Market Conditions in Woodrow>Question Details

niavehomeown…, Home Seller in Staten Island, NY

Is Open House the best way to attract buyers?

Asked by niavehomeowner, Staten Island, NY Fri Aug 23, 2013

This question was asked from http://www.trulia.com/property/3120667344-70-Rathbun-Ave-Sta…

Help the community by answering this question:

Answers

29
I find that open houses attract buyers who are in the very early stages of buying. Most are just trying to get an idea of what is available. Most serious buyers are working with an agent.
1 vote Thank Flag Link Mon Aug 26, 2013
Open houses don't necessarily sell homes, therefore discuss all marketing options with your agent...
1 vote Thank Flag Link Sat Aug 24, 2013
Having a licensed realtor actively marketing your home and pricing it right attracts buyers!
1 vote Thank Flag Link Sat Aug 24, 2013
No, it is not the best way to get qualified buyers.

Many unqualified & unknown people come through your home on an open house.
Many don't want to sign in & others just sign in under false names &/or with fake phone numbers. They rarely produce offers except those way off the asking price.

The best way to attract buyers is through a qualified real estate professional's recomendation.
If you are using a broker, which I assume you are, that just sits on the open house method of sales, you should think about talking to other market professionals in your area & see how they would recomend you market your property. Everyone has their professional preferences. Some brokers believe in the law of averages in just having everyone look at the house and eventually someone may cross your doorstep. Sometimes that works out because of other brokers or agents that are too lazy to take their clients out themselves so they send them to your open house and have them sign the brokers name & phone number on the sign in sheet so they can clinch a commission if their client should be interested. In that respect due to lazyness in the profession you might just luck out with an interested buyer. But remember, if your property is priced properly in this market you will get sufficient broker or agent traffic without the need for an open house. Make sure your broker or agent is serving your interests, not their own.
1 vote Thank Flag Link Fri Aug 23, 2013
I agree with Tom. It has been my experience as well that the majority of buyers entering an open house without an agent are buyers whom are not ready to take the leap into homeownership. When they attend an open house that is listed with an agent you can spot them as they do not engage with the agent and do not have any questions about the home.

Do Realtors get buyers from open houses? It is not as easy as you think. My main focus of running an open house is to get as many AGENTS into the house with THEIR buyers. A buyer working with an agent is usually a buyer that is already pre-approved. Most agents will not take buyers out unless they have a pre-approval. Are the people walking through the door at a FSBO open house even qualified? Are they showing up with their pre-approval in hand?

In my 10+ years of selling real estate I have sold a home twice to a buyer at that open house in which they were not with an agent.

I hope this info along with the other responses has helped you.

If you would like me to refer a top agent on Staten Island please do not hesitate to call or email me.

Best of luck to you.

Dawn Noak, REALTOR
Gladstone Group
631-827-7373
DawnSells@verizon.net
0 votes Thank Flag Link Fri Nov 1, 2013
Yes, open house one of the ways to attract buyers. Keep your home by place in good condition before it goes on the market. We all of know “first impressions are last impression “. Make an impression on home buyers by focusing on the important rooms, such as the kitchen, master bedroom and master bath. Buyers can easily check out it’s checklist.
0 votes Thank Flag Link Thu Oct 31, 2013
Hello,
In my opinion Open houses should be part of the marketing plan. Over the years I have sold many homes from my open house. It must be advertised well through invitations, postcards, internet & the local paper. When I do an open house it is to sell that home and of course you need to be doing a lot of other marketing. Any other questions please feel free to call me at 917-837-4886.
0 votes Thank Flag Link Sat Aug 31, 2013
Open houses do attract buyers for the seller and the agent. So it can be a win-win for both. Open house isn't the only way to attract buyers though. Just one option. You have a lot of opinions that are good!
0 votes Thank Flag Link Wed Aug 28, 2013
Yes. Just not buyers for the house that's being held open.

