Your question was completely understandable the first time. Some Realtors don't call it a "Realtor Open House".
Realtor Open Houses are a way for agents to preview the home. It's a great way to get to know the inventory of homes in the area.
There are a few reasons why they haven't been too popular lately. First, Greg is correct, gas prices. With the way the market has been Realtors are really tightening their belts on costs. Second, with the technology we have now and the additional photos that can now be displayed, Realtors are using that as their way to priview the homes on the market.
I do agree that Realtor Open Houses work. The big reason why I use them is so the agents from my office can atleast come and see the home. This way if a call comes into the listing office, you can feel more confortable that any agent in the office can explain the house better to a percpective buyer. If you get a good turn out from the office you listed your home with, then feel really good that you listed with a good office. There really isn't any excuses why an agent can't come to a Realtor Open House from an agent in their own office.
Thanks in advance for your answers.
No matter how the house is presented on the Internet, nothing works better than seeing the property in person. Seeing it first hand allows me to let my buyers know when a great property that fit their criteria the moment it comes on the market, the reason why it's priced the way it is and why it is over/under priced.
As a listing agent, it allows me to better judge the market, know who's my competitors, help me price my future listings and adjust my current listing prices. I can explain to my future sellers the supply and demand and pricing,..etc
Attending listings by own office also shows support to our fellow agents and our clients.
There is really only upside to attending Realtor Open Houses. Beats me why they would not go unless the houses are in rural area and they are too spread out.
For those agents who plan on having listings in the future, it's really important that we have viewed all of the local inventory, so that when we end up using one of those properties as a comp we have actually been inside so that we can truly compare them.
They looked at too many homes and do not remember, they want to hold their card close to their chest and not have it be used against their clients later, they do not want to upset a seller when telling them something is less than perfect, they are too busy trying to sell a house or trying to take time off and do not get paid to give feedback, their buyer did not tell them how interested they are, it just comes as an email and is automated with a few boxes to check, other agents have been sued over feedback given and last it is possible you will someday hire that showing agent-but not if they said something brutally critical and honest.
I always give feedback, but I am careful about what I say. You always have to remember what is in the best interest of your own client, not someone elses.
As a seller, you need to be confident that your home shows great and is priced to the current market or below if you want to sell it. Feedback from the other side is unimportant if you, your agent and your family have done their homework.
Technology has got to the point where Realtors do not need to physically see homes in order to be aware of them and their value. That is why you see many top Realtors using professional photographers, stagers, and virtual tours to show off their listings.
You should know that the buyer that first sees the home they purchase first sees it with a Realtor 90% of the time. In my primary market right now there are over 2600 listings. There is no way that I can keep track of all those listings, so I cherry pick and try to see homes that I think I need to see.
So if you are concerned about getting your home sold, you need to ask your Realtor to show you what it looks like online.
Also, I recommend asking for a list of homes that are competing with your home. Go look at them. Compare their features to your home's features. You should know that the average buyer looks at 12 homes before they make an offer.
Also, depending upon how long your home has been on the market, you should ask your Realtor how many homes like yours have sold, lowered their price, or come onto the market since your home wasa listed. In most cases you need to meet with your Realtor weekly in order to understand the market.
Listings that sell in the first 30 days sell closest to asking price. That means that 20% of the homes sell quick, for top dollar, while 80% are over-priced, are not shown, and accumulate market time while losing value.
We specialize in real estate in Ocala Florida and our board utilizes what we refer to as a "caravan". Every Wednesday morning our board holds a marketing session for all the brokers and agents in the Association to present their listings. It is our office policy to place our new listings on the caravan. We are required to notify the board prior to the caravan so they can prepare a spreadsheet of all the featured properties and send them to all the brokers in the county. I know this is not an actual tour, but it is very effective! I am sure other boards around the country utlilize a caravan type program as well.
Please keep in mind that our profession's technology has evolved tremendously over the past few years. We can now mass email all the agents in our area and also post bulletins on the MLS for everyone to see. We do our best to get our listings in front of buyers and agents alike!
Bert & Sherri Meadows
Meadows Realty, Inc.
Also you have to remember that our worthy buyers already get new listings by email daily, so they also know before a Broker Tour.
I presented an offer from out of state client to an agent while he was doing his broker open, he was dumbfounded! They had not even viewed the home, they trusted my verbal description on a preview before the broker open to write the contract, and not even contingent upon seeing it.
Broker Open is a little like a clucb, you either belong or you don't. I have better things to do than go touring just to get a free lunch. If you ever watched agents as they visit tours you would see how little they really pay attention to the home.