Open houses have been around for many, many years in the real estate industry. They allow buyers to walk through a home during a certain time period without having to make an appointment. They offer an opportunity to view a home on an "I'm just browsing" sort of scenario that makes many buyers more comfortable.
When it comes to listing agents, there are 2 schools of thought on Open Houses.
1. They are a valuable tool that sometimes yields an outcome you may not have had otherwise.
2. The second school of thought tends to fall into one of these categories: "I don't want to sit at a listing hoping someone shows up." "The home will likely sell anyway so why should I bother" and "most of the buyers have an agent already so why should I waste my time on it"
So, what is the "best" mindset for a listing agent to take. When choosing an agent does it matter if your agent believes in open houses or not?
Is an open house worth the seller vacating the house for a couple hours or is it just a way for an agent that needs more clients to meet people in hopes of expanding their client base?
I wanted to write this post to share with you what our experience has been over the last 15 years.
Since starting my real estate career I have indeed met new clients who may not have purchased the home that I was holding open at the time that we meet. I have had open houses where no one showed up. And I have also had open houses where several buyers who could not schedule a time with their agent to see the home at a time that worked for both them and the agent so the open house was an opportunity to view my seller's home and in turn put in an offer than we would not otherwise have received on the property.
Another purpose of an open house is to drive buyer traffic through in a set time frame early in the listing process during which many people can see the home in a short amount of time. This is often helpful to a seller with a busy schedule and has the added effect of what I call "creating more buzz" around the listing. Buyers seeing other potential buyers walking through a home creates a bit of an "eBay effect". Giving buyers a sense of urgency to submit their offer if they like the house.
For those reasons, our team has included open houses as just one of the many marketing tools for exposing our listings to the largest number of buyers. For more information about how we market our homes to get top dollar with the lease amount of inconvenience, register now and put a note into the comments if you would like a particular agent from the team to reach out to you.