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Open houses, a good marketing tool or not?

Open houses have become an issue with one of my listings. I have very mixed opinions about them, a couple of years ago I think the may have been a better tool than they are today, the reason I say that is, there weren't as many homes on the market (Ormond Beach Florida) and we had a lot of buyers. Now on an average weekend you can see as many as 20 or more open house signs all within a few blocks of each other. Sometimes there will be 2 or 3 on one corner. It begins to look and feel very desperate to me. I would love to know if open houses work in other areas.

Broker Opens are also something that I don't feel are of much use today. You spend a lot of money on food and beverages, maybe even some kind of door prize, and you might if you are lucky get 2 or 3 others agents/brokers show up. Most offices have their fair share of listings so they really don't need to see yours. Am I wrong? What do you think?

Posted by Donna Dosch, Broker Associate, CRS e-PRO on 02/21/2007 07:13 PM

Comments (7)

donna dosch, open house, broker opens, prizes, ormond beach, florida, daytona beach, realtors, buyers, sellers, real estate

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7 Comments on Open houses, a good marketing tool or not?

FEB

2007

Ditto, Ditto! When I first started real estate I did open houses every weekend. I was new to Texas and didn't know anyone and it was a great way to meet people. However I realized that I NEVER sold the house I held open. Not that I didn't try. I just don't think they are an effective tool. Someone has to pop in that totally meets the criteria of the home. My buyers do all the pre-shopping over the internet.

I also agree about the broker open houses. All they do is make our sellers feel better. Again even we agents can check houses out using the pictures over the interent.

I have noticed when things are slow there are open houses everywhere and it does look kind of desperate to me.

Thanks Marchel now all I have to do is convince my sellers that open houses don't work. Any suggestions?

Hi Donna,

Good luck w/trying to convince your sellers that OHs don't work! I think they're a waste of time but many of my sellers insist upon having a least one. I actually had a seller who wanted me to hold their property open every week until it sold. I kid you not.

My experience has been that I get a lot of nosy neighbors who aren't interested in listing but just want to see the house that they haven't been in the entire 10 years they've lived next to my sellers. If real buyers do come, they are with their own BB. (which is OK if they'd just submit an offer, already...)

FEB

2007

Donna - I tell all my sellers that an initial open house soon after the house goes on the market is a good plan to gain some additional initial exposure. I'll even advertise these in the paper. After that, open houses only every month or so, just to keep the home in the public's eye. Anything more than that is more for the agent to try to find buyers than it is for the home itself.

I believe NAR has some stats about how open houses are an underperforming method of marketing (less than 5% of buyers find their homes through an open house??). Check out Realtor.org to try to find stats.

But, if the sellers insist, then ask other agents in your office to hold the home open for you.

Unfortunately, sellers still believe that open houses are necessary. An open house is something tangible that the sellers can see you are doing to market their home, which leads them to believe that then you are doing your "job."

Hi Don...Thanks for the suggestions I will check out NAR's stats. I have had other realtors hold opens for me in the past. It can help new agents that need some exposure.

FEB

2007

I lived in Ormond Beach and still have a house there. We would yard sale EVERY weeekend on Friday and Saturday. Maybe you should hold them open when all those yard salers are around and offer refreshments?

Thanks for the idea, I will try it when there are yard sales on those street. Donna

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