Agents do it to get more clients. And they do it because sellers think that's a good marketing method; the agents do it to keep their clients happy. But if it's your house and you want it sold, there are much better ways. I'm not saying don't do it. Some houses do sell as a result of open houses. But don't get your hopes up, and don't overlook other techniques because you're focusing on an open house.
0 votes Thank Flag Link Mon Aug 26, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
After my 26th year, I've determined that open houses are for Realtors to get buyers..NOT to sell your home. You expose your home to many people who may only want decorating ideas or who may not be qualified to purchase the home. As an seasoned agent, its worthwhile to market the home to the Agents in the area...through Realtor luncheons and Open houses for Realtors....each agent has approximately 3 buyers at any given time. Its' a good use of time, especially since you the seller is vacating the home. Hope this helps!
0 votes Thank Flag Link Mon Aug 26, 2013
Not at all. In fact in my market area Open Houses do not even bring in that much foot traffic, even on my really lower priced homes-

The internet is the best tool right now.

Open Houses are good to have once in awhile, but having one every other weekend will not help any.
0 votes Thank Flag Link Mon Aug 26, 2013
Internet, internet, Internet, Zillow, trulia, craigslist, agency website, postlets + being pn SIMLS it automatically goes on like 30 sites, but they should always be reposted and updated. Just from simls there is a link to post to facebook and twitter. The more people that know the better.
0 votes Thank Flag Link Mon Aug 26, 2013
No. it's just one part of a marketing plan. Sometimes a few, if any, buyers show up; sometimes many buyers show up.

Internet marketing is the most important.
0 votes Thank Flag Link Sun Aug 25, 2013
Back in the day I had to have an assistant with me for crowd control at open houses. The most I every logged was 94 people in a 3 hour period. We were clearly in a seller’s market. I picked up a lot of buyers. That was before the explosion of online information. Not only has the market changed, but buyer behavior has greatly changed.

Real estate is like the weather, it is local. So what works in one market may not work in another. Some realtors will not do open houses because in their experience it is a waste of time. Other realtors can’t think of anything better to do and will wait patiently for someone to find them.

Arguably if you do an open house and less than 5 people show up in a 2 hour period, open houses in your market is probably not a good strategy.

The great English poet John Milton was not talking about effective real estate professionals when he penned the line, “They also serve who only stand and wait”
0 votes Thank Flag Link Sun Aug 25, 2013
Yes it's the best and most cost effective as you show to many buyers at the same time.
0 votes Thank Flag Link Sun Aug 25, 2013
I can say , OPEN HOUSE - the best way to educate a BUYER, they learn how to renovate and decorate their homes.FIRST you will attract your neighbors - which is great also, they may tell their friends and relatives about your HOME. Lets work together.
0 votes Thank Flag Link Sun Aug 25, 2013
Buyers will look for a new home on the internet as their first step. By scheduling an open house it will be noted on internet sites and therefore, will attract potential buyers. If you want to sell your house the first step you should take is to contact a local real estate broker who has been in business for a significant period of time. Check the track record of the realtor and note the number of home sales closed by that broker. If you use a large, well established broker you will most likely have someone who places your listing on the most number of real estate websites. This gives your listing the most exposure and the greatest chance of selling your home quickly.

Remember, once you have found the best realtor available, you should listen to the advice of that realtor when it comes to listing your home at the right price. Also, listen to your realtor as far as putting your house in the most desirable staging. The reason most sellers don't sell their home quickly is, generally, because the seller insisted on listing the house at a price higher that it should be and because the interior does not appeal to the most number of people. While you may love your interior design it is not always appealing to most buyers.

Contact me and I will be happy to discuss this is greater detail. Please do so if you do not have broker listing your home.

Gary R. DeFilippo, CMFS
0 votes Thank Flag Link Sat Aug 24, 2013
Open houses are only part of the equation when it comes to marketing and selling a home. Multi-Channel online marketing, Realtors, Cable TV and Print are the other avenues to attracting buyers, but the major source of buyers begin their search on the internet.
0 votes Thank Flag Link Sat Aug 24, 2013
niavehomeowner,
Most buyers look first to the internet to find a home. It's easy, fast, and they can do it anytime of the day.
0 votes Thank Flag Link Sat Aug 24, 2013
The best way to view an open house is by considering it as one of many ways of marketing a property. Placing all of your eggs in one basket can often result in disappointment.

