| Do “Open Houses” really sell houses? Let us consider the evidence so that we might understand how to form an opinion regarding open houses.
You have made the big decision to sell your home. The Realtor® of your choice has just completed a listing consultation educating you on the selling process and the current real estate market in your area. The listing price of the home has been determined. The to-do list has been created for you to prepare your home for the market competition and a listing date has been selected. Sellers eagerly anticipate the first “Open House”. After all, someone is sure to see the newly spruced up home and fall in love with it just as they did prior to their purchase, right? Most Sellers feel the “Open House” is key to the success of selling their home.
Opinions among Realtors® vary according to their experience and reasons for holding an “Open”. Yes, there are more reasons for Realtors® to hold an “Open House” than just selling your home. All “Opens” are held with the hope of selling the house that is open for the afternoon. Some of the other reasons are as follows: Should that house not sell Realtors know that spin off business may occur as a result of the “Open House” .The type of spin off business varies according to the type of home you have. Luxury Homes and Historic Homes are great to advertise creating an upscale image for the listing agent. Agents may also locate new buyers that don’t like your home and will work with them to locate another home for them.
Some agents want to become known in certain neighborhoods because they prefer to work that neighborhood as their “farm”. They can gain recognition from the signs posted through out the neighborhood. Many calls come to the Realtor® from the signs posted around the home for sale. These calls are so important that agents looking for buyers needing assistance staff many office front desks. Some Brokers insist Agents volunteer their time to answer the phones for the Broker in order to stimulated more business. “Open House” advertisements keep the Broker and the Agent’s name in the public eye- more ads more success- is the idea. Advertisements do sell homes. One percent of the sales price of a home is calculated for advertising a home for sale. Remember that percentage when you ask your listing agent to reduce their commission for you. The reduced commission will be less and so will be the services you will receive.
Who comes to “Open Houses”? Anyone can come to an “Open House”. Many people are curiosity seekers just checking out the home to see what it looks like and to learn the price so they can compare it to their home. Most people that stop by are not qualified to buy a home. Many are looking for decorating ideas; some have nothing better to do that afternoon. Some people come with out their agent creating a possible legal situation should they like the home and actually want to buy it.
Sellers believe that “Open Houses” are key to the sale of their home. The truth is that Realtors®; sell more homes than any other method. Occasionally an “Open” will sell, they are the rare ones.
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