure this topic has been here many times before, however, in this market...do they still work?

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 04/19/2008 07:25 PM

Comments (28)

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Originally posted at: Karen@ www.KarenMonsour.com: Open Houses....do they work?

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28 Comments on Open Houses....do they work?

APR

2008

Hey Karen, I've heard realtors comment positively and negatively about doing open houses. What I hear the most is that Open Houses are more beneficial to picking up new clients for other houses.

Sean Allen

Karen- I find open houses a hit or miss. I have sold homes through open houses. I have also sat all alone for hours. Hit or miss. I don't like to do them.

Open Houses are a great thing.Its a great place to meet buyers and your seller will LOVE you.

Sean,

That's how I feel as well and that is also my opinion, thanks. My customer want's them...I advertise on my Company blog for new agent's to help me, but no responses...I guess they are BUSY....I will do a huge one with great food next Sunday for this particular customer as I sold her a home and she want's to buy another larger home next year. Will figure it out then...

Customer's(I'm a transaction broker, no fiduciary relationship) are good, will let you know...If I get any more customers, I will definitely need an assistant. Eat, sleep, etc...real estate right now...and the market is doing what??? Where??? Not complaining though :-) Thanks for posting!

I thing the percentage of homes sold in an open house are very low....

Hi Karen. I have not yet sold a home. I will.

I have gotten lots of buyer and seller leads. Today, as a matter of fact.

Ken

Mark,

I don't like to do them either, I would rather make a nice roast, with all the fixen's....on the weekend...run out and show a few properties and come home to that wonderful dinner...LOL

No, I don't really leave my oven on and leave...very often...

Thank heaven's for wireless computer's...If you seeing me blog all afternoon and writing incessantly...I'm sitting and waiting at an open house. I've done 3...hate them, but Aundrea is right...the seller's love it!

What did you make for dinner? Starving....living vicariously through you! LOL

Konnie,

But how I hear it, it's a great place to get lead's and new customers.

Ken,

You sound so sad...how long have you been in the Real Estate business? It takes about 6 month's to seal a deal...I wrote my first contract after 6 week's however that was a year and a half ago. I am a Leo woman and not known to take "no" for an answer! Then again, I work 70 hour's a week...so due diligence is what it takes...at least in this market. Good luck to you....((hug)) for luck, Karen

Hi Karen --

I do know that it depends on the geo location. Here in Naples, they residence do real estate as a sport -- they know everything in their neighborhood regarding new listings, what things sold for, etc... they nose around neighbors home thinking they wouldn't be caught, etc.. kind of funny really. their world is the "only" world -- so - with that being said --- I have not had an open house where I had a buyer walk in, but I know of many who have. I figure the more people see it, the more chance you have and energy put toward "getting out there" creates more energy toward your end goal -- sometimes not as you would expect, but none the less.. I have had other realtors bring in their buyers to see it, and then buy.

You have nothing to loose --- that way you can say you have done everything!

PS - if you don't want one more thing to manage -- do not hire an assistant --- stay small enough to handle your own details.... speaking from experience -- tried twice and both times a pain in the neck.

Good

I don't think OH work to sell that particular home, but it's a great source of buyers and potential sellers. Also, a great way to get your name and face in that area/neighborhood. If the OH is in an area I'm interested in, I make sure I do flyers and doorknocking.

I have noticed a different type of buyer attending my open houses. They are quiet, not really wanting to working with any agent until the end. They are doing research on their own, between the internet, driving neighborhoods they like, and then attending opens to see the actual homes. I have been trying to add value to the mix, either by market knowledge or financing knowledge. It seems to be increasingly more difficult to have something to offer they don't already know. The best thing I have found is to drop to lower priced homes, it seems that younger, less experienced buyers are willing to open up a bit more. Then, I have a problem focusing on the potential sellers that are coming through, I need to work that side much better!

Patricia,

Got the message and thank you...staying small, just have more customer's that I can service...and...that's a good thing...but I do understand.

Karen

Kim,

Thank you for the info! I 'm sure the flyer's and the doorknocking does well as well! Thank you for your post and info!

I have used licensed assistants to hold open houses and have found it productive...

I held an open house today and picked up three buyers without an agent who want to work with me (one wants to buy the listing I was in when her home sells) and had one showing with another agent's buyers. Open houses are the least expensive way to pick up buyers other than personal referrals......

Randy,

Listing's will help you survive, the young one's with some cash on hand will be potential buyers. If you are a transaction broker as I am...do both. If you have a client, you have a fiduciary responsibility. If you have customer's you are a transaction broker and can do both. You just have to know. Best to you...Karen

AND, thank you for your post!

Julie,

I agree, and thank you for posting. I am trying to find a GREAT licensed assistant as we speak.

Karen, I do 5 - 10 open houses each week. I consider them no different than floor time. They are only as effective as you make them.

Bill,

When do you have time to do them, what day's...do week day's do well for you?

Do you have food, do you do Broker's open's ...tell me more.

Best,

I think you have to be very selective in choosing a property to do an open house. I find more of them are a waste of time then productive. Normally I only do it to make the seller happy and I already know what the outcome is going to be. If I am doing it to get potential leads then I always choose listings that get lots of sign calls, or are going thru flyers frequently. I can't remember the last time I sold a house thru an open house, but I can say I have gotten buyers from them.

Although I'm sure many will disagree with me I have to agree with your broker...open houses do sell homes, they do pick up good buyers too. I don't do a lot of open houses anymore...but the last one I had there were over 30 people though. Sellers like to hear that even if their house did not sell at it.

APR

2008

Hi Karen,

Open houses are a great way of free advertizing. It also keeps your clients happy. Regarding traffic it all depends in the area some areas are busier than others. Some are just completely dead. Good post Karen.

Mary M.,

I totally agree with you. On every one of your comments. I have certain signs that get ton's of call's, of course they are in highly travelled areas. Some of them in the back of developments...well...no call's at all no matter how much I market them. Get lot's of leads from those on the main streets...and well...that's a good thing! :-)

Mary W.,

I agree with you as well. I just have very little time in my 7 day a week schedule to sit on a weekend afternoon when I have buyer's who want to see property.

WOW, 30 people, that's impressive.

Patrick,

Thank you. There are only a few customer's that ask for open houses and they are the ones who remember back in the day when we had books and not computer's to view properties. Maybe next Sunday will be my lucky day...I promised I would do one for her.

Karen, I like open houses simply to meet new buyers and find out what is on peoples minds regarding our market. I have to disagree with your broker though, open houses usually don't sell THOSE houses. But on the other hand, they will usually end up selling a differant house. Congrats on being so busy!

APR

2008

Patrick J.,

I don't think they sell that particular home either, however it is a good way to get lead's. Thanks for your opinion.

Open houses are good for the agent to get buyers. I think I've heard of one open house that someone walked in and ended up buying.

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