When it comes time to part with your Washington, DC condo, you may wonder about your real estate agent’s plan on how to market your home to the group of hungry home buyers and one thing that may or may not be absent from that plan: an open house. For the many years before the proliferation of the Internet and ease of communication through email, text and phone, many real estate agents often relied on the open house as a trusted tactic to help get a home seen and sold.
As the world becomes smaller thanks to the ready availability of information, pictures and videos, the practice of holding open houses has come into question recently. While many are finding that open houses are a great way to get exposure with more potential buyers coming directly in contact with the home, many more are finding that the practice is not as effective as it used to be in getting a home sold.
In fact, the National Association of REALTORS® has found that only 2 percent of homes sell as a direct result of open houses. Based on that figure, many REALTORS® opt to put their time and efforts into more effective marketing strategies such as building a great profile for their listed properties online with professionally taken photographs, expertly staged interiors and written descriptions that tell the story of a home among other strategies.
Where Open Houses Go Wrong
While many real estate agents and even home sellers will continue to swear by the open house as a key tactic in getting a home sold, there are many of areas where it simply fails as a marketing tactic for a home. Agents will sometimes hold an open house to get maximum exposure of the home, however the exposure is often not to the right demographic.
Serious buyers who are working with an agent of their own can easily obtain access to a home through a scheduled showing and won’t wait until the open house date to do so. Those who might show up at an open house are drawn by different motivations than serious buyers.
Many times neighbors will come just to see what a home looks like on the inside while curiosity might lure in a buyer in a lower price range just for a chance to see how the other half lives. Others often peruse open houses just for fun, just as they check out local garage and yard sales every weekend.
The real benefit of an open house comes not to the condo owner, but to the agent. To sit in someone’s home for a few hours while welcoming in members of the community poses an advantageous networking opportunity. Here an agent can get their brand more well known in the neighborhood while connecting with potential clients and business associates.
While agents often go with what they know, savvy home sellers should at least be aware of what they’re up against if an open house comes into the equation. You can find upcoming open houses here for Washington, DC, Arlington, VA and Bethesda, MD.
For help marketing your Washington, DC condo, or finding a new one, please feel free to contact me today.