Home Selling in 06820>Question Details

Mark Montgel…, Real Estate Pro in Darien, CT

Now that we are in the real estate selling season, how many realtor and public open houses should be done.

Asked by Mark Montgelas, Darien, CT Fri Apr 19, 2013

I am definitely going to do a new broker open house soon, but after that how many public open houses should I do after that? Should I do one every 2 weeks or is that that too many to get the most impact?

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I took a phone call while posting below and forgot to include the latest update from NAR on Open Houses.

* Repeat buyers are more likely to find their home from an open house than first-time buyers and repeat buyers use open houses more frequently.

* Mid-income buyers, those with income between $55,000 and $75,000, are most likely to find their home through an open house compared to other incomes. However, as income increases the use of open houses actually increases as well. So higher income buyers are walking into open houses, but not finding their home through them.

* Older buyers, 65 years and older, are more likely to find their home through an open house than other age groups. As age increases the likelihood of using open houses as a search tool increases—45% of buyers aged 45 to 64 used open houses, compared to only 28% of buyers aged 18 to 24.

* Buyers in the South are most likely to find a home through an open house compared to other regions.

* Buyers of new homes use open houses much more frequently than buyers of previously-owned homes.

* Married couples and unmarried couples are more likely to walk through open houses than single buyers.

* Buyers whose primary language in the home is not English are more likely to use open houses—44% of buyers whose primary language is English use open houses, compared to 59% who use a language other than English in the home. Similarly, buyers who were not born in the U.S. are more likely to use open houses as a search tool—43% of those who were born in the U.S. use open houses compared to 57% of those who were not born in the U.S.

http://economistsoutlook.blogs.realtor.org/2013/04/10/2013-r…
0 votes Thank Flag Link Fri Apr 19, 2013
Awesome data and facts. Thanks for the info.
Flag Fri Apr 19, 2013
Hi Mark - Public Open House (POH) should have a reason - intro to market, price change, repair/upgrade, etc. A call to action for the cunsumer. Have one every 2-3 weeks in this active spring market, as new potential buyers cycle into the active search mode. As time consuming as POH are, they're just so many positive reasons to have them - more is better than not! Good luck!
Cheers -
Stephan von Jena
2012 Gold Award Winner - Top Producer
William Pitt Sotheby's International Realty
1057 Post Road
Darien, CT 06820
203-434-8472

Proudly serving the Darien, New Canaan and Norwalk/Rowayton markets.
0 votes Thank Flag Link Fri Apr 19, 2013
I find that the public open houses I hold often result in generating a non-represented customer and the highest potential for my handling both sides of the transaction as a dual-agent. I like to hold a couple of public open houses not closer than two weeks apart...a month between those is better with the 2nd being just after a price reduction if the initial marketing blitz hasn't resulted in offers in the first 30 days.

Buyers represented by their own Buyer's agents often find the properties on their own and then they have their agent's schedule showings.

One is better off making sure that great photos are presented along with comprehensive attachments (PDF's of Tax card, Plot Plan, possible floor plan, Seller's Discloses, deed restrictions, etc.) being made to Buyer's agents in the MLS system. IMHO, absence of such PDF attachments to a listing in the MLS system is a disservice to the home sellers an agent is representing.

An interactive floor plan can be generated with http://www.ThingLink.com and here's an example: https://www.thinglink.com/scene/324613649467441153#tlsite
0 votes Thank Flag Link Fri Apr 19, 2013
Taking into account that surveys show an open house helps sell a home only 3-4% of the time, I would definitely recommend one to introduce the home to the market, then one a month, but I would concentrate my marketing in other areas.
0 votes Thank Flag Link Fri Apr 19, 2013
If the home is newer to the market I do 2 every month- however I find that after the 4th one, that traffic gets less and less. It becomes an overkill.

When it gets to be slow and foot traffic is obviously in half, I will schedule one once a month, or a few days after any price changes.
0 votes Thank Flag Link Fri Apr 19, 2013
Thanks for the advise. So after I do a price change, do 1 broker open house right after that and then perhaps 2 per month until the traffic starts to dwindle.
Flag Fri Apr 19, 2013
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