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.
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
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.
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.
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.
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 canâ€™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, â€œThey also serve who only stand and waitâ€
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
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."
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.
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.
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.