DO OPEN HOUSES SELL HOMES?

By
Real Estate Agent with COLDWELL BANKER RESIDENTIAL BROKERAGE

On Sundays many of us place Open House signs at key directional points in an effort to entice potential buyers to view our listing. We arrive a half hour early to (1) inspect the home to make sure it is ready for visitors, (2) strategically place our signs, business cards, log sheets, and home information with the hope that we will have a good turnout and find that special someone who wants to buy this house. So we spend approximately 6 hours meeting and greeting.

However the pros and cons of Open House-sitting have been discussed, and even debated, among real estate professionals for a long time.

 

  • Some experts state that reports show that a very small percentage of buyers buy the home they first saw during an Open House and that the only benefit of an Open House is to provide buyer leads for the agent. They believe that most visitors are just looking and the time it takes to convert an OH lead to a buyer is no better than a call-in from a sign or website.

 

  • Others believe that an Open House provides exposure for the seller because this may be the only time members of the general public (those not represented by a Realtor) will be able to actually tour the home that may be of interest without feeling any obligation to take further action.

I have taken the position that hosting an Open House certainly can't hurt and it demontrates to the seller that you are flexible in your marketing strategy.

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Rainmaker
5,396,559
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Gloria....open houses are a great way to network, find new buyers, find new sellers and maybe even find a buyer for the subject property!!!

Apr 03, 2011 07:49 AM #1
Rainer
19,415
Denise Scalvino
Referral Group Incorporated - Manahawkin, NJ
Real Estate Sales Associate Cell: 609-709-6678

Not every home is suitable for an open house due to location or other factors, and sometimes the only way to determine that is to try it. I believe in Open Houses if the home is priced competitively and is getting showing activity during the week.  Open Houses are a great way to network - I agree with Barbara.  However, you do want to make sure that your time is spent wisely so be selective on which homes you choose for Open Houses.

Apr 03, 2011 08:02 AM #2
Rainmaker
3,493,361
Richard Weeks
Dallas, TX
REALTOR®, Broker

Don't think they sell the house the are hosted at; however a great way to pick up buyers.

Apr 03, 2011 11:20 AM #3
Rainmaker
650,814
Paul F. Stillwaggon
Weichert Realtors - Warren, NJ
NJ Estates Real Estate Group, Weichert Realtors

Open Houses are for Realtors to get clients, I have had 4 to 5 open houses on my listings a month for about 15 to 20 years, I have sold 2 of the homes from the open houses and one I did by staying later and opening up the home for a couple that came a half hour late. 

Apr 03, 2011 02:41 PM #4
Rainer
297,808
Gloria Laughton Allston
COLDWELL BANKER RESIDENTIAL BROKERAGE - Princeton, NJ
Realtor(NJ)/Broker(NY)

I agree Barbara - you do get an opportunity to interact with folks that you might not have met on your own.

Right Denise - one comes to mind that was on an active two-lane road and it had a short driveway.

I agree Richard but some sellers want you to host an OH anyway.

Paul, your success in Somerset County is pretty well-known so only 2 in 20 years says a lot.

Apr 04, 2011 02:14 AM #5
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Rainer
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Gloria Laughton Allston

Realtor(NJ)/Broker(NY)
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