Are Open Houses More Important Than Ever?

Reblogger
Real Estate Broker/Owner with American Lighthouse Estates Inc. CABRE#01432680

I have to agree...Now buyers are getting smart and using the listing agent..That is why it is essential to keep a stream of listings..Or you can stay broke!

Original content by Lottie Kendall CA DRE# 01215160

Are open houses more important now than ever before?

That's a point of discussion that came up in my weekly telephone conversation this morning with my accountability buddy, Carol Skees.

Open HouseWhile open houses are common practice in my area of the country (San Francisco, San Mateo County, and the Silicon Valley,) I believe they are more important than ever. That seems to be the case in New Mexico too, where Carol practices.

Thinking just of condominiums,  this year I have had 4 condo listings -- all 4 of them sold to buyers who came to the open houses before they contacted their Realtor.

This is the pattern:

  • buyer goes online; spots an interesting property; goes to the open house
  • buyer likes what they see, then calls their agent to learn more (or I refer them to a colleague who would do a great job for them)
  • buyer makes an offer

I'm seeing a similar shift in preference with my own buyers, especially younger ones. They find interesting properties online (or I send them a list of ones I think they should see); they go to the open houses; they give me a run-down on what they liked or didn't like, and we take it from there.

In our fast-paced market, with little inventory and many buyers, I urge buyers not to wait for the open houses, but their preference really is to visit the open houses.

I'd love to hear from you: are open houses important in your area? Are you seeing a similar change in buyers' habits? Is this true in all market segments, or primarily entry level?

Let's hear it from you - perhaps we're on the edge of yet another tipping point? I'd love to hear from buyers as well as real estate professionals - share your thoughts, please.

 

--- Just another benefit of living here!

Lottie Kendall, Realtor

Today | Sotheby's International Realty

San Carlos, California, 94070

CA BRE#01215160; 650-465-4547

Lottie@LottieKendall.com;

www.LottieKendall.com

www.SFCondosForMe.com

 

 

Comments (1)

Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi David - thanks for the re-blog. In our fast-moving market, I don't represent buyers who come to my open houses; if they don't have an agent, I refer them to a colleague who will do a good job for them. My allegiance is to the seller.

Jul 16, 2014 10:09 PM