ARE OPEN HOUSES A WASTE OF TIME?

If I were an agent, I would try to find specific houses to hold open. I spend a lot of time visiting with agents at open houses and some agents really benefit from their open houses. Some of their rules include that the house have a good size lot, no gated communities, lots of signage, not far off the main road and that the home be in an area that they farm on a regular basis. (Vacant homes can be the best).If you have nothing else going, take your laptop or something to work on and start holding open houses. It takes a time committment, but I know several agents that find most of their buyers this way and pick up listings as well by showing the residents that they will market your home if you list with them.

Peter,

Sellers will always want opens, as they feel that 's what works, or in other words they see the ad in the classifieds.  It is our job to have them thinking differently and show them the open house ads on the internet, and other web sites.  I have stopped most of my classified ads, and put most of the marketing money into the internet.  When some one points out about our lack of classified ads....I show them how I advertise their home on the newspaper's web site....they see the difference.  I try to use the numbers to my advantage...for example our newspaper has a circulation of around 56,000, and dropping from a high of around 70,000, yet the papers web site attracts over 100,000 views per day.  This works so much better when they see thousands may have seen their home, instead of the few who are looking at the Sunday open house ads.

Dick Beals

I look at two sides of the open house.  First and foremost keeping the seller happy.  If getting on the internet while waiting for potential buyers to walk through the door will keep my seller happy then I will definately do it.  Web site maintanence, forums trolling and searching the MLS are great ways to fill the time during an open house.  The other side of it as many other people have mentioned is the great lead generation from the area from the lookiloos.  Open houses are a great way to put your face out there in the neighboorhood and get nearby listings.

Pete,

I tend to hold open houses for 1 hour and 1 hour only.  If things are going to be dead and I am going to waste my time, i might as well limit the time wasted.  Also with a 1 hour open house, if there really is anyone interested in seeing the place, they will make it out during that hour or they will call to schedule a showing at another time.  I have to agree with others, i generally dont waste time with open houses right now.

Leander McClain, Real Estate Consultant

Well after doing two this weekend, one Saturday and one Sunday, I'm beginning to rethink my strategy - at least my husband is.  I did pretty good marketing on Trulia, Active Rain, Craigslist, backpages.com and I even emailed the county realtors twice this week. 

I had several phone calls about these properties and people wanting to see them and I told them that I was hosting an open house for these properties this weekend and that they should stop by.  Well Nothing, not even a nosey neighbor, I admit I forgot to do my nosey neighbor invites, but I've done those before and still no results.

I'm thinking of changing the times that I host open houses, also if I get at least three property calls during the week, I will host an open-house that upcoming weekend.  I thought about having a FREE GAS sign on my directionals.  Just Looking for ideas that work. 

I have to agree that traffic for open houses is way off this year.  The feeling among many of my peers here in Denver, is that we are at the bottom and appear to be heading up.  Now before some of you in other parts of the country think I'm crazy, you have to remember, we went into this slow down starting in 2003, when some of our current worst markets were booming.  We're starting to see figures showing that there is a firming of prices and slight increase in more local markets than before.  Once the press starts printing articles about how "we seemed to have hit the bottom and prices are heading up", I think open houses will again become a good investment in our time.  There are so many people sitting on their hands waiting for the bottom, that when they realize the bottom has passed, they'll be eager to make the move.

Depends on the house and the location. I sold a listing straight out of an open house in April. Got an offer on another one straight from an open house in June (unfortunately, those buyers could not qualify )

Peter my husband said the exact thing about the gas card.  So I'll trash that idea.

I have found that if the location is right, it will be worth your time, whether anyone shows up or not.  If it's in the neighborhood you'd like to do more business, your open houses will give you more listing power than any advertising will provide.  Listings, as we all know, bring buyers.

Peter,

I have had horrible turn out at Open Houses since gas prices went up last summer.  The few people I do get are usually neighbors, which isn't always a bad thing.  I think Open Houses are worth the time, as long as you have a plan to keep you busy while you are there.  I usually take the time to do follow up calls, e-mails, etc.  That way if no one shows up, at least I had a few hours to myself to work on my business.

Good thought about the Starbucks cards, though.  I might try that! :)

Peter~ I think it all depends on the listing.  If the home is new construction, then you most definitely need open houses.  If it is an existing home, I only do an open house if the seller really wants one.   Many times, the seller would rather not be bothered with an open house either. 

I always take my aircard to that I can get work done while I'm waiting for buyers to show up.....That way I haven't wasted my time. 

Open Houses do not sell homes most of the time, but that is not to say they do not bring business.  A lead walks in every so often, it shows the sellers you will go the distance to market the home for them, and news of that will make it to their friends....and most importantly, it makes you highly visible to all the neighbors.  If there are neighbors milling about near my open house, I'll try to go and chat it up with them, drop flyers in mailboxes throughout the neighborhood, etc.  Definitely bring your laptop and get some work done if it just seems dead.

-Peter H.

I believe that our expectations are greater than reality.  If no one was going to open houses, then why would anyone be doing them.  We don't care that others are saying the same thing, we just promise the homeowner one or two when we list.  Is it logical to have an expectation that people will come to your open house and due to time constraints, not to others?  Why do we all do it on Sundays?  Why not Wednesday or another day of the week.  By all of use doing the same thing, we position ourselves for less results.