Should We Hold Open Houses?
July 5th, 2009 categories: Seller Resource
When going over my listing presentation with clients (for those of you who do not know what a listing presentation is…it is basically like an interview with the clients…the clients interview the Real Estate Agent, and vice versa) we often discuss Open Houses.
Some clients want open houses. The thinking here is that if you get clients in the door, they will fall in love with the home and buy it. 
According to the National Association Of Realtors, NAR, homes are sold via Open Houses about 1 – 2 % of the time. Not really a strong figure…actually, strong in a direction that does not favor Open Houses. Still, even with those statistics, some people believe their home is somehow different.
Some Realtors want open houses. Even though the stats from above are readily available, some may not be informed of this information, some hold Open Houses because they think they have to, while others hold Open Houses to get new clients. Not really a big secret anymore, but once upon a time, this was a big secret…maybe 20 years ago? Some clients DO hold Open Houses to find buyers who are in the market.
With the prominence of the use of the Internet to research homes, Open Houses are not as important as they once were. With pictures on the Internet, you can basically have an Open House 24 hours a day without interruption of a beautiful afternoon. Make sure that whichever Realtor you choose to represent you, they take pictures to place in the listings…lots of pictures…maybe even 10 – 15 pictures. Also make sure that Realtor has a solid web presence. When deciding this, ask your self one question…”Can they get your home in front of buyers?”
I believe that value sells a home more than someone’s ability to walk around in it at an open house. An extreme example might be the fact that most people would buy a home in Sonoma County for $1 without stepping foot in it. When discussing value, I do not just mean price, but a mix of factors, price is certainly one, price relative to competition, market sentiment, property condition, etc. I also believe that most people, when given the facts, can make an informed decision about which property is the best value.
I ONLY suggest holding Open Houses for a few reasons:
- If the property is TRULY UNIQUE!
- If the property is WELL PRICED!
- If the property is listed in an area with LOW INVENTORY!
- If the property is listed in an area with LITTLE COMPETITION!
Any of the above reasons are good reasons to hold Open Houses as the property would stand out from the competition and would be a good reason to introduce it to the market personally.
We hope we have given you a few things to think about when considering whether or not your Real Estate Agent should hold Open Houses.
