Are Open Houses risky? I think so, what do you think?

Janna Rankin Scharf, GRI, CLHMS, SFR - Coeur d'Alene, Idaho Real Estate

Are Open Houses worth the risk?  I'm not so sure, what do you think?

A while back I received the following email from the executive director of the Coeur d'Alene Association of Realtors:

Open Houses can be difficult with multiple groups touring the property at the same time. Here is a recent example from a CDA REALTOR as a reminder of how critical it is to monitor your visitors:

"I got a phone call from my seller at CDA Place. They had a box of check books stolen from their house they believe from the open house we had on Saturday. Their account was completely drained.
Because of the writing they believe that it was a woman. I'm so bummed that it happened on my watch!!! Although the bank will make things right, it's just a pain in the rear for my sellers.
Can you please blast an email to the team about my unfortunate open house and to keep an eye out." 

The subject of Open Houses is actually quite controversial amongst Realtors.  Some adamantly oppose them, others are advocates.  Personally, I don't care for them for a couple of reasons.  First of all, the stats for homes being sold because of an open house aren't even measurable! To me, it isn't worth the risk of opening one's home to complete strangers! I have known agents who require a seller to sign a disclaimer holding the agent harmless in the event of theft or damage if the seller insists on an open house.  

I take my cue from my sellers, and if they feel strongly about me holding the house open, I happily comply.  I do take precautions, including having an associate of mine stationed upstairs, or downstairs, so there is someone to monitor each level, because I can't be in more than one place at a time! 

What I DON'T do is use open houses as a prospecting tool for building my data base and the possibility of picking up a buyer.  Again, I just don't believe it is in the best interest of my sellers to open the house to strangers.  There are just TOO MANY stories like the one in the email above.

What do you think?