Do agent open houses work?

Asked by John, Garrison, NY Sat Sep 26, 2009

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8
Lori Jeltema, Agent, Suffolk, VA
Sat Sep 26, 2009
Two of my listings sold last year specifically from the open house. I'm doing an open house right now. I don't know if anyone will stop by but I had two people come through last time including someone with their agent. Since I didn't have any showings that week, it was better than nothing...

If the sellers are willing to leave the house for 4 hours and it isn't too much of an inconvenience and the agent is willing to try to get people in the door, I don't see anything wrong with it. If it's slow, I use the time to work on flier, visual tour, postcard templates, whatever I would normally be doing at my office. If they have wireless internet..all the better!
1 vote
Edith Karoli…, Agent, Winnetka, IL
Mon Sep 28, 2009
Hi John,
A few open houses here and there for the public on weekends, cannot hurt, depending on activity you can then decide with your agent if you want to hold others...
Brokers open tour dates also your agent will know if in your area Agents tour to know the inventory, but often if agents do not have clients they do not tour... So it should be your agents decision and then the dates and times should be agreed to with you, i.e. when it is least intrusive to you to leave the home for a few hours.

Discuss it in detail with your Agent.

When we are in a Sellers market open houses are often successful, when in a buyers market, i.e. many more properties on the market and only a few buyers looking, open houses may not be too successful, i.e. may not have too many attendees.

Hope this helps a little!
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients
EdithSellsHomes@gmail.com
0 votes
Voices Member, , Benton County, OR
Sat Sep 26, 2009
John

I think the simple way to look at this is.... What can it hurt?

If it increases your chance to sell in any way then how could it be a bad thing for you?

As far as being discouraged or having much concern about "according to the National Association of Realtors 2008 buyer's survey - less than 1% of the homes sold by open houses."

That was a survey and the results were based on this.....
"NAR mailed an eight-page questionnaire in August 2008 to a national sample of 133,000 home buyers and sellers who purchased their homes between July 2007 and June 2008, according to county records. It generated 10,053 usable responses; the adjusted response rate was 7.9 percent. All information is characteristic of the 12-month period ending in June 2008 with the exception of income data, which are for 2007. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent."....http://www.realtor.org/press_room/news_releases/2008/11/home…

BTW.. NAR also says this based on the same survey..."NAR's 2008 Profile of Home Buyers and Sellers indicates that 48% of all buyers used open houses as a source in their home search process. This figure suggests the value of open houses even in the Craig's List/MySpace/Twitter era."....http://www.realtor.org/library/library/fg207

So use whichever take on it you wish but I would still ask...What could it hurt if it increases your chance of selling in any way?

Good luck, Dunes
0 votes
Kimberly Bra…, Agent, Venice, FL
Sat Sep 26, 2009
As you can see by the answers already posted - you might want to define 'work'. A well planned and advertised open house on a well priced or extremely well located property will 'work wonders' for the agent to find buyers. Not that these buyer's will buy your home, but rather they will become customers of the agent who will sell them something down the line. An Open House provides a neutral setting for agents to meet buyers without the buyers feeling pressured. The agents have a chance to sell themselves, by showing they are the market expert, etc. Now about your goals.....according to the National Association of Realtors 2008 buyer's survey - less than 1% of the homes sold by open houses.
Hope this helps...Kimberly
0 votes
Jo-Ellen Ash…, Agent, New York, NY
Sat Sep 26, 2009
YES! At our company 25% of our Open House visitors buy a home through our Open House Program! That's only 3rd in success to our Internet Program and Agent Personal Referrals! In Garrison, NY we can generate buyers from the north, wanting to move closer to the city, AND we can generate buyers from the south who want more home for the money! OPEN HOUSES ARE FANTASTIC, and for your home marketing program, I'd say, A NECESSITY!
Jo-Ellen Ashby
Vice-President, Hudson Valley Region
Weichert, Realtors
0 votes
Bill Eckler, Agent, Venice, FL
Sat Sep 26, 2009
From our perspective, open house are an important piece of any marketing plan as we have written contracts on properties and heard of may others that have done the same.

Of course much more than sticking a sign in front of a home goes into a successful open house. timing, planning, advertising, staging, curb appeal, etc are important factors.
0 votes
Nina Holland…, Agent, Charlotte, NC
Sat Sep 26, 2009
Hi John,

The answer to your question is very "local." Here in Charlotte, because of the way our city is spread out and the number of communities and houses available, agent open houses are not a big deal. Most of the companies in town stopped doing agent tours at least six/seven years ago, mainly because so few agents would attend. Personally, I don't attend them. If I need to preview a particular home for a specific client, it's easier on my schedule to call and make an appointment to preview at my convenience instead of adjusting my schedule to the date of the agent open house. The other thing to keep in mind is that the busiest agents (who probably are the source of most of the home buyers) typically don't have time to attend these. Often the ones who attend are those who have fewer clients to look out for.

With so many homes now listed on the internet with multiple photos and virtual tours, agents can get a good feel about a house without taking time to drive to an open house.

But as I said up front, this is a very "local" issue just as most of real estate is very local in terms of conditions and practice. If you are in a community where this is the norm, you should allow your agent to have a broker open house. But if you are in a community where it's not the norm, it probably won't "buy" you much in helping to get your home sold sooner rather than later.

Hope this helps. Nina
0 votes
"Carolina Jo…, Agent, Charleston, SC
Sat Sep 26, 2009
Agent open houses do work. They will get buyers into your home and may get the attention of other agents who in turn will have additional prospects / clients who may be interested in buying your home. However I believe the biggest assest of conducting an open house is that the agent may get some additional buyers from those who come to the open house vs. selling your home. The bottom line is that it will get more eyes to see your home which may shorten the time to sell your home.
0 votes
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