Should Agents hold Open Houses?

By
Real Estate Broker/Owner

There is much debate going on in the Real Estate community as to using newer cost effective ways of selling property compared to some of the more traditional ways.  Here are some thoughts on the matter.

Pro:

  1. In a sellers market, it may bring more buyers to your door and possibly create an "auction" effect
  2. Depending on the homes features, location, and competition, holding one may make sense,
  3. To appease the seller, who wants the agent to do everything possible to sell the home, even if it is not productive.
  4. To attract and possibly get new buyers-who will by default, look at other homes.
  5. Meet the neighbors, the idea being that they may want to list in the future.

Cons:

  1. Buyers rarely buy an open house.
  2. Time is taken away from more productive tasks
  3. Signs can be stolen or lost
  4. The open house gives criminals an opportunity to case your home
  5. Your competition can get ideas and use them against you
  6. Items may be stolen from the home
  7. The seller must clean the home and leave, usually on a weekend
  8. Neighbors do not like the signs and balloons

There are plenty more, but in essence open houses may work in some locations with some homes.  Data has shown that they do not sell homes.  But all agents should at least keep open houses in their bag of tricks.  And of course, if you do not want to do open houses, at least let your seller know up front.

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