Want A Successful Open House Event? Price It Right & Limit The Time

By
Services for Real Estate Pros with RE/MAX Executive Realty 104763
https://activerain.com/droplet/5j92

 

In this extreme sellers’ market, the Open House Event is a marketing tool that should not be taken lightly and/or eliminated.  Now, more than ever, the open house is a method of creating urgency, if you consider attaining top dollar for your seller clients of “great importance” and a critical part of proper seller representation.

Pricing properly and securing a sale price in excess of list price is our goal. It’s the dream of every homeowner, when they think about selling.

We incorporate into our pre-listing presentation the process we use to create that urgency. We like to list the property and submit it into MLS on a Wed, if we are able to, and start showings at the FIRST OPEN HOUSE EVENT on Saturday.

The key to success with this method is to price the property properly. If a property is worth $410k, the property should be listed at $404,900 and potential buyers will be found at that open house BEFORE the advertised time frame!

Our open house events are NEVER longer than 1.5 hours…..NEVER.  On occasion, we have many open house events to cover, and we might offer a ONE HOUR viewing for first showings.

There are some homes we list where agents will call us and beg for a showing before the open house or the agent wants to submit an offer “sight unseen.” No Thanks!!  Everyone is treated equally and fairly. No Showings Prior To The Open House Event, and that’s carved in stone.

The key to success with showings that begin at the Open House event is to PRICE IT RIGHT!!!  If it’s priced properly without an open house event, you’ll never know how high that final sale price could have been.  The first one who sneaks in and makes an offer of $100 over list price with a clean deal will get the deal.  The last open house we did with showings beginning that day resulted in $10,000 over list price. That would never have happened without creating an urgency!

Creating an urgency when marketing a listing requires “time devoted to marketing on sites that attract buyers, their agents and potential future sellers.” The actual time span of the Open House should be minimal not time consuming for the listing agent. Potential buyers who are “Serious Buyers” will be there on time and ready to submit an offer. When every visitor sees the group of people, all offers will be over list price. Most will far exceed the list price.

We love Open House Events, and homeowners understand the importance of proper pricing in order to secure “top dollar” for their home.

Just a thought for the moment, with three Open House Events happening this weekend for our three new listings!!!! 

Posted by

       

Barbara Todaro

Marketing Agent for The Todaro Team

308 W. Central St...suite E

Franklin, MA 02038

508-918-9148

Exclusive Marketing Agent for The Todaro Team

 

             Copyright © 2009 - 2019 Barbara Todaro

                               All Rights Reserved



 

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Rainmaker
2,479,435
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Barbara, on having this blog FEATURED in the Old Farts Club group!  

Apr 27, 2019 03:11 AM #15
Rainmaker
4,877,676
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Myrl Jeffcoat price and timeframe plus marketing and it's sold...

and thanks so much for another feature in the Old Farts Club group.... I truly appreciate that...

Apr 27, 2019 03:26 AM #16
Rainmaker
1,851,898
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Barbara - you take full advantage of every bit of marketing.  Some say their open houses don't work but you have the right plan and execution.

Apr 27, 2019 04:23 AM #17
Rainmaker
2,455,210
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is a great technique and I am glad that you have success with it.  Pricing below market value will usually entice multiple offers and drive the price above market value!

Apr 27, 2019 06:25 AM #18
Rainmaker
2,982,563
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Barbara... pricing a home "right" is important whether you have an open house or not. But clearly the "right" price is also key in attracting visitors. I've long said that open houses that go on all afternoon are a waste of time. You really don't get more visitors in 2, 3, 4 hours... the same ones just have more time to show up.

Apr 27, 2019 06:39 AM #19
Rainmaker
2,982,563
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Carol Williams hi Carol... I'm recommending this post for Second Chance Saturday. 

Apr 27, 2019 06:40 AM #20
Ambassador
2,181,502
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

You are so right Barbara, proper pricing is crucial in getting a home sold plus professional photos that show off the home's best features. My open house events are 2 hours long. That's it and I am done!

