I am a Mortgage Loan Officer and I co-host a number of open houses with Agents. It is great exposure for the Home and the Agent. The key factor is to fully take advantage of the Open House. Make sure you have marketed appropriately for the Open House by taking advantage of the multiple online marketing options and you put a lot of signs out. If it's off a busy street most people will not turn around if they see the sign last minute. They will also not drive around aimlessly looking for signs directing them to the open house. There are many ways to market and many ways to meet new clients. I can share some of these with you if you are interested. Most of the Open Houses I have been too have either resulted in a sale or a new relationship for a purchase on another property. You would be amazed at how many people arenâ€™t working with anyone and arenâ€™t pre-approved for a mortgage. Some donâ€™t even know they can qualify but go to open houses dreaming of what someday they may have. When they find out they can qualify they are immediately out looking for houses. I suggest doing as many as your homeowner will allow you. The way the market is lately you may only have to host one :) Good luck!
NMLS # 6395
Financing Kentucky One Home at a Time
I have found the open houses help the agent find new buyers and possibly neighbors who may want to sell their own home. I have never sold a house from an open house looker. I typically will do open houses if my seller desires so and I work them hard to try to get a buyer for the property. It's just not normally where your buyer is going to come from. Buyers are normally going to find your home on line or through their agent.
It's up to you and if you think that it might help sell your house, have your agent do open houses in the first two weekends that you're on the market and if it doesn't sell within 30 days, go ahead and do another one.
If you want your house to sell quickly, the secret is not in open houses, it's in pricing correctly and marketing. The difference between agents who get homes sold and those whose listings stay on the market too long is strictly related to proper pricing, and marketing.
Call if you'd like to see how that works.
Mike Papantonakis 303-913-9129 email@example.com
I'm like Joetta. I rarely do open houses, though I agree with the premise that an open house can pull people off the street.
The seller should know that an open house will generate traffic. I've had homes attract mobs and I've had homes bring out only a few. In my experience, there has never been anything negative come of open houses.
You do, though, open your house for the competition to see. Many visitors refuse to sign in. So that group is there just to impose on your goodwill. Your competition might be your neighbor who will scope your house to see how much staging they need to do to sell their house before yours. If their house is in a better location, their home may sell before yours. It's a risk you take.
Consider carefully the pros and cons.
I will have one right away, the first weekend.
Also, I will have a Broker's Open House right away.
Then I will schedule one every other weekend.
I know a lot of Agents don't agree with me; but that is fine too.
A buyer who is only 30-60 days out is what you want (a buyer 60 days out will close in 3-4 months). These buyers are searching for something more specific and are comparing the value of several different homes - opposed to open house buyers which are just dipping their toes in the water.
The absolute best buyers are the ones that call or e-mail off of internet ads - they just want a quick answer. The trick is to get them through the door and sold on your house. 25% of my sales this year have been this type of buyer.
So to answer your question specifically: 1 open house, maybe 2 at the most - after that the neighbors have seen it.
I suggest hosting an Open House once a week when the property is new to the market. This way the seller can gain feedback on buyers' thoughts regarding what they liked about the home as well as what their objections are. It's also a good avenue to find out if the property is priced fairly.
Sellers can then make adjustments to price or address any issues that arise from the feedback.
Good luck to you!
Prudential Connecticut Realty