Why you should have an open house!

By
Real Estate Agent with Long & Foster Real Estate Inc 610-225-7400 PA License - AB067198
https://activerain.com/droplet/57kT

There are many opinions on holding a public open house and discussion about whose interest it is to hold one.

Going on past experience 75% of the homes we have sold in the last few years have sold to people coming through the open house.

Living room

Everyone knows that the majority of home buyers today look on line.Many are not using an agent but are actively searching for a home. The photos and videos on line give them a great first impression if they are well done, and maybe in some areas would provide enough for a site unseen offer, but so far our market is not experienceing that. These potential buyers want to see the home.

Now they could call the listing agent and ask for a showing. But as yet they may not want to put their hand up and be identified as a potential buyer. So, for them it is important to hold open houses so they can continue to remain anonymous and comfortable.

I had a home three years ago I was listing, first open house this lady comes in on her own, takes about an hour walking through the house, had some questions and yes, she had an agent but likes looking on her own. I call the agent, the following day, your client came through my open house. Really. She looks but so far hasn't found what she is looking for.

Following week, at my open the same lady turns up, this time with her daughter. Again she spends a good amount of time in the house.

That week she goes through with her agent.

The following Sunday she is back again, spends the whole afternoon with me, sitting in the living room enjoying the home.

That week she presented us with an offer. She felt comfortable coming to the open houses alone without her agent, getting to spend time in the house, planning what she was going to do with the house and making sure it was going to work for her. Would she have felt comfortable making that many appointments? Maybe not, but I believe the open houses sold that home.

Sold

I am a big believer in them and advise all clients who are listing to make the effort to allow us to hold Open Houses so today's buyers can see the home in person.

 

If you want to get your home sold in Tredyffrin Easttown contact Nick Vandekar, Tredyffrin Easttown Realtor Selling The Main Line with Long & Foster Real Estate Inc., Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543, website www.SellingTheMainLine.com.

 

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Rainmaker
2,112,862
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

How wonderful that the woman had the opportunity to spend so much time at the house. She is lucky some other buyers didn't put an offer in first after only seeing it once.

Sep 28, 2017 02:13 PM #9
Ambassador
3,982,999
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Open houses work so well in some areas, not so well in others. It also depends on how astute the agent is in preparing to have one and presenting it.

Sep 28, 2017 07:34 PM #10
Rainmaker
126,363
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

Had a buyer come to an open that I was doing. She wasn't working with anyone and looking for a home around $250,000. Found out we were of the same faith, so it was easy to connect with her. That was not the right house for her family but I did end up helping her buy a home that ws $650,000 !!! You must never know who is going to walk through the door. 

Sep 28, 2017 07:56 PM #11
Rainer
261,429
Anthony Vosilla
Tony's Appraisal Services - Centereach, NY

I get the feeling that the buyer you are talking about did what was right for her.  Looking and getting a ""vibe"" without a agent talking about the attributes of the house is much less distracting.  Ever go to a car lot and start looking at the inventory??  Without a salesman trying to talk in your ear the procedure goes much smoother.

In my world I will check out open houses when I can so if/when they sell I have a much better idea what the condition and upgrades are if I use it for a comp.  I do identify myself as an appraiser so the agent is aware that I am there more for information gathering then interest in buying.

Sep 28, 2017 08:41 PM #12
Rainmaker
4,797,311
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Nick and Trudy.  Open Houses that do well in my area are typically those that are in desirable communities and are well staged.

Sep 29, 2017 04:57 AM #13
Rainmaker
3,053,138
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

While we have team members (instead of us) sit open houses - this is a great point about how open houses gives prospective buyers access on their own time so they can fully consider the property!

Sep 29, 2017 07:19 AM #14
Rainer
42,754
Chris Kallin
SeattlebyDesign / Realogics - Seattle, WA
Broker

I assume the value and perhaps quality of open houses varies by market.  Here in Seattle, they are indispensable.  Not having an open house doesn't even enter consciousness as a possibility.  That said, many agents don't like hosting them, so I often volunteer my time.  If it's an off weekend or a sub-par listing, it can get slow and boring, so I always bring my laptop and a good book.  There's always something I could be catching up on.  More often than not, however, there's a reasonable if not vigorous stream of people coming through.  Obviously, this is a good way to pick-up new prospects, but it's also a great way to learn about the market and what other properties are currently on the market FROM THE BUYER'S POINT OF VIEW.  I love asking questions and , to me, open houses are an opportunity to host one or two focus groups every weekend.  I find the information invaluable.  We brokers spend a lot of time being informed by the same information.... MLS data, pertinent newsletters, and the like... this is life inside the bubble.  It's great to have that information, but it's much more practical and useful when considered alongside the perspective of the client-side.  Just my two cents. Have a great day and thanks for sharing!

