Home Buying in 02052>Question Details

Chris Rao, Real Estate Pro in Medfield, MA

For the Buyers out there. Does holding off showings until the first Open House create too much tension in the marketplace?

Asked by Chris Rao, Medfield, MA Thu May 23, 2013

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Chris,
I don't see the purpose. A hot listing will get interest and our first job is to get our clients home sold. In my market we've seen a rash of multiple offer situations. Typically a home hits the market mid week, has an open house or two over the weekends and offers are reviewed on Monday or Tuesday night. This generates lots of interest and a solid buyer for your seller.
1 vote Thank Flag Link Thu May 23, 2013
It depends. Six hours, not a problem. Six days, problem.
0 votes Thank Flag Link Fri May 24, 2013
it might not cause "tension" per se, but it can cause excitement.

In my area it is not uncommon to see a new listings say: "No showings until Realtor Open House, or Public Open House this Sunday" ...........sometimes, the seller wants to do a few things first, to get the house ready for showings, so they need the extra time........or......sometimes the sellers and their agent want to give some advance notice to buyer's agents so they can arrange to have their buyers available if they are coming from out of town......this can take some pressure off if the agents know they have until the weekend to arrange a showing..........it depends...........

Our MLS rules allow for this - we have a form that says: "Delayed Showings", which has to be signed by the sellers.
0 votes Thank Flag Link Fri May 24, 2013
Chris, There are also MLS rules to consider and hopefully follow.
I don't think there is a form (yet) for and owner authorizing a listing professional to not show a listing before the first open house.


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0 votes Thank Flag Link Fri May 24, 2013
Hi Chris,

one thing I will tell you, regardless of whether you hold off showings or show the property as soon as you put it on MLS, is that you can not prevent buyers from getting cold feet or buyers' remorse as you mentioned, no matter how many times the buyers may have seen the house. Holding off showings until the open house is just on strategy that some agents use. But you should have several options for your seller-s keeping in mind that, sometimes, their current needs may deviate you from a specific option (e.g. sometimes the seller may be the one asking you not to show it until the open house). At the end of the day you are the one that knows you clients's needs and therefore you put a plan of action in place that is in your clients' best interest.
Web Reference: http://wenrealty.com
0 votes Thank Flag Link Fri May 24, 2013
I would be representing the seller if I was the one holding open houses. Here is the down side to this which caused and agent in my office to sell a home 6 times over in the course of 2 months. They had about 40+ people come through the open house and I think about 4 offers. The home sold, but it kept happening that when the home inspection occurred that the buyer's (who would have only seen the home for the second time at the home inspection) would get a big dose of Buyer's remorse and pull out. Granted, the house showed very well and needed a new roof, but it was in decent shape. Had the buyers been given more amble time to view the home or a private showing before or after the open house I think the outcome would have been different. The homeowner lost thousands of dollars having to sell it so many times and had to put on a new roof. My real question is not whether or not that this technique generates good traffic for your seller, but if holding off showings hurts your listing?

In summary, I think holding off showing hurts more than it helps. The smart qualified Buyers out there today are working with a good agent who has a pulse on the market. Anytime a new home comes on the agent should notify their client and try to schedule a showing. Why stop them?

~Chris

P.S. I love this market! #HomeAficionado
0 votes Thank Flag Link Fri May 24, 2013
Chris maybe it does, but if you are representing the seller does it matter?

If I have a good house at a good price that's generally what I do and it generates 40-60 people at the open house with multiple offers. It is a marketing tool to help sellers.
0 votes Thank Flag Link Fri May 24, 2013
Chris,


Who do you represent????

If you are a buyers agent you should prepare your buyers to be competitive in this active market.

If you are a sellers agent you want as much competition as possible to generate the highest price.

In either case as a long time Realtor you have to love this market. There are buyers and homes are selling.

Louis
0 votes Thank Flag Link Fri May 24, 2013
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