What was The Big Open House?
The biggest open house event in Michigan's history, it was today, April 27, Sponsored in part by Chase Bank and the advertising department of The Detroit News/Free Press and The Livingstn County Daily Press & Argus, and newspaper adds paid for by local Realtors.
The Metropolitan Consolidated Association of REALTORS teamed with Detroit Media Partnership to present The Big Open House, a region-wide community open house designed to highlight both the unparalleled variety of homes available to today's consumer and the many great communities that comprise southeast Michigan.
In a desperate attempt to reduce the 20 month supply of unsold inventory, Real estate agents in four counties-Oakland, Macomb, Wayne and Livingston-were encouraged to hold open houses on Sunday, April 27 Projections from The Detroit News/Free Press predicted they would sell 67pages encomassing 67 adds on each page, totaling 4,489 home adds. In reality the homes covered 8 pages and totaled 537 properties, resulting in a newspaper 88% shortfall in projected advertising revenue!
Livingston county homes contributed 22% of the open house adds and yet we have only has 5% of the inventory in Southeastern Michigan market! If one consideres the additional "local Paper" Press-Argus, our county contributed 40% of the total market advertising market, with The Micigan Group - Realtors comprising over 50% of Livingston County's open houses.
The Livingston County Area's results were nothing to brag about. Agents reported that no one attending the Open House were a result of reading the Expensive Adds in the Newspaper! (all open house guests came as a result of the yard Sign), the agents reported!
If you missed this great event, you'll be able to get a preview ( 24/7) all of the houses that were featured during the The Big Open House. Just visit my website and you'll soon see the first of these listings appearing online. http://BillFear.com
So My question is: Do you feel that holding an Open House is an effiecive way to market a home?