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Cheryl.miche…, Real Estate Pro in

When you are sling a property, how often should you have an open house?

Asked by Cheryl.micheli, Wed May 23, 2012

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There is no set number but if you have a lot it will probably slow down in the number of buyers coming to look. A lot of times, open houses benefit the agent in picking up new customers more than helping the seller.
0 votes Thank Flag Link Mon Jul 8, 2013
Cheryl,

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 aren’t working with anyone and aren’t pre-approved for a mortgage. Some don’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!
0 votes Thank Flag Link Wed May 23, 2012
There are more effecient and effective ways to market your home than a open house. Would you rather I sit around and wait for the business to come to me or go find the business? This is considered "old school" marketing and the game has changed. If my seller asks that I do them I will but there is not any standard for the # you should do. There are many good reasons below for both sides but it is up to the seller. Stats are not overwhelming in an open house resulting in a sale of the subject.
0 votes Thank Flag Link Wed May 23, 2012
I like to do one as a new listing to generate interest and possibly another in a month or so if it is not under contract. But your buyer will most likely be brought to you by another agent.
0 votes Thank Flag Link Wed May 23, 2012
Typically I like to have open houses (if the homeowner is willing) the first wekend after putting it on the market, especially when the property does not have lots of visiblity from its location. After that I monitor the showings and decide if more open houses are necessary for exposure.
0 votes Thank Flag Link Wed May 23, 2012
I would do it 2 or 3 times a week if it were my home. Would have everyone sign in before letting them in the home and then give the names and contact info to my realtor to follow up. If you are off work on the weekend why not do it? Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed May 23, 2012
There are no standards on that issue. Open Houses don't usually sell the house, however they are an opportunity to create a bit of a buzz. The current market is such that a reasonably priced home will gain a lot of attention without any open houses.
0 votes Thank Flag Link Wed May 23, 2012
Hi Cheryl,
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 mikep1@remax.net
0 votes Thank Flag Link Wed May 23, 2012
Hello Cheryl,
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.

Best regards,
Suz
0 votes Thank Flag Link Wed May 23, 2012
Particularly, right after the property is Listed, I like to take advantage of the WOW! factor;
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.
0 votes Thank Flag Link Wed May 23, 2012
I have a 21 point marketing plan that I have been using with great success to sell 18 homes so far this year. Open houses have not been on my plan for several years - most of the people that come through open houses are neighbors or buyers that are more than 6 months out.

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.

Good luck!
0 votes Thank Flag Link Wed May 23, 2012
Hello Cheryl,
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!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed May 23, 2012
I rarely do open houses, even though I like to do them. But the risks are very high, and most sellers don't want them. Instead, if someone wants to see one of my listings I invite them to call me, and I'll give them a personal viewing session.
0 votes Thank Flag Link Wed May 23, 2012
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