When I entered the real estate profession 12 years ago, my broker told me that I would not stand a chance at succeeding if I did not do Sunday Open Houses. When I transferred to another Broker a couple of years later, I heard the exact opposite advise, " Open Houses are usually a waste of time". So which one was right. Well, both were!
Open Houses are a waste of time unless they are prepared and conducted properly. A well presented Open House is a successful strategy many saavy agents use to market and sell their listings & skill set as a real estate consultant to the general public. Unfortunately, many agents have never been given basic instructions about how to ensure that an Open House is worth the time & others do not want to put in the efforts to ensure that their time...which is money....is well worth it.
The fact is that Millions of Americans seem to find Open Houses to be an engaging hobby. Don't ask me why. Maybe, it's part of our morbid curiosity about how other people live; sort of like the house hunting version of tabloid voyeurism. But if millions of people are going through Open Houses, largely hosted by real estate agents & our national statistics indicate that only 3% of homes are selling through Open Houses, then we have a 97% Failure Rate.
While many of these open house attenders will not necessarily buy a home they walk through, we are doing a dismal job of capturing prospects who have indicated that they are probably going to be buying sometime, somewhere. Let's look at some vital issues which should be considered when planning to hold a house open.
The most important aspect of preparing for a Successful Open House is Picking the Right House. Not every home is suitable for holding an Open House. Have you ever gone on the Open House Needle in the Haystack Search?
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Copyright 2007 Audu Real Estate All rights reserved
Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. We've had the privilege of helping hundreds of clients succeed in their goals of purchasing and selling property including demonstrated success in the negotiation of Short Sale Transactions. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511.
What do you think? Do you have some specific criteria that you use to determine if a home should be held open? Or is it more about pacifying a seller so you look like you're doing something to sell their home? Do you think holding Open Houses are an effective strategy in selling homes today with the Internet & virtual tours?
Ann Arbor, even in the downtown area. I do them if the sellers insist, but after no one comes, they get the picture.
Angela, I too love visiting homes & take the Parade of Homes Tour in our area almost every year. It's a hobby or addiction that many of seem to share. Can you imagine any other profession or business...take Disney or Pepsi not taking full advantage of this to expand their business?
Lola:
Great Post and great comments, and great new ideas. Thank you!
Hi.I found your site by luck. I did my second open house on my first listing. Last week was good this Sunday BAD. My listing sit on the corner and the two roads have lots of traffic. I had all my signs out with bloons. I did everything you have listed to do. I sat and watched people slow down and look but never stopped. So when I came home I went looking for ansewers and thats how I found your site. I herd theres days like that. But I want to know how not to have one of those days. House shows very well and the yard is like a park. I am hungery for the wisdom of others.
Thank for your website and the information you give us new agents. Matt
Hi Matt, Thanks for your comment. Sometimes, our best efforts don't produce the amount of traffic we would like at an Open House, but I always remind my agents that we only need one buyer to sell a home...the right person!
Did you promote your Open House online as well as in traditional media? It is possible to have a Virtual Open House occuring while you're doing your 'live' event.
You might also consider asking some of the other agents who have property listed nearby to do a joint event where you cross promote each other's Open Houses.