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Open houses, do they work?

They have for me!

A few minutes ago I was answering that blog question and I felt my answer was informational enough to post.

I sold 2 houses last year at my own open houses. One of them, was a lovely home and the seller called 10 min before I was leaving and we had had no lookers. Five minutes later she was knocking at the back door. I didn't answer so she banged louder. I excused myself from the people looking at the house and let her in and told her I had a customer there.They bought the house.

I had another house that was well priced and it sold to a lawyer and her husband from an open house. Another open house brought a client that I am working with now that I expect to sign a contract in the next few days.

In our area it isn't unusual to get 5-10 couples coming to an open house. they say 3% of the buyers nationally buy from open houses (I forget where that statistic came from, it was a few years ago). Doing the math on that you should get 1 buyer from every 7 open houses roughly.

I even had a seller come to an open house in the area where their house was, I did a CMA on their house and listed it and it sold, and they were going to FSBO before they met me and we talked.

I would never have an open house every week on a property, that makes either the seller or the agent look desperate.

I put the ad in the 2 major newspapers and put up signs. My last open house I also posted on Active Rain

They have been very effective for me for both selling homes and getting new buyers.

Posted by Kevin O'Shea, White Plains, NY Real Estate on 05/14/2008 03:27 AM

Comments (53)

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53 Comments on Open houses, do they work?

MAY

2008

Thank you for the encouraging stories. I'm still holding out hope for a successful open house. Hope is what I need to continue doing them.

You are getting a LOT more people at your open houses there than we do in Arizona.

Open Houses can definitley work...but you need to know how to work an open house. I met with an agent I coach just this last Monday and we talked about an agent in their office who is struggling a bit. Some people can build rapport and trust almost instantly...other can't. Learn how, ask the right questions with the right tone and listen, listen, listen. Good luck! Jeff - Coaching from Maui

I bought and sold my last 3 homes at an open house, but I know open houses are still a contraversial topic depending on who you talk to. Always interesting to see what others think. :-)

What ever is working for you , stick with it exposure is good no matter how it happens. Good luck

I think location and your market area really matter here. I am planning to work opens for other agents this spring. I will let you know how it goes.

Glad they work for you. I haven't had much luck with open houses, so I don't hold them anymore. I do like hearing that they work for others though.

I never had luck, until recently. Love them....

My area ....they are pretty much useless.....Ive tried and tried but most agents will tell you they don't work here. I know in Hawaii and oparts of CA they are effective.

I've had great luck with listing other neighbors homes by doing open houses. Not so successful with selling the actual home, though.

I think it depends on the area and the traditional approach in the area. Our open houses are advertised on the net and in newspaper...we sometimes add direct mail and of course signs.In Wisconsin with weather that can change in a blink of an eye....if you get people to an open house during a blizzard, hang on...you have very serious buyers !

Hi Kevin;

I do think Open Houses is a great part of your Real Estate business.

Your math only works if the homes in the study were never held open more than once apiece. I'm glad it works for you, though.

Interesting....I am not a fan of open houses, but will do one occassionally if the home is in the right neighborhood and price point. At the last one I did, I met a client who I am actively working with. He has a condo we are selling, he is buying and he referred me to a friend of his who has two condos to sell. That open house was worth my time..... if all of them could be that way!

We have not had an ad in the paper in three years and our online advertising generates 3 or 4 sales each year on open houses. Plus the agents clients that come throught the open house and then come back later and buy.

good post..it depends on the area..glad it works for you...keep doing them and sell those houses.

Open houses are tough in my area...Here is a tip...

When other homes are for sale in the area, call the REALTORS, there is power in numbers! If there a few open houses, more people will show...

Dave Sulvetta REALTOR-Associate
Cell 856 889-8163
Century 21 Hearst
Camden County NJ Realtor, Camden County Real Estate, Gloucester County Realtor, Gloucester County Real Estate, Burlington County Real Estate

http://www.davesulvetta.com
http://www.camdencountyrealestatenews.com
email; dave@davesulvetta.com

Hi Kevin. Love open houses. I have yet to sell a home, but I will. Great for exposure.

Keep Posting!!!

Ken

Hey Kevin - Great to hear your successes with open houses. I have tended away from doing them in the past, for various reasons, but may be changing my mind. It is, at very least, good exposure. Thanks for the post.

Open houses do work. I also have picked up clients by doing them.

Good luck

I've found that bringing a mortgage broker along to open houses helps as well. Prospects like to have the "one stop shop".

Thanks for all the encouragement and some great ideas there. It is great to be part of AR.

I love Open Houses! It's like fishing. And you can catch! Sure....There are alot of lookers for decorating but then there's that buyer. Stumbling into your life needing a good agent. And maybe the house you're in is out of their league but you can find it! And wah`lah! You got a lead that can bring lots of business! I believe in them. And associates from the office call me to do theirs as well. Alot of agents complain that they're boring but gosh...I have so much paperwork to do, I use as a time to catch up.

