It makes seller feel you are giving attention but really... they are more effective in getting new buyers as clients, oppose to actually selling the home. I have never sold a home that was actually sat open as an open house. However indirectly, it may help... The neighbors will come by and perhaps they have friends or family that would like to move to the area.
Holding a "GOOD" brokers open would be more effective in actually trying to sell the house.
Ellen brought up a suggestion that I have not tried.... but surely sounds worth a try. Thanks Ellen will have to try.
Also indirectly may make someone that stops by with an agent move a little quicker if they see other interest.
Bottom line.... Dot all you i's and cross all your t's(meaning every effort and opportunity to advertise and show the home should be done), price it right... it will sell!!! And I must add... selling agents that put 1 photo on MLS... you kill me.... step it up!!!
.......do they bring in potential new buyers/clients for the agent? possibly, yes
.....do they result in a sale of the home? probably not.........at least not in my experience..
.............do they help the seller feel that you, the agent, are being pro active in trying to get the home sold? most definitely
Signage and how the open house is presented is a huge factor in the attendance.
1. Yes. Open houses create energy for the home sale by providing exposure for your home, getting quality feedback in a timely fashion, and if located in a new home subdivision has a better than 1% chance of finding a qualified buyer.
2. According to NAR, National Association of Realtors, less than 1% homes sell via open house. Keep in mind that is a national average which means in some cases more and in others less. Averages don't mean a hill of beans in that you could have 49 states with 0% and in one state, one city 50% and get that result. If that city bought into the 1% ideology, they might now add open houses to the marketing mix and may potentially lose 50% of their buyer market. There is no real way of knowing the effectiveness of open houses without knowing your market statistics, which only your local Realtor would know.
Broker - Owner
Green Home Realty
The best scenario for open house potential is a home with great curb appeal and located in a highly visible and well traveled area. Selling anything is all about "visibility"...the more people that know about the opportunity be better your chance for success.
To answer your question, yes, open houses do work. Many a contract is written on the dining room table.
And if none of your personal listings would bring the kind of traffic you need to get a large pool of buyer prospects, do an open house for one of your colleagues that have a very nice home that you know is priced well and shows fantastic.
Re/Max Avalon Park