Open Houses?? Do they sell your Property, or are they a Waste of Time?

It can't hurt.

Total waste of time.  The agent will sell other houses, not yours. 

True Alpine, I have never sold the house I held open, but I have picked up buyers for other houses.  In my area, you're lucky if anyone shows up these days.  

Wannagonow, watch the house that is holding an open (if it's close enough to spy on) and see how many people show up.  If there isn't anybody, you'll know your answer.

Go to the open house and scope it out - just remember to give a false name and phone # when you go.

Anyway you will probably run into 1/2 your neighbors there anyway.

What gets your property sold is price and advertising.

However, if you overprice it... advertising becomes irrelevant.

Price it to sell and it will sell regardless of whether it's being held open or not.

Holding it open helps generate interest, of course!

Good luck with your listings!

Pablo Pinedo.

Thanks for the advice!  Will see if I can spy on the house this weekend and find out whats going on, the good thing is that it is 3 house away, smaller, all cedar sided (mine is all brick) and priced higher than mine!  You have to pass my house 1st before getting to his (we are in a cul de sac- dead end street).  The weather will be colder this weekend (30-40 degrees) and I feel like many will not be out looking at this point--maybe too early in the season??

Agent Question:  Do Real Estate Agents allow/care if the Homeowner holds the Open House?  I just figured since I am home, I don't mind hosting it?? Just a thought, so the Broker doesn't waste 3 hours at my house on Sunday.

One time I went to a $6 million open house in Saddle River and there were TONS of people at it.  Of course, none of them could afford the house sine it did not sell until 2 YEARS later. 

It is up to the homeowner in my opinion.  If you do decide to do one, don't do it alone. 

At least it SOLD!  Let's hope it doesnt take me that long, I am so impatient!

I bought my second house by going in to an open house.  Even if a small percentage of homes are sold this way in this market the agent needs to give it a try.

I know, it seems it's always the exceptions that I am hearing about. Also have heard that its a risk (for stealing your valuables) to home owner.  Do I really want people scouting my house while I am not around, and then come back and rob me??

wannagonow -- Our house in CT sold to someone who originally viewed it at an open house.  Then came back 2 more times with our realtor.  Our 1st Realtor in FL said she purchased her home when she moved to FL by going to an open house.  I always look at it like you have absolutely nothing to lose.  We had many when trying to sell in FL -- some we had lots of people and others we didn't have any -- but it did cost us personally anything.  So what if only your neighbors show up, they might know someone looking for a house and love yours and tell them about it. 

wannagonow,

Go ahead and put your valuables away even without open houses.  You never know who may have "sticky fingers".  Also many times after a showing I have come home to find doors unlocked.  The whole selling process is very intrusive so I hope your home goes quickly!

The last one I sold, I sold at an open house. She had an agent, but she initially saw the house following my open signs.

put a pricetag in your yard with vitals and your agent's phone, see if that generates intrest

I am in North Florida.  Recently open houses have produced nothing for most of the Agents who do them.  However, I did have a home owner who put out my OPEN HOUSE signs every week end .  She and  her husband (don't do this alone) opened their home every  Sat & Sun. from 10:00 AM to 5:00 PM for 14 weeks.  A visitor stopped in liked the home and had her agent contact me, we will be closing in April. 

By the way our average time on maret is 112 days for homes that sell.

Before everyone asks. Yes. I did give my client a discount on the listing commission.

When our market was HOT.  I would list new property Friday. Put the home in MLS Fri Evening along with the sign in the yard and color Flyers showing multiple photos and price in the take one box and an OPEN HOUSE sign Sun 10 - 2.  We would advertise no showings until Sunday 10:00 AM to 2:00 PM all offers to be reviewed at 6:PM.  We never had less than 20 sets of visitors.  I sold every new listing on Sunday usually for more than the asking price with multiple back up offers.  Those days are long gone.

Today to generate calls for a specific lisitng,  I put flyers in the take one box without the actual price but something like low $200's or Mid $400's.  Only those in the price range will call me to find out more about the home.

The statistics tell us that only 2% of homes actually sell from an open house nationwide. Holding open houses actually helps agents procure buyers who are not working with an agent. Now in the boom market that we had a few years ago, they did get a better rate of return. Today, if You are looking to get your home sold quickly, ask your agent what they are doing. I hope that they provided you an action plan when You met with them & decided to hire them. As the client, You should know what Your agent is doing to get your home sold.

"Today to generate calls for a specific lisitng, I put flyers in the take one box without the actual price but something like low $200's or Mid $400's. Only those in the price range will call me to find out more about the home."

