Kevin- Congratulations on being so successful with your open houses- We have been miserably unsucessful at getting people to come to our open houses- What do you do that draws people in? Do you advertise? How often and how? What day of the week do you do them? I would appreciate hearing what you do that draws people in.

Kevin  I've never actually sold a house that I was holding open, but have met new customers - sellers & buyers.  In fact, one of my best customers is someone I met at my very first open house 6 years ago.  Although open houses aren't "fun" for me, they certainly serve an important function.

Hi Kevin...The statistics where I am are not so good. Probably about one person per seven open houses. instead of seven for every one.  We are in the country and it just doesn't work here.

When I was an agent in Northern Virginia (the DC metro area) they were very useful.

I'm glad for you.  Keep working them then.

Kathleen

If Open Houses provide the most bang for the buck for you then go for it.  I figure the average Open House is typically 3 hours.  You mentioned 1 buyer for each 7 open houses.  Thats a 21 hour investment to get a buyer for that home and potentially another buyer for taking out and looking at homes.  So that's 10 hours invested to find one client.  If the typical client works with you for 15 hours before closing on a transaction after aquiring them as a client that means that your open house investment is 25 hours per closed client.  If you don't count time worked on following up on clients who don't purchase and the average commission is say $9000 for a closed transaction then your work at an Open House pays $360/hour.  Obviously you can only invest in a certain number of Open Houses each week so hopefully you can find as rewarding an activity as your Open Houses.

Just thought I would play with the math.

Yup! They work! I just got my listing into contract....because the people who looked at it earlier in the week and loved it.....saw the open house and decided to get their contract in before anyone else did!

I think it depends on how you do them.  You MUST market the open house properly for it to work the way you want it to.  I have found that when you don't promote the open house around here - it doesn't work - UNLESS it's downtown White Plains...

I believe that Open Houses work if probably marketed.  The public needs to know about the Open House and in some locations and price ranges they are more likely to work.

Kevin,

You da man, congrats on the success that you have at open houses.  Could you, would you send me your plan for success at open houses?

Don R.

Hi Kevin ... I have not had anything come from an open house, but I have held only four so far.  So, statistically this is not enough to judge.  I will continue to hold them if the owner is agreeable.  Thanks for your feedback; it's encouraging. 

Barbara:  I hold them on Sunday from 1-3PM advertise in the NY Times and the Local Gannett Paper,

Put up signs in the neighborhood and put it on our mls.

Anthony: I have sold a few houses at open houses, sold some people I met at open houses and gotten a few listings for open houses.

Kathleen:  From what I understand it is very different in different areas.

Glen:  I am happy to work for 360 and hour.

Sally: Congratulations that's great.

Ruthmarie:  Maybe you should work with me.  :)

Miriam: I agree completely.

Don:  Thank you.  NY Times, local Gannett paper, Our MLS, Blog through postlets.com, Craig's list and our MLS.  2 Hours (1-3PM) on Sunday, Neighborhood signs.

Marie:  I think it depends on time of year and area.  One of the houses I sold last year had only one customer, but they bought it.

Kevin-  You were right to post this!  It's great to read the ideas for getting foot traffic through the open house, as well as the successes that you and others have had!  I will definitely keep checking in for any additional tidbits.  Thanks!  (and congrats on the $360/hour!!)

GOSH - I'm sorry about all the duplication....

KEVIN - As long as the homeowner is given realistic expectations of what can happen at the open house, they can be worthwhile.  The problem comes when they expect turnout and it doesn't happen.  There are no guarantees, but there are possibilities.

Agents yipe and yipe about open houses for one of three reasons:

1. It's a waste of time and nobody comes or

2. They get a lot of traffic and homes sell or

3. People come and it could sell but the agent is too busy with other clients to care.

I find #2 works for me.

Jen: thank you.

Ruthmarie:  No problem.

Adam: Good point.  I am really honest, especially afterward if there were no lookers.

Elizabeth:  :).  I think some areas they work better than others.