Why hold an open house?
Should Sellers Hold An Open House?
When it is time to sell your home, the traditional school of thought is to have several open houses that give buyers the opportunity to see how great the home is. It’s good for sellers because they can prepare for the traffic and good for buyers because they can drop in anytime without setting an appointment.
The trouble with this traditional school of thought is that in the past decade, buyers are finding homes very differently than they have in the past. With the advances in the internet all home searches start there. Buyers won’t even see a home if it is not presented well on the internet. MLS and real estate websites have become the curb appeal for home buyers. Serious buyers are working with an agent, who will offer a private showing of any homes the buyer is interested in, rather than wasting time trekking to a series of open houses.
Who Comes to an Open House?
Mostly tire kickers and neighbors. Buyers who are thinking about buying, but have not found an agent or even been preapproved for a loan. This creates open house attendees who may not even be qualified to purchase your home. They come to see what features they want in a home. To see what homes look like in a particular neighborhood. Generally they do not come to buy.
Neighbors come to see the competition. They want to see the layout and how the seller is presenting the home. Neighbors want to see how your home compares to theirs so they can determine the value of their home. They are not looking to buy, they are comparing your home with theirs, especially if they are thinking of selling soon.
When is it a Good Idea to Hold an Open House?
When the market is slow, holding an open house that courts buyers agents will allow the seller to show their home to agents, who may know of buyers who are looking for what you have to offer. Agents are the ones who find a buyer, so targeting local agents to visit your home will give them a new home to show buyers who have not found what they are looking for.
While many agents rely on MLS, online pictures, videos and descriptions, much like buyers do, good agents who have a buyer who has not found the perfect home might attend an open house if the features appear to be a fit for a buyer they are working with.
When the market is hot, there are not enough homes on the market and the agent will schedule a private viewing with the buyer immediately, rather than waiting for an open house. A delay in viewing the home could result in the home being sold before the buyer gets a chance to see it.
In today’s real estate market, open houses are losing their popularity because they are not a productive use of time or advertising dollars. While seller’s often want an open house, the reality is that it may provide buyer leads for your agent, but it is not likely to result in the sale of your home.
Other marketing methods are much more effective and result in the faster sale of your home than a traditional open house. To learn the most effective way to sell your home quickly contact Rob Roham at RealtyWeb.com. He has over 25 years of experience and has sold upwards of 300 homes a year. He can provide valuable guidance as to what marketing efforts will get your home sold fast.