When our clients contract Fairstone Properties to sell the house, we retain the right to have and hold open houses. However the top selling agents in our company do not hold them. Before you hit the comment button, think about the purpose of the open house and the purpose of the broker-client relationship. In our opinion the point of the relationship is for the sole purpose of selling the house. . .is this what an open house does? I don't think so. In our market, if you fully advertise an open house, put up your directionals and sit down and wait for three hours, you are lucky if some neighbors come in to say hi. (they always seem to be the first because they "have always wanted to see the inside of this house!")
In order to get people to come, you have to lure them. Food is a must, door prizes (starbucks gift-cards) go a long way, free wine, or even raffles. These people then are there to buy the house. . .they are there for the food and free stuff. The only sale that the broker will get is if he or she can convince the people that they should buy through them. Statistically NAR says that only 3% of sold houses are sold through the open house. This is not a good use of my time. The open house is a dying marketing technique unless you like to work with buyers or unless you need buyers.
What's everyone's experience and opinions? and for the mortgage and title reps...what do you have in your arsenal to change this statistic? How do you help your Realtors out?
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