Doug.spicer, Home Buyer in Lake Mary, FL

why have open house?

Asked by Doug.spicer, Lake Mary, FL Sat Sep 8, 2012

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Brian Kurtz, Agent, Dearborn, MI
Wed May 14, 2014
Open houses are a bit of an enigma. Let's consider 3 key factors:

1) If you do the quick research, you'll find that only 1% to 2% of homes are sold because the buyer came to the open house, liked it, and decided to buy it. That's a dismally small percentage.

2) On the other hand, in a survey conducted by NAR, fully 45% of home buyers surveyed said that an Open House was a source of information used in their search for a home.

3) Agents primarily conduct open houses to meet buyers and to keep sellers happy. Once the listing contract is signed, there isn't much a seller gets to "see" the agent doing to get the home sold. Holding an open house is the most "visual" thing an agent can do to convey to the seller that they are working to get the home sold. So agents will do them to please sellers. Especially the ones who are overpriced.

So let's summarize. Let's say that you were told to go to work every weekend for TWO YEARS (in addition to working all your normal hours through the week) but that you'd not get paid to do so except for ONE of those 100 weekends. Would you do it? Probably not. Agents do open houses to meet buyers primarily.

Buyers DO use the open house as a source of info that factors into their buying decision but since they don't typically buy the actual home being held open, they are using that information to help them buy a DIFFERENT house!

Why would you want to get kicked out of your own home for a weekend afternoon, have unqualified people tramping through your home, and even the "real" buyers only using your home as a source of comparison for the home they that eventually WILL buy?
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Johnathan Ki…, Agent, Chesapeake VA 23320, VA
Wed May 14, 2014
As many have said open house if properly advertised can be a great way to give your home the extra exposure it really needs to potential buyers! Having a open house is a great way to have your home viewed and potentially sold!
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Murphy Team, Agent, Portland, ME
Wed May 14, 2014
Open houses are a good way for your neighbors to get a closer look at your home. Open houses are a good way for the agent to meet potential buyers in that price range. That said, any opportunity to expose your property to the public is a good thing.
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Sharon Felton, Agent, Nashville, TN
Sun Apr 27, 2014
Open houses are wonderful ways for home buyers to determine what homes at a certain price point offer. In that sense, open houses function differently than finding a home online and scheduling a visit to that home with a Realtor. Open houses allow potential buyers to visit homes across several neighborhoods and to compare the "feel" of not only the house but the neighborhoods as well. Because open houses generally occur on Sunday afternoons, that's likely the quietest, most attractive time of the week to view.
If you're a seller, discuss the pros and cons of your Realtor hosting an open house. Make it meaningful.
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Lesley Moose, Agent, Bangor, ME
Sun Apr 27, 2014
Open houses can promote your listing/home....but it can also attract people who may not be qualified to purchase. You should secure small valuable items & any medications. The showing agent can't always be with every person at all times......remember- you're opening the doors to virtual strangers to come walk through your home .....
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Kawain Payne, Agent, Seal Beach, CA
Tue Mar 12, 2013
Hello Doug,

I know open houses seem old school, but they are still relevant.

I have picked up buyers at open houses. I have even LOST a buyer , because she went to an open house and wrote an offer on the spot with the agent holding the open house, because the agent offered the buyer a credit off her commission.

So, I stil believe in open houses!

Best Regards,
Kawain Payne, Realtor
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Ron Thomas, Agent, Fresno, CA
Sat Sep 8, 2012
This can vary a lot, from State to State:
In some areas, Open Hose is welcomed and response is great.
in other areas, this is not so much.

With a revitalized market; many Buyers are looking for the signs and using Open Houses as a tool.

Don't be discouraged; just lock away Personal Items, Valuable Items, Small Items: Remember, you are trying to sell the HOUSE, not the picture of your three grandkids.
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Terri Vellios, Agent, Campbell, CA
Sat Sep 8, 2012
Very good question.

It used to be that an open house was for the agent to get new clients. The amount of homes sold on open house is few. However, open houses offer an additional layer of marketing. It also brings in a lot of people at one time, reducing the stress of showings to the seller.

There are some cautionary reasons not to have an open house, and that is due to theft of RX's and personal property.

Discuss this with your agent.
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