Apr 27, 2019 07:21 AM #21
Ambassador
3,781,571
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

BarbaraT- I should send this to the agent who has the listing at the end of our cul-de-sac. She's had 2 Open Houses and I didn't see much traffic. 

Apr 27, 2019 10:26 AM #22
Rainmaker
4,877,676
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Grant Schneider all marketing methods work, if you do them properly...

Brian England it's all about the price...

Nina Hollander I think most agents don't do open house events because they think they must be there for 3 hours or more!!!

Apr 27, 2019 10:34 AM #23
Rainmaker
4,877,676
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Wanda Kubat-Nerdin - Wanda Can! we usually do 1.5 hours...but sometimes only one hour....more than enough time for folks to show up and view...

Apr 27, 2019 10:35 AM #24
Rainmaker
4,877,676
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Kathy Streib price it right and it will sell.... do better than "right" and they'll fight over it...

Apr 27, 2019 10:36 AM #25
Rainmaker
1,964,191
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Barbara Todaro - The truth be told! Fair marketing value should never be hidden from buyers. Overinflated sale prices hurt the seller. There are many savvy buyers and consumers who have endless doors to get to the truth. 

Prepare to sell means listening to agents on your TEAM who speak the truth and know a thing or two or so much more than the average agent in town. 

Apr 28, 2019 03:49 AM #26
Rainmaker
3,193,275
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Ours are always  2 hours....and never longer...priced to sell,not to sit !

Apr 28, 2019 04:51 AM #27
Rainmaker
1,516,253
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Barbara, I've always wondered why some agents hold open houses for long timeframes. The shorter the time the more urgency and the more likely visitors will overlap which creates even more urgency. Makes perfect sense to me. 

Apr 28, 2019 06:02 AM #28
Rainmaker
394,570
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Such a set up can be done here but there's some extra steps - to restrict showings we need a letter from the seller, crafted by the seller explaining why they want to restrict the showing and that the listing agent fully explained the pros and cons (like the people that work weekends not being able to come to the weekend open house). Our optimzation tool for a hot sellers market is what is called an offer review date - our MLS does allow for seller's to sit on all offers until a specified date before responding. Yet the seller can elect to not wait if they so choose. This rule can not be used by the listing agent to sit on offers - they have to get delivered to the seller (time is of the essence language), but the seller can sit on them. And a buyer's agent after giving notice to the listing agent (if the listing agent is communicating that they are sitting on offers until the offer review date) can go to the seller directly and inquire if the seller wish to see their offer prior to the offer review date.

Apr 29, 2019 07:09 AM #29
Rainmaker
382,812
Donna & Larry Johnson
Keller Williams Real Estate - West Chester, PA
Chester & Delaware County

Great post Carol. I have used your pricing method many times and it does work. Open House on Sunday had 35 couples and 3 offers.

Thanks,

Apr 30, 2019 06:25 AM #30
Rainmaker
4,877,676
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

thanks, everyone, for your nice comments....

Apr 30, 2019 06:46 AM #31
Rainer
94,017
Brian DeYoung
Howard Hanna Real Estate Services - Ithaca, NY
Brian DeYoung

Are you saying you can add itto the MLS Wednesday and have no showings before Sat?

We cant do that here.

I do like the ideas.

Apr 30, 2019 10:58 AM #32
Rainmaker
4,877,676
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Brian DeYoung yes...that's exactly how it is..... it gives buyer agents and their clients plenty of time for due diligence.... drive by's.... check out the property at all times of the day....the area..... the schools....police dept.....etc.... just don't go on the property.... and NO SHOWINGS AT ALL FROM ANYONE INCLUDING OUR AGENTS UNTIL THE OPEN HOUSE EVENT..... and our open house events are 1.5 hours....don't be late.... it's a great plan of action and everyone loves it....buyer agents trust us and know we play fairly.....

Apr 30, 2019 11:08 AM #33
Rainer
471,564
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

It might take 1.5 hours to get to an open house in Orange County, but we limit to 3 hours, usually from 10am-1pm and price the home slightly less as you do based upon the CMV of similar properties. I've had success with open houses, although, my focus recently has been on senior loans. As usual a very informative post. 

May 18, 2019 09:27 PM #34
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