Why you should have an open house!

How wonderful that the woman had the opportunity to spend so much time at the house. She is lucky some other buyers didn't put an offer in first after only seeing it once.

Open houses work so well in some areas, not so well in others. It also depends on how astute the agent is in preparing to have one and presenting it.

Had a buyer come to an open that I was doing. She wasn't working with anyone and looking for a home around $250,000. Found out we were of the same faith, so it was easy to connect with her. That was not the right house for her family but I did end up helping her buy a home that ws $650,000 !!! You must never know who is going to walk through the door. 

I get the feeling that the buyer you are talking about did what was right for her.  Looking and getting a ""vibe"" without a agent talking about the attributes of the house is much less distracting.  Ever go to a car lot and start looking at the inventory??  Without a salesman trying to talk in your ear the procedure goes much smoother.

In my world I will check out open houses when I can so if/when they sell I have a much better idea what the condition and upgrades are if I use it for a comp.  I do identify myself as an appraiser so the agent is aware that I am there more for information gathering then interest in buying.

Good morning Nick and Trudy.  Open Houses that do well in my area are typically those that are in desirable communities and are well staged.

While we have team members (instead of us) sit open houses - this is a great point about how open houses gives prospective buyers access on their own time so they can fully consider the property!

I assume the value and perhaps quality of open houses varies by market.  Here in Seattle, they are indispensable.  Not having an open house doesn't even enter consciousness as a possibility.  That said, many agents don't like hosting them, so I often volunteer my time.  If it's an off weekend or a sub-par listing, it can get slow and boring, so I always bring my laptop and a good book.  There's always something I could be catching up on.  More often than not, however, there's a reasonable if not vigorous stream of people coming through.  Obviously, this is a good way to pick-up new prospects, but it's also a great way to learn about the market and what other properties are currently on the market FROM THE BUYER'S POINT OF VIEW.  I love asking questions and , to me, open houses are an opportunity to host one or two focus groups every weekend.  I find the information invaluable.  We brokers spend a lot of time being informed by the same information.... MLS data, pertinent newsletters, and the like... this is life inside the bubble.  It's great to have that information, but it's much more practical and useful when considered alongside the perspective of the client-side.  Just my two cents. Have a great day and thanks for sharing!

Hi Nick and Trudy - from the comments here it sounds like their are many variable in each area.  You have found the right combination for yours.

I have sold a few open houses because of the open house. Lucky enough to get a couple buyers for them. I used to have a guest book but now have guests sign a book if they want to be notified of the status of the house after the open house. They can put their agent's name if they are working with one or I can work and represent them. The one's I sold and representing the buyer, I was able to notify them immediately if the price was reduced. Within couple days an offer was made and closed in a few weeks. Doesn't happen all the time but it did a few times. Timing is everything.

Thank you very much for sharing your experience and your advice.

Years ago, I was trained as an athlete by my position coaches to develop the skills necessary to become a champion. The first lesson was attitude and belief. If you believe and train to master the skill, regardless of the task, you'll achieve your goals more often than not. It works, even for open houses. Great post.

I love this blog post. It is written with honesty. In addition, I found that people going through open houses, aren't just looking for houses, they are interviewing and making decisions on who they want for their future Real Estate agent. Anytime we are in the public eye, we must be professional, which of course, is always true of you!

We have sold at Open Houses, but it rarely happens.  We only hold them if the seller wants us to. Most times here only 1 or 2 "looky loos" show up. If it was like the ones on reality TV where the crowds line up to get in...we would do them more often.

Nick and Trudy

Open houses are working for us in South Florida.

Good luck and success.

Lou Ludwig

Open houses work. Like you said, buyers come without their agents and have the time to spend getting the feel for the home. 

In our area that is often the only opportunity buyers will have access to a hot property.  Most are anxious and ready as they were turned down before. This year they jump on the opportunity to make a best offer before it gets to a pending status in a few days.

The no OH allows offers not coming in same time and offerers have a 24 hour,12 hour expiration not to be used againt others.