Why Have An Open House When The Market is Hot?

By
Real Estate Agent with Front Gate Real Estate Broker 11085

I hosted an Open House today (Sunday) in my neighborhood. You might wonder why I'd have an open house, since the market is hot and homes sell quickly. Here's why:

1. The house is in my neighborhood. I am one of several Realtors in my neighborhood, all of whom have good reputations, but I want to be recognized as one of the TOP Realtors in my neighborhood.  If an opportunity presents itself, it gives me the chance to be visible, active, and be seen as the neighborhood professional.

2. Open Houses are a good way to attract buyers. I posted in advance on the neighborhood Facebook page, and invited neighbors and prospective clients. I put my Open House signs out the day before to get extra exposure, and gathered marketing materials, flyers, disclosures, etc to be ready for Open House day.

3. Future sellers attend open houses. As the expert in the neighborhood, most of the neighbors recognize me from our social media pages so it leads to a quicker rapport. 

4. It allows me to cross promote other listings. If this house doesn't work for you for whatever reason, others are available or coming soon that may fit your needs better.

There are valid reasons to host Open Houses. Remember the old adage, location, location, location! The house you choose to hold open should be a highly desirable property to draw prospects in, or it needs to be in a convenient location. Today's house met that criteria on both counts. For all the reasons above, today was a success.

 

Comments (13)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Open houses do get attention and especially if one is looking to be recognized as you point out.  Our office uses them to try and secure buyers

Aug 02, 2021 06:58 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Pat, during February through May, I would not have had one.  We had back-to back showings at every listing with pre-approved buyers, but things have changed now.

Aug 02, 2021 08:06 AM
Pat Starnes-Front Gate Realty

I agree. The house I held open is a new listing, has only been on the market three days, and there were buyers who followed my directional signs to the property. I was able to gain a few new prospects.

Aug 02, 2021 08:22 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Great points Pat. When ever an agent says "The market is too ______ and so I won't do _____", they are setting themself up for failure when the market shifts (as it always does)

Aug 02, 2021 08:40 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Pat - the reasons to do(and not do) any activity(in real estate and beyond) are likely countless.  So are the decisions reached.  It becomes an issue of what works best for you in that situation and circumstance.  Maybe it's a strategy or maybe not.  

Aug 02, 2021 09:32 AM
Pat Starnes-Front Gate Realty

Open Houses aren't always justified. Doing one to pacify the seller is a poor reason. Generating activity and interest is worthwhile in my book. You are right, it has to be what works best in that particular situation.

Aug 02, 2021 02:49 PM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Pat your strategy has and will continue to win over more prospects/clients.  Great job!

Aug 02, 2021 10:35 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Pat - it is a good idea and a great way to stay top of mind in your market.

Aug 02, 2021 11:22 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Pat an Open House is an excellent way to get your name better known in the community the Open House is in.  It is great inexpensive advertising.

Aug 02, 2021 12:26 PM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Pat- I know many agents do not believe in Open Houses but you have to find what works for you and your reasons make a lot of sense. And to Rocky Dickerson's point, you are making the most of every opportunity you have to make contact with others. 

Aug 02, 2021 06:49 PM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Aug 07, 2021 06:59 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Pat. If it works for you, do it! If not sure ask Margaret Rome Baltimore 410-530-2400 how open houses work for her! Enjoy your day.

Aug 08, 2021 04:38 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Pat Starnes-Front Gate Realty - I am a believer in holding open houses.  All your reasons for doing so are solid. I wish you continued success. 

Aug 08, 2021 08:33 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

All excellent reasons for hosting an open house. As a buyer I certainly want to see the home and an open house allows me to do so without scheduling a private showing. 

However, as a seller...I don't want one. My preference regardless of the market.

I want it both ways, I know. LOL

Aug 08, 2021 11:00 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Pat:

Sounds lilke a great strategy for your open houses. We couldn't have them here in California for over a year due to the pandemic but they are now permitted, and we are seeing more of them.

Jeff

Aug 09, 2021 09:49 AM