The best way to market any property is likely the one that places this option before as many people a possible. The more that are aware of any opportunity, the better the chance for success. Since open houses typically reach only a small number of people, it would seem that there may be better considerations.

You've likely heard of the real estte saying, "location, location, location." Well here's another one for sellers, "visibility, visibility, visibility."

Good luck,

Bill
0 votes Thank Flag Link Sat Aug 24, 2013
The best way to attract buyers is through the Internet and MLS. Open houses work only in some areas.

Tammy Hayes, Realtor
Re/Max Palm Realty
tammyhayesre@gmail.com
0 votes Thank Flag Link Sat Aug 24, 2013
We still do open houses for our Sellers who want them. We have sold a few homes as a result of an open house. But, a Seller's Agent needs a marketing plan for your home that involves a detailed on- line marketing and off-line marketing system.
0 votes Thank Flag Link Sat Aug 24, 2013
Waste of time & energy. Tell that RE agent to get off their ass & market the house properly.
0 votes Thank Flag Link Sat Aug 24, 2013
An open house may not be the best way to attract buyers but it certainly is one way to attract buyers. Usually people that walk into an open house are interested in buying a house. They may not be a buyer for that house.. They like the neighborhood. They like the exterior appearance of the house. If you have your house listed with a good Realtor, he is probably doing a lot of other things to get your house sold. The best way to attract buyers is to have your house priced right. In today's market the buyers will find it if it is priced right.
0 votes Thank Flag Link Sat Aug 24, 2013
Rarely. Typically those attending open houses are eitehr neighbors who are simply curious and those who attend open houses the way some folks routinely check out garage sales on Saturday.
I've held countless open houses over the years, never sold one to someone who visited and no longer hold them as their an unproductive use of my time. Getting a top agent who spends the money necessary to market your home and who prices it right to begin with is what sells homes.

I speak from nearly a quarter of a century of experience as a top selling Realtor.
0 votes Thank Flag Link Sat Aug 24, 2013
Yes & No. It may be a necessary step when you are having no luck with broker mls referrals.

It can provide some insight into what people are saying about your home. Like it or not, unless you get feedback from people that actually view your home you can't properly adjust your marketing strategy to capture the market. Sometimes tunnelvision prevents you and your marketing professional from seeing what is right in front of you. A fresh prospective can be invaluable.
After a few open houses you should know what everyone is saying and you can re-adjust your marketing, make any necessary cosmetic fixes, or adjust your price. Open House after Open House is just not necessary unless you missed one of the principles of selling homes, or that is just the only way you know to sell your home. I would pull back on an Open House after three (3) showings in a six (6) week period. If it doesn't work early, it is generally not going to work and is going to get stale. If you didn't price the house properly on the initial listing, don't keep adjusting the price for an open house, buyers will wait you out till you price yourself below the market. So get the price right and stay stable on your price. You should find a buyer.
0 votes Thank Flag Link Fri Aug 23, 2013
Don't like them. Brings in all types including those out with the kids on a shopping spree.
Keep all valuables locked up. Make sure you have throw rugs over the carpet or you will be
shampooing the rugs more often. Don't let them open the refrigerator or test the appliances.
Should probably have a home video system tape arrivals in the event the SI ninja visits your neighborhood.
0 votes Thank Flag Link Fri Aug 23, 2013
In my opinion, it's not the best way to attract qualified buyers, however, you never know. It only takes one buyer.
0 votes Thank Flag Link Fri Aug 23, 2013
Brings in new prospects, but don't always know if they are qualified or actually looking at your home or surfing for useful ideas for their own purposes. But what you may loose is probably not as costly as not getting the exposure you can't get without an open house.
0 votes Thank Flag Link Fri Aug 23, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer