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Creating Captivating Open Houses!

By
Real Estate Broker/Owner with Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate

Captivating Open Houses in Grand Rapids, MichiganWhen I entered the real estate profession 12 years ago, my broker told me that I would not stand a chance at succeeding if I did not do Sunday Open Houses.  When I transferred to another Broker a couple of years later, I heard the exact opposite advise, " Open Houses are usually a waste of time".  So which one was right.  Well, both were! 

Open Houses are a waste of time unless they are prepared and conducted properly.  A well presented Open House is a successful strategy many  saavy agents use to market  and sell their listings & skill set as a real estate consultant to the general public. Unfortunately, many agents have never been given basic instructions about how to ensure that an Open House is worth the time & others do not want to put in the efforts to ensure that their time...which is money....is well worth it.

The fact is that Millions of Americans seem to find Open Houses to be an engaging hobby.  Don't ask me why.  Maybe, it's part of our morbid curiosity about how other people live; sort of like the house hunting version of tabloid voyeurism.  But if millions of people are going through Open Houses, largely hosted by real estate agents & our national statistics indicate that only 3% of homes are selling through Open Houses, then we have a 97% Failure Rate. 

While many of these open house attenders will not necessarily buy a home they walk through, we are doing a dismal job of capturing prospects who have indicated that they are probably going to be buying sometime, somewhere.  Let's look at some vital issues which should be considered when planning to hold a house open.

The most important aspect of preparing for a Successful Open House is Picking the Right House.  Not every home is suitable for holding an Open House.  Have you ever gone on the Open House Needle in the Haystack Search?

Click here to continue this article... 

Copyright 2007 Audu Real Estate  All rights reserved

Comments(16)

Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

What do you think? Do you have some specific criteria that you use to determine if a home should be held open?  Or is it more about pacifying a seller so you look like you're doing something to sell their home?  Do you think holding Open Houses are an effective strategy in selling homes today with the Internet & virtual tours?

Apr 26, 2007 09:51 AM
Yvonne Brown
Century 21 Northwest - Gilbert, AZ
Lola, I appreciate you sharing your expertise and experience. I am new to the industry and just completed my first opne house with a 2nd to do this coming weekend. So far this has been a positive experience for me. I look forward to reading more from you!
Apr 26, 2007 09:54 AM
Angela Gardner
RE/MAX Whatcom County - Bellingham, WA
it's funny to me that you mention people's need to see how others are living...I don't frequent open houses, however one of my favorite parts of my job is previewing homes. I love to see the floor plans, the features, lay of the land so to speak.
Apr 26, 2007 09:55 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
I can't wait to read part 2 I read on your other blog. They have never been successful for me in
Ann Arbor, even in the downtown area. I do them if the sellers insist, but after no one comes, they get the picture.
Apr 26, 2007 10:05 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Hi Yvonne, I wish that someone had shared these simple guidelines with me when I started in real estate.  Active Rain is an excellent place to get good information which can save you a lot of grief & help you make a successful career.  I think the biggest mistake that many agents make is not choosing the right home.  For New agents, sometimes it's better to hold someone else's listings open if they are better suited to creating a meaningful Open House experience for you and potential buyers.
Apr 26, 2007 10:07 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Angela, I too love visiting homes & take the Parade of Homes Tour in our area almost every year.  It's a hobby or addiction that many of seem to share.  Can you imagine any other profession or business...take Disney or Pepsi not taking full advantage of this to expand their business?
Apr 26, 2007 10:09 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Hi Missy, the next blog will focus on the right reasons to do an Open House.  Like you, I too have done them to pacify seller's...this is not one of the right reasons. :)
Apr 26, 2007 10:12 AM
Ana Connell
G & C Properties - Burbank, CA
Burbank Real Estate Agent
I'm with you on the curiosity factor.  Good post!
Apr 26, 2007 04:48 PM
Christy Powers
Keller Williams Coastal Area Partners - Pooler, GA
Pooler, Savannah Real Estate Agent
Great post....My first open house was beautiful on paper, it was beautiful in person, but you had to find it. It was so far out in the country, I got lost a few times and thought I had to be going the wrong way.
Apr 27, 2007 01:14 AM
Toronto's 2 Hounds Design: Decorating + Staging
2 Hounds Design + Home Staging - Toronto, ON
My agent always stressed that the open house was mainly to bring in neighbours and allow interested buyers another opportunity to go through the house. He let us know that it very rarely would result in a sale. I appreciated his honestly.
Apr 27, 2007 02:37 AM
Amber Steiner
Solid Source Realty - Cumming, GA
North Atlanta Real Estate
Hi Lola I just blogged on this exact topic back in March, so it was good to read your post.  Great minds think alike!
Apr 27, 2007 06:29 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Hi Amber,  I just read your article, it was excellent!  Thanks for providing a link.  Some of the suggestions you mentioned like the goody bags for the children & parents are things that I've not heard or seen.  With this type of innovative thinking, you'll be a great success!
Apr 27, 2007 12:02 PM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Dane, what your agent said was what almost all of us have come to believe...Unfortunately, our belief & expectation has created a reality.  It's amazing to think that millions of people walk through open houses across the nation indicating some degree of interest in housing & our lead capture is 3%!
Apr 27, 2007 12:04 PM
Anonymous
Anonymous

Lola:

Great Post and great comments, and great new ideas. Thank you!

Jul 01, 2007 05:03 AM
#14
Anonymous
Matt:

Hi.I found your site by luck. I did my second open house on my first listing. Last week was good this Sunday BAD. My listing sit on the corner and the two roads have lots of traffic. I had all my signs out with bloons. I did everything you have listed to do. I sat and watched people slow down and look but never stopped. So when I came home I went looking for ansewers and thats how I found your site.  I herd theres days like that. But I want to know how not to have one of those days. House shows very well and the yard is like a park. I am hungery for the wisdom of others.

Thank for your website and the information you give us new agents.   Matt

Jun 22, 2008 07:19 PM
#15
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

Hi Matt, Thanks for your comment.  Sometimes, our best efforts don't produce the amount of traffic we would like at an Open House, but I always remind my agents that we only need one buyer to sell a home...the right person! 

Did you promote your Open House online as well as in traditional media?  It is possible to have a Virtual Open House occuring while you're doing your 'live' event. 

You might also consider asking some of the other agents who have property listed nearby to do a joint event where you cross promote each other's Open Houses. 

Jun 23, 2008 12:19 PM