I would have said not worth it until recently. Suddenly we are getting people at our open houses again, maybe not 10 parties per house, but at least 3 or 4. My husband recently had 33 parties go through an open house, which was unbelievable. One of them ended up buying it, so that was two hours well spent.

I am not a fan.....but they don't hurt...so I do them.....

Open houses sometimes work here in the Metro Detroit area. just depends on the day and time.

They are historically lousy here in Akron. I do them for my clients and for the occasional buyer I can help. BTW, according to your math, 3% would be 1 buyer in 33, that ain't good here when you are lucky to get 3 to an open.

I had my own personal home sell at an open house before I became a Realtor so I do believe they work. I have them but probably not often enough. Thanks for sharing your experiences with them

I do open houses, I am going to do one next Sunday.

Not only do I find OPEN HOUSES helpful for the home I have listed, but it is also an opportunity to perhaps sell the one "down the street" if my house doesn't fit the prospects needs. I always take listings of atleast five additional houses within a few mile radius.....just in case! Yes, it works. If not my listing, perhaps I will have the opportunity to show a collegues house....and sell it!

Seems like the best leads come from an open house just about the time I'm ready to pack up. Sometimes, I try to invite the neighbors and expireds. I may not sell the home but at least I can meet a few neighbors. Also, Lowes offers 10% coupons to sellers and buyers. If they sign my guest book I make sure the get the 10% at Lowes.

Hope this helps!

Ray

Kevin: I think it really depends on each market and the time of the year and the amount of time you are spending on the open house.

It is really interesting to me that some areas work much better than others.

I usually schedule 2 hours on a Sunday Afternoon.

All the best!

MAY

2008

I treat an open house two fold. First the obvious...to market/sell the property. Secondly to walk away after 2 hours with at least 3 contact names for my database.

Personally I can not say I have sold a home from an open house, but the number of clients I obtained and in turn sold them houses has been well worth it.

Happy selling!

I know that open houses work for generating business but I am having a difficult time motivating myself to do them. I feel even floor time is more productive because at least I can get other things done at the office. I have not been very sucessful finding productive use for my time when no one is at the open house.

Sunday open houses do work at times. I have sold two open house properties this past year. And is a great way to sign buyer clients. My open houses are only for an hour and I believe that people will come within that hour.

Glad you've had such success with open houses! I think it all depends how you work them and your follow up. So many agents just literally sit open houses and don't follow up!

I think it depends on the area

If the homes are easily accessable they don't usually do a lot of good, but it can't hurt.

I did another blog on open houses from ideas that came to me after hearing these responses.

http://activerain.com/blogsview/511227/Open-Houses-A-new

All the best!

That is encouraging, I have two open houses this weekend!

I feel like open houses are opportunities for agents to get buyers. If it sells the house then great!

I haven't sold a house but I have picked up a couple of buyers. I like the comment about trust. I think thats key especially in a buyers market.

I bought my current house three years ago. We began our property search with an idea of what neighborhood we wanted and looked at a few open houses one weekend. I fell in love with this house and lucky for me six months later it was still on the market. We bought it then when we were ready and moved in two months later. If it hadn't been for that open house I doubt I would have bought this house. They do work!!

I've never had a lot of success with open houses but, then, I've never put the prep work into them that some agents do. We have a successful agent in the office who loves open houses but she typically mails or door hangs 500+ flyers the week before, puts up lots of signs, balloons, etc. It works really well for her. I've also heard that if you need more than one or two directionals to find an open house, your turnout will suffer. And, of course, they can be heavily dependent on the weather and the local sports schedule.

MAY

2008

I have a map of our area on an easel. It's a great talking point, especially for newcomers or discussing other homes for sale in the area. Occasionally folks want to buy the map.

500 flyers that is a great effort. Don't forget to invite expireds and FSBO's on your list.

I think the pre-marketing you did was probably key. It seems like more consumers are putting together a list before heading out the door on a Sunday.

JUN

2008

I have had good results with open houses. I conducted an open house a little over three weeks ago, and a neighbor came in to inquire about the market in general. A little over a week ago, she called me to tell me that her circumstances had changed and that she needs to sell her two (2) homes (located around the corner) immediately so she can move back to her hometown and be with her family. So, my original listing has yet to sell, but I am just about to get two more listings.

Derek: That is great, now you have an excuse to introduce yourself to everyone in the neighborhood.

You will be the expert.

I hope you get a few more leads in the neighborhood!!

Thanks Karen & Ray

I think the reason you do so well at open houses is your positive attitude. I have had the same encouraging results when I have open houses. Bring 'em on!

I'll be reading you,

Lisa

JUN

2008

They sure do work, I am doing one today and looking foward for the great response. Even if you don't have listings you can always do an open house from a friend,co-worker or your office.

Good luck with yours ERA

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