Open House for a Million Dollar Listing?

By
Services for Real Estate Pros with Paul Warkow-D.G. Weber Law Associates

Well, actually it was not listed at a million but at $999,999.  I am working with a listing agent to prequalify potential purchasers when they attend an open house.  This was my third open house.  The listing agent is a very good producer and is well respected.  Unfortunately she did not attend this open house because she went on a cruise so she had another agent from her office handle the open house.

 

I asked her if it really made any sense to have an open house for such an upscale property.  If some one is interested in million dollar houses, do they scan the newspapers and the web for open houses?  We sat there for two hours and not one person appeared.  I guess part of it was the weather.  On Sunday, it was cold, windy and rainy on Long Island.  It was the kind of day that makes you want to stay indoors.

 

When I asked the agent the question, she really did not give me answer.  She deferred to the listing agent and her expertise and experience.  I would be interested in getting feedback from the agents here.  Does it make sense to have an open house for such an upscale property?  Is it a wise use of time and resources to have an open house for a property that very few people would look at?

Comments (2)

Lewis Beynon
CENTURY 21 Triangle Group - Raleigh, NC
Triangle Real Estate 411

First off, as I understand it, $999,999 doesn't buy you much on Long Island.  But, the real answer is in the attendance.  I have a rural 2-family that I held an open house and 2 people came through.  The second open no one came through, so I simply called the owner and said "open houses aren't working".  Good luck and best wishes from Clifton Park, NY!!!

Dec 15, 2009 03:09 AM
Paul Warkow
Paul Warkow-D.G. Weber Law Associates - Hauppauge, NY

Lewis-Even 3 years ago on Long Island, that kind of money would buy you a lot.  I was just wondering if an open house is valuable marketing technique for a property that few people would consider because of the price.

Dec 15, 2009 05:42 AM