Statistics show that Open Houses are responsible for roughly 4% of sales, but it's a great way to have the property shown if you can get a good turn out. Since the odds of a sale are increased as the number of people attending goes up, it behooves us to do everything possible to stir up excitement and stimulate interest in a property.
In our office, we make a big deal out of open houses and since we know that the first few days on the market are very important, we go all out in preparing for the "Grand Opening" of the new listing. Aside from pricing, condtion of the home, etc., here are some preparations we make for open houses that seem to increase participation:
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Early in the week before the Grand Opening, make calls to homes in the surrounding area, inviting them to the grand opening on behalf of their neighbors
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Knock on approx. 30 doors in the immediate vicinity to meet neighbors, distribute custom property brochures and invite them to the Grand Opening. You almost always meet someone who knows someone else that might be interested.
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Put an ad in the paper, on openhouse.com, and post a notice on the local office Open House bulletin board
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Put directional signs up in the neighborhood no later than Friday (put them up on Wed (if permitted) and use as many signs as possible.
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Put helium ballons on the directional signs on the morning of the Grand Opening - red seems to be more visible from a distance.
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Have a large sign in the yard to attract attention. Our local board sells one that is hinged at the top and stands on the ground with a place to put four flags on the top. It looks great and attracts a lot of attention.
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Great insight into turning open houses on again, they have lost there freshness