The Open House is nothing more than 'Buyer Bait'

Reblogger Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

Open Houses are always a crap shoot and although I agree with Lyn Sims they are definitely "market specific".  With current technology why would buyer's waste their time and gas actually going to a house when they can view homes from the friendly confines of their home.

 

The few Open Houses that I did were not successful and since most buyers that go to them do not give honest answers on the sign in sheet they don't even work to try to get "potential buyers" for the agent.

 

Your agent knows the market best.  Besides security issues, there are better ways to market your home in the Oswegoland area besides having unapproved strangers walking through your home.

 

Original content by Lyn Sims

Open houseWhy won't anyone be honest with sellers about agents using their open house as 'buyer bait'? I haven't been in favor of open houses in years and due to the latest agent fatalities over the last few years, it makes me dislike them even further from a security standpoint.

In a recent survey done by RISMedia on the subject, 56% of agent respondents said they were 'pointless'. I have to agree and do not have them in my marketing plan.  I don't think that Realtors have been honest about what an open house is actually used for - BAIT.

It's for the agent that is looking for buyers and if your home doesn't fit their criteria - they'll just sell them another one with more of their preferences. Baiting for buyers that are hopefully breathing & prequalified!

It's for the agent that is also looking for listings. This one is more slyly veiled as when an agent is entertaining your guests (aka your neighbors) they are also trolling for listings.  I myself have had this happen years ago when I did hold open houses.  Neighbors thinking of selling soon are actually 'interviewing' agents by seeing what type of marketing is done or provided to buyers.  Neighbors don't really have to give factual information to the agent butopen house bait don't think the agent doesn't notice when the 'buyers' pull into the driveway across the street!

Notice what I've highlighted - It's for the agent!

Not the seller who is hopeful that someone will walk into their home & just fall in love. I often tell my sellers when they mention 'the odds' that someone would have a better chance of:

a) winning the lottery or
b) getting stuck by lightening.

I believe in total transparency & I just wish that agents would be more truthful about the success of open houses & the odds for the seller. An open houses success cannot be predicted nor reproduced as any good marketing plan should be. There is never any assurance of success which is never fully related to the seller.  The poor seller is lead down the path which produces business for the agent not a selling success for their home.

I know there are agents right now that are saying 'Lyn, I've had success doing open houses' ......open house Really? Define success? Define your 'at bat' ratio?   I bet if you thought about it you'd really be surprised at the results or lack their of.

I do believe that in certain markets they can be totally effective.  I don't believe in my Schaumburg suburban market that is the case.  Buyers are not 'neighborhood' driven like they are in the City of Chicago.  In Chicago, they are done more often with a greater amount of success.  I'm sure this can be documented in all larger cities.

I just feel that someone should genuinely tell the public what is going on with honest success numbers.

 

open house

 

RISMedia: Open Houses: Profitable or Pointless?

 

lyn sims LynSims.net   Schaumburg Homes

 

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    Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Illinois
Groups:
Running a Brokerage
Posts to Localism
HyperLocal Neighborhood and Community Posts
Tags:
marketing tools
virtual open houses
open house in oswego il
buyer bait
security issues for open houses

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Rainmaker
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Thanks for the reblog Evelyn.

Dec 14, 2015 06:33 AM #1
Rainmaker
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Susan Laxson CRS
HomeSmart Professionals - La Quinta, CA
Local Knowledge & Global Network

I agree with Lyn and you that Open Houses are to capture buyers more than sell the listing. I think in my 30 years in the business, I have only sold a few homes off of Open Houses. Thanks for reposting this good content.

Dec 14, 2015 06:39 AM #2
Rainmaker
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Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

My main goal when I do one of the few open houses I do is to promote that listing trying to find a buyer. Sometimes we have to network with curious and or nosy neighbors that show up. Many times a neighbor is looking for a relative, friend, or co-worker to see if the house looks as good in person as it does in virtual tours.

Dec 14, 2015 07:49 AM #3
Rainmaker
798,409
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Evelyn - Open houses are becoming less and less common in my area for sure. I think people are catching on that they are not needed in order to get their home sold. Thanks for sharing this post in a re-blog.

Dec 14, 2015 02:58 PM #4
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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