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Renee Zuzan, Real Estate Pro in Youngstown, OH

Open Houses? great tool for seller and agent or thing of the past

Asked by Renee Zuzan, Youngstown, OH Wed Apr 16, 2014

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I personally feel if a buyer is truly interested they will schedule a private showing. I do open houses to save owners time by allowing the nosy neighbors the opportunity to walk thru , obtain prospective future clients, satisfy home owners who feel as if true capable buyers show. Past experience shows more unqualified buyers tour open houses then someone who is ready to purchase.
0 votes Thank Flag Link Wed Nov 5, 2014
In my market open houses are an integral part of the home sale process. They're very well attended and many, many buyers buy their home after seeing it at the open house. Given how intense our market is and has been since 2012 most agents / sellers review offers after the open houses (we often hold them Saturday AND Sunday and sometimes, particularly once we get to vacation season, have a Thursday or Friday evening open house too).

It's always puzzled me why open houses don't "work" in other markets.
0 votes Thank Flag Link Wed Apr 16, 2014
Certainly a great tool for agents... a great way to meet members of the public, and to have them meet you and learn how you operate.

Moderate tool for the seller... depending on the area, some opens are more, or less, successful.

Thing of the past... nah... I don't think so... I think they'll remain popular... there are always some buyers who are not affiliated with an agent, and it's really their only way to view the house.
0 votes Thank Flag Link Wed Apr 16, 2014
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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Agents do open houses in the hope that they will either the house themselves which creates a dual agency situation that is not in the seller's best interest, meet neighbors who may be thinking of selling, meet buyers for future business, and provide advertising for themselves. Big companies encourage open houses for new agents as a way to get business and get their signs out around town. For sellers, you have strangers literally coming in off the street and your agent has no idea if they are qualified, just looking, or casing your house for a future break- in. Qualified buyers will call an agent and schedule an appointment. Open houses are not necessary and should be a thing of the past but old habits die hard :)
0 votes Thank Flag Link Wed Apr 16, 2014
Maybe I am not typical, but I made my offer the evening of the day I viewed my present house at an open house! I was going to an open house on the same street that day, and saw this one in the Sunday's paper was on the same street........ never made it to the original one! Made an offer that evening, and the owners accepted it by 8:00Pm.
Flag Mon May 19, 2014
I don't think open houses do much for the seller, as they usually attract buyers who are very early along in the process. Serious buyers work with agents. They are good for the listing agent, however, allowing them to meet many prospective buyers.
0 votes Thank Flag Link Wed Apr 16, 2014
If the Open House strategy is indeed the 1982 format, it is a think of the past.
However....
If the home IS a good open house candidate....
and the seller selected the right selling method......
and the right strategy was selected and fully implemented...
and the agents is knowledgeable of real time marketing....
Buyer and Seller and agent wins.

If the OPEN HOUSE was agreed to for the purpose of 'meeting seller expectation'.....you have encountered the dinosaur.

How many times have you read here on Trulia a seller asking, "Can a get an agent who will sell my house and not simply put on in the MLS?" When pressed the seller will grab for any useless activity they can observe...which is the Open House. However, if the seller is pressed, "Will you do what is needed to SELL your house that weekend?" the seller melts away from the strategy.

The Open House is exactly what you make it.
Assuage guilt.
Make the seller commit to the strategy.
Execute the 30 day sale.
Cultivate a lot of business action.
What will the Open House be for you?
0 votes Thank Flag Link Wed Apr 16, 2014
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