In my five years in the business, I have sold one home via an open house. Not great odds, but one is better than none...
There has been much debate on Active Rain the last few days on the topic of open houses...
It seems the vast majority of real estate agents don't like hosting them. That is fine by me. Different strokes for different folks...
I host open houses for three reasons:
- Sellers generally want them.
- They offer lots of marketing opportunities for myself and my listings.
- I will be meeting new people/prospects/neighbors.
Open houses are one of my most effective marketing tools. However, I understand the challenges of actually selling a home via an open house.
I thought I would take a look at why open houses generally don't sell houses...
5 Reasons Open Houses Generally Don't Sell Homes
- Tire Kickers
Most "buyers" that attend open houses are still several months away (at least) from actually buying a home. They are gathering information. When they are ready to buy, they contact a real estate agent to show them homes.
No amount of marketing will sell an overpriced home. If your home is overpriced, don't expect an open house to help.
I usually host open houses 3 to 4 weeks after listing a home. My best priced listings are usually under contract by then.
- Today's Real Estate Market
The real estate market is challenging right now. Most open houses struggle to get more than a handful of visitors, and without traffic, an open house won't work. 5 years ago things were very different.
- The Internet
Buyers have so much information available today at their fingertips. Pictures. Virtual tours. Links to schools. Etc...
I hope this clears the air just a bit on the issue of open houses. If you don't like hosting them and your sellers are OK with that, great...
But if you are still undecided, I would suggest you use them as part of your marketing package...
You might be surprised with your results.
For more information on open houses, read my post "Two Keys to Making Every Open House a Success"