Many sellers ask me if it is to their benefit to do open houses to sell their home. National statistics show that only 3% of homes sell at an open house. What does this mean? What it means is that Open Houses are mostly used as a tool to appease the seller. The seller sees we are in their home for 6 hours and that makes them feel as if we are earning our commission!
If done properly, an open house can be a suitable way for an agent to expand their business. Open houses are a great way of meeting potential buyers, meeting neighbors, and for exposing your name to everyone around town (I use 70-100 signs for each open house I do).
What does this all mean....
I held an Open House last week in a condo in Anaheim. 73 signs, 7 hours and only 3 visitors (2 neighbors and 1 potential buyer who needs to sell his home in Las Vegas first). Not the types of numbers I'm looking for. On the other hand, I listed 2 new properties this weekend from an open house I held 3 months ago in Tustin (that had 18 visitors).
Be sure to select the right property to hold an open house in. A SFR is always a better choice than a condo.
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