Hope I don't stir up a hornets nest here, but this quote from Cathy  was one of my biggest pet peaves as a buyer!  and as a seller.  Put the stupid price on the flyer or ad or whatever.    I hated to have to call for a price only to get the 1000 questions of name address phone number or let me have the agent call you back.  If I'm driving around looking at houses I want the price -- and I want it now while I'm sitting in front of the house, that's it -- I don't want to wait 30 mins till they locate the agent and have them call me back.  If I want more info from you I'll ask.  In Florida for example you have 1000's of houses on the market.  Give me as much info as possible up front so I select your house to view out of the 1000's on the market!  Don't make me call you and ask.  Or make me call a realtor with 10 houses I have questions about and then have to wait while he gets the info -- just put it out there to begin with!

Here on Long Island the realtors steal each others open house signs. It's really unbelievable but the few I've talked to say it's true. My brother in-law tried to sell his home FSBO but that didn't go well. The realtors stole his open house signs from the road on 3 separate occasions.  They got an agent and sold it in 30days at a much lower price.  I on the other hand put my home up for sale FSBO and have accepted  an offer in less than 45 days . Asked 485k and accepted 455k.  Waiting on the contract now from our attorneys. I did one open house on a day that 2 homes close by had an open house.

I just threw a sign on the lawn and we had a hand full of lookers .Nothing to write home about.

It wasn't worth it that day but I didn't advertise ,so who knows.

NCbound08 

We have had two Open Houses since listing in mid-January.  Only one couple showed up and they were neighbors.  We are confident the low turnout is primarily due to our "off the beaten path" neighborhood and location.  If you are lost, you may find us.  The neighborhood/development is great; but you have to be looking at this zip code to find us.  It is not without great marketing from my agent; she is doing all she can.  We have accepted a contingent offer; and our buyers have 60 days to sell their home.  They have held Open Houses three weeks in a row with very high levels of interest.  They are definitely in a higher traffic area.  We are still open to other offers; our buyers have a 24 hour 'bump'.  We still kep the house clean; but we have relaxed a little bit.  I was willing to host an Open House myself; but my Realtor advised against it.  I trust her judgement.

I hope you're Buyers get their place sold soon Nauntie!!

 The open houses are hit or miss just like anything.

I sold my home In Ca. with a open house.

It worked for me. You never know where or when the right buyer will come out.

You should really do one, I call it piggybacking. If your agent has a prior appointment ask them to recruit someone else from the office. If your homes are very similar and you are priced slightly below the other home, you would be crazy not to demand one, but if you are overpriced in comparison then you may just end up selling the other house.

I love to do Open Houses and I do believe they sell homes..and not jus the home that's open..but other homes in the neighborhood. For agents, it's a great method of exposure to the area and the homeowners. I don't know why others have such trouble with getting people to attend. We do quite a bit of marketing on our open houses. We invite all the neighbors in the Open House neighborhood, we do a post card mailing to the entire zip code. We email blast local agents, agents from our Company (Prudential), our listings have their own web site posted on the for sale sign. Plus it is on the MLS, our agent website, our office website, newspaper too.

We do open house Saturday and Sunday and use a lot of signs...I always get 8-20 families each day...even in this market.

Open house's are for realtors/agents...not the homeowner.  It's the old a bait and switch format ~ goes like this, 'So, you don't like this one, I know just the house for you, give me your name and number and we'll talk'.

Also the neighborhood will be trapsing through, with kids in tow.  They will!

It's one thing if it's a Realtor open House, but for general public it's foolish.  Anyone truly interested in seeing your home will do so through a Realtor. Don't be fooled. Think it out before you decide.

There is no such a thing that it is a waste of time. I met hundreds of people in my real estate career doing open houses. Yes, you definitely have huge potential in getting in an offer from an open house.

We looked at our house with the agent, and then the next day she was holding an open house for it.  We went back and got a second look that day and made an offer...We were seriously considering making an offer on it anyhow, but I think seeing the other people in "our" house made us move a little quicker.  Good luck selling your house wannagonow.

Waste of the homeowners time.  I think the Agents make use of them.

Sunshine Lady

I totally agree with you. Until the past 9 months I always put the actual price on my Flyers.  I also can't stand agents that do not return calls timely.

Until mid 2007 I would go through 300 - 400 flyers in less than 1 month.  Rarely did I have a price reduction.  Sometimes 200 in one weekend.

Now we're lucky to go through 100 flyers in 12 weeks.  My color outside take one flyers are on heavy gloss brochure stock  $67.00 per 100.  The price range is a cost saving technique.  We also do a multi-page booklet and a Tri-fold Brochure for inside the home. My listing agreement calls for a price reduction in 30 days and more reductions every 3 to 5  weeks until sold.  This way we are not throwing out flyers or crossing out prices several times.

The only number listed on our For Sale signs, flyers and printed material is my cell phone number.   Legal in Fl if I we identify the Company and agents name when answering the phone.  Most buyers are surprised to get me immediately. 

Just put my new construction home up for sale 2wks know have no realtor not yet anyway but it sit on a lot 0.50 this size and the home is 4,300 im asking 730,000 which is far for this area and the home is in ILL, and i am looking for any advice someone could give me or suggestion's that may help with selling my home