Sep 29, 2017 08:50 AM #15
Rainmaker
1,920,649
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Nick and Trudy - from the comments here it sounds like their are many variable in each area.  You have found the right combination for yours.

Sep 29, 2017 09:23 AM #16
Rainmaker
757,969
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Sharon Tara different market then and yes she was lucky.

Debbie Reynolds that is true there are so many variables, the market, weather, what else is going on etc.

Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA my very first open for Trudy when I came in the business the same thing, it was a $375,000 listing and they ended up buying a $700,000 home.

Anthony Vosilla don't get me started on car buying, e don't see many appraisers going round opens, lots of mortgage people though.

Gabe Sanders sounds like they have to look attractive on line first.

Sep 29, 2017 09:36 AM #17
Rainmaker
757,969
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Tony and Suzanne Marriott, Associate Brokers once we explain this to sellers most get it, we also don't do dual agency, so if a buyer comes along we are there to firstly sellthe house we have open, only after that will we consider if they might want to work with us to find other properties.

That is very good way of putting it Chris Kallin market reserach, yes we do live in a bubble and it is good to hear a different opinion.

Grant Schneider that is what makes this business interesting the variables.

Sep 29, 2017 09:39 AM #18
Rainer
145,773
Theresa Akin
CORPUS CHRISTI REALTY GROUP - Corpus Christi, TX

I have sold a few open houses because of the open house. Lucky enough to get a couple buyers for them. I used to have a guest book but now have guests sign a book if they want to be notified of the status of the house after the open house. They can put their agent's name if they are working with one or I can work and represent them. The one's I sold and representing the buyer, I was able to notify them immediately if the price was reduced. Within couple days an offer was made and closed in a few weeks. Doesn't happen all the time but it did a few times. Timing is everything.

Sep 29, 2017 03:43 PM #19
Rainmaker
5,382,526
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your experience and your advice.

Sep 30, 2017 05:58 AM #20
Rainmaker
757,969
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Theresa Akin thanks for stopping by, sounds like you have a positive experience of open houses, as you say not everyone hits it out of the park.

Roy Kelley thanks for your comment

Oct 02, 2017 08:43 AM #21
Rainer
477,314
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Years ago, I was trained as an athlete by my position coaches to develop the skills necessary to become a champion. The first lesson was attitude and belief. If you believe and train to master the skill, regardless of the task, you'll achieve your goals more often than not. It works, even for open houses. Great post.

Oct 02, 2017 11:41 AM #22
Rainmaker
757,969
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Kimo Jarrett I think your mindset makes a big difference to how any event or meeting goes. Like training for a match or competition, your mindset is important.

Oct 02, 2017 11:48 AM #23
Rainmaker
2,018,965
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

I love this blog post. It is written with honesty. In addition, I found that people going through open houses, aren't just looking for houses, they are interviewing and making decisions on who they want for their future Real Estate agent. Anytime we are in the public eye, we must be professional, which of course, is always true of you!

Oct 02, 2017 11:53 AM #24
Rainmaker
3,175,301
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

We have sold at Open Houses, but it rarely happens.  We only hold them if the seller wants us to. Most times here only 1 or 2 "looky loos" show up. If it was like the ones on reality TV where the crowds line up to get in...we would do them more often.

Oct 05, 2017 03:32 AM #25
Rainmaker
3,247,813
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Nick and Trudy

Open houses are working for us in South Florida.

Good luck and success.

Lou Ludwig

Oct 10, 2017 07:53 PM #26
Rainmaker
525,554
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Open houses work. Like you said, buyers come without their agents and have the time to spend getting the feel for the home. 

Oct 28, 2017 06:45 AM #27
Rainmaker
1,014,667
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In our area that is often the only opportunity buyers will have access to a hot property.  Most are anxious and ready as they were turned down before. This year they jump on the opportunity to make a best offer before it gets to a pending status in a few days.

The no OH allows offers not coming in same time and offerers have a 24 hour,12 hour expiration not to be used againt others.

Oct 28, 2017 08:29 AM #28
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Nick Vandekar, 610-203-4543

Tredyffrin Easttown Realtor, Philly Main Line
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