Market Conditions in Chicago>Question Details

Mary Jo Daly, Real Estate Pro in Chicago, IL

I am looking for some feed back on Chicago Real Estate Open Houses.

Asked by Mary Jo Daly, Chicago, IL Sun Jan 24, 2010

Do you have a better average of clients coming thru on Saturday or Sunday Open Houses? During your Open Houses what average of new buying clients do not have agents? What if any special promotions or incentives do you offer to get agents and buyers to attend your Open House.

Help the community by answering this question:

Answers

4
BEST ANSWER
Hi Mary Jo,

A new project that we're marketing at 3201 W Leland had 8 groups through on Saturday with a further 8 groups through on Sunday. Both Opens were from 1:00-4:00. A number were unrepresented but they were early in their search. I've personally found Saturday opens can be good for new listings when you expect a number of appointments to be scheduled or for bigger projects that have multiple units and require more time to show. Outside of that I stick with Sunday Opens only.

The ability to post multiple photos online that are syndicated to numerous websites has appeared to reduce the importance of Open Houses in general. Buyers will still stop by an Open House to view a home but only after they've drawn up their short-list. There may be less people coming through Open Houses but I find they're more qualified and have a genuine interest in the property after viewing photos online. However, are there fewer buyers coming through Open Houses because there are fewer buyers currently in the market? Do photos actually generate traffic and encourage buyers to view the property during the Open House? Still a guessing game.

Finally, does anyone use professional video to market their listings? I'd be interested to know how it's received by buyers and sellers. Here's a couple of examples:
http://www.kendooley.com/my-blog/2009/3/7/video-real-estate-…

Ken Dooley ABR,CIPS,TRC
Conlon: A Real Estate Company
Web Reference: http://www.KenDooley.com
1 vote Thank Flag Link Mon Jan 25, 2010
One other thing to take into consideration is the type of property. If it's in a high rise condo building, open houses are not as useful as many times you are not allowed to put a sign on the sidewalk or in the building lobby. If in a pedestrian friendly, tree-lined neibhborhood, open houses usually get more attention.
0 votes Thank Flag Link Sun Feb 7, 2010
The buyers are out there and if the buyers smell value, they will come. When I smell value, those listings go on my short list and get funneled to my hot buyer list, whether traditional buyer or short sale / foreclosure investor. I'm not an advocate for "premiums" at Open Houses. If the house is priced right, it will sell itself. Period. I hear these stories from other agents that you have to bait people to come to open houses. Guess what - would I rather have something from the Swedish Bakery or be first off the line when a home is truly "on sale?" I'll pick the sale, and so will my client.

With buyers, I do take advantage of the weekend opens and hit as many as possible with them. Our record is 36 I believe in one day covering Lakeview, Lincoln Park, Graceland West & Logan Sqr, but you can find them everywhere. I ask that my clients wear running shoes and I bring a backpack of goodies/hydration so we can keep on the move.

Because I like high face-time with buyers, I normally hire one of my team or colleagues to sit my opens, so I'm not spending hours in one spot on the off chance that I meet an unrepresented client.
Web Reference: http://www.wilsonliving.com
0 votes Thank Flag Link Sun Jan 24, 2010
Hi Mary Jo,

This is an interesting question! Generally, Sunday is the "busy day" for city open houses, however you might find success on Saturdays in areas where there is a high volume of pedestrian traffic provided you can put a sign on the street in front.

However, now that more and more property photos and information is on the internet, open house attendance has dropped. Consumers can learn a lot about homes 24/7 without having to leave the comfort of their own home.

Best of luck,

Jenny
0 votes Thank Flag Link Sun Jan 24, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer