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Open houses - are they worth it?

liclak
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I've read that only 5% of home sales are generated from public open houses. Real estate agents tend to use these as marketing opportunities for themselves. When I go to sell my house, I will authorize a few broker open houses, but no public open houses. Any thoughts?

July 19 2007 - US

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Marci Reinheimer
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In my state, you can't discriminate on who comes to your open house. That said, you get unqualified people going through your home or neighbors being curious. I have never sold the home I was holding open through an open house. The best way to get a qualified buyer is through the agents showing it.

Good luck!

July 19 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

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Not all homes are right for an open house, but those that are require finesse. This means working the buyers who come through by pointing out impressive features of the home without making the buyer feel oppressed or hounded, and that in itself is an art. It requires the service of an experienced sales person. Many discount brokers refuse to hold homes open.

Full-service agents counsel sellers. They find out what made the seller decide to buy the home and how that moment happened. Then, they employ that knowledge at open houses. For example, suppose a seller said that moment came when she first stood gazing out at the pool. When she turned to her husband and gasped, "I can't believe we can afford to buy this home." Good sales people at an Open would ask buyers to stand in that same spot by the pool. Then, they'd share the seller's first experience verbatim.

July 19 2007

Jim Brown, "Jim R Brown"
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Jim Brown, "Jim R Brown"

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I have had great success with open houses and very little success with broker open houses. I do it a little differently than traditional realtors, so maybe that's responsible for the success. I give my sellers the option of doing their own open houses and I train them how to do it effectively. If find they are the best and most natural sales people for their home since they know the home and neighborhood much better than I could ever know it.

Most realtors hold a home open once or twice a month, at most, and really have mixed motives for doing one. Sure they want to sell your home, but they are also looking for buyers that they can sell any home to. Their ability to do frequent open houses for you is related to how many listings they have or how many collegues they can get to do it. When sellers do their own open houses they can do it as often as their schedule allows.

Since successful open houses are all about convenience for the buyers, it makes sense to do them at times most helpful for them and the more often you can do one the better your odds of finding a buyer. It seems the brokers who tend to go to broker open houses are the brokers who have time on their hands. Frankly, I'm too busy spending time with my clients to go to broker open houses.

Jim

July 20 2007

Kary L. Krismer, "Krismer"
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Kary L. Krismer, "Krismer"

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For some very high end homes an open house would not be advisable. But for most homes, yes they can be useful. We had a situation a couple of months ago where we set up about 20 minutes early. A couple walked through right away, showed no interest at all, but ended up being the buyers!

You only need one person to buy the house, and anything you can do to find that buyer is worthwhile if it is not to expensive or time consuming

July 21 2007

sas912
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Dont' you think with the popularity of shows like Sell this House and Flip this House that people expect to see open houses on a property?

July 21 2007

Marci Reinheimer
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sas, I believe it differs by area. The open houses I've held over the past year have yielded very few viewers.

July 21 2007

Jim DeCesaro
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I believe statistics show that approximately 73% of buyers visit a least one "Open House" during their search for the "perfect" home.

While the Open House does present the REALTOR with the opportunity to market their business, it is also beneficial to the seller because it does expose their home to folks who are out shopping without an agent. Often clients will do some shopping alone after I have provided them a list of available properties and they like to do it on the weekends in case homes are "Open".

When I list a property, I will make a point of holding it open for brokers, but I also send invitations to neighbors in hopes that they will satisfy their curiosity before I hold it open for the general public. In our affiliation with Weichert, REALTORS, we have a very professional "Open House" announcement that I will mail to the surrounding neighborhoods; since most buyers are with in a 17 mile radius of the property.

There are additional elements that make Weichert, REALTORS Open Houses so successful, but I'll keep those between myself and my clients!

July 21 2007

7733cafaro.com
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Why does an Open House still being done, now that the internet has come about and more people are shopping on the internet?

July 22 2007

Kary L. Krismer, "Krismer"
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You cannot tell what a property is like over the Internet. You need to see the property in person.

In addition, assuming you're a buyer without an agent, open houses are perfect for you. It gives you an easy way to get into the property! So if anything, open houses are more important now than before.

July 22 2007

casey.bowen
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It also gives the realtor the opportunity to double end the deal and make twice as much money. If they find a buyer and have the listing they are entitled to the full 6% or whatever the Coop is. Do you think they will give you the money back? So they stand the best chance of at least getting another 3% or better.

If you ask a barber "Do I need a haircut!" his response will always be yes!

July 22 2007

h0mesale
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I sold my last home, For Sale by Owner, and did a number of open houses. My current home is now For Sale by Owner and we are holding a number of open houses--have 1-2 couples/families come thru each time.

With the current market and the number of homes for sale, this provides just another option for those looking w/wo an agent. As the owner, I can answer all the questions and share what I like best about the home--providing a detailed flyer on the home features and what's included also seems to be appreciated. We allow the potential buyer to walk thru the home by themselves, offering to answer any questions they may have--notes taped throughout the house indicate what is behind the door, what is included with the sale, and doors are left open so they can be viewed easily. Although posting on the internet is useful (have my home on a number of free sites), as I read the other listing and speak with people who have toured that property, it's generally NEVER as good as it sounds! You have to see it for yourself.

July 22 2007

Randy Henderson, "Randy Henderson"
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Randy Henderson, "Randy Henderson"

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There are a million things that I do as A Realtor that are impossible to track. For example, I leave a business card almost every time I come into contact with someone that might buy or sell in the future (I leave one with my tip at a restaurant, send one with my bill payments, etc.) Does it work? I have no idea. There is no way to effectively track that sort of marketing.

Open Houses are the same way. I would think that the chances of the perfect buyer for a home walking through the door would be slim. But what if someone that comes to the open house has a neighbor or coworker that is interested?

I always tell my sellers the same thing. If it isn't a major inconvenience, have a few open houses. The idea behind effectively selling your home is to advertise in as many ways as possible to as many people as you can. This is just another way.

July 23 2007

Jennifer, "JBhomeowner"
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Jennifer, "JBhomeowner"

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casey-bowen
I just had an open house yesterday. My agent and I had decided when I listed my house that we most likely would not have an open house, based on her experience she said that generally doesn't sell houses. but she does get clients that way sometimes. Anyway this was an impromptu open house, as two more homes just got listed Thursday and one is right across from me and both advertised open house on 7/22 from 1-4. I called my agent and explained that I could do that and tap into the crowd that would be coming into the neighborhood. She loved the idea but she was going to be tied up all day so she said I'd be on my own, but if needed I could call her. I went out and bought helium balloons and tied them to the For Sale sign to get attention and baked choc chip cookies and had ice cold bottled water for my visitors. I had about 8 come through, a couple really liked it and they all commented on the refreshments. Apparently neither of the other two open houses had any. So we will see. I was a gorgeous day and it was a fun experience. Just wanted to add that my agent who couldn't be here told me that if someone came to the open house without and agent and put a contract on my house she would cut her commission. She even broke it down into dollars and cents. I didn't expect it but it sure was an nice added incentive. So I'm hoping one of the nice folks that came through yesterday give her a call and put a contract on my house.

July 23 2007

Seller's Realty Group, "Sellers Realty Group"
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Seller's Realty Group, "Sellers Realty Group"

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As a matter of course we do not do Open Houses here at Seller's Realty Group. Mainly because:
A) it is typically just an avenue for the RE company to gain further self exposure, and the agent to gain buyer leads.
B) they bring unqualified buyers? through your home, generally just people out looking for something to do...there is also no way to determine if you are just letting thieves etc into your home.
C) the likelihood of a buying walking in is so slim it does not outway the first two points.

However,

We do understand that some seller's are adamant about open houses and if they wish to run them we will advertise them on the internet and also reduce our commission if they produced an unrepresented buyer.

So in summary we professionally advise against them as they have a greater negative impact on the home owner then positive.

July 23 2007

Neuner
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We are casually looking for a new home with the intent to buy in a year. We have been trying to find the general area that best fits our needs and determine if we like what is in our price range. In doing so we have visited a couple of Open Houses. We never would have asked to view several of the homes but as we walked through a particular one that we came upon, we fell in love with it. It was beyond our price range and we weren't financially ready for it, but all of the way home we tried to figure out how we could make it work, but unfortunately we couldn't.

For me, I think open houses are a great benefit. I will view one online in my general search, but I do not want to disrupt the sellers evening or afternoon for a half-hour only to waste their time for something that most likely won't interest us, but if they are already going through the trouble I don't mind stopping by for an open house. Most of the time I'm surprised that I do like it and begin wondering if it fits what we need.

July 23 2007

Jim Armstrong
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I am pretty much strictly a Listing Agent, meaning I don't represent buyers except when I am selling their home and they are buying a new one. I hold open houses every 2 to 3 weeks on almost all of my listings. Yes, it is true that (at least in this market) the chances of finding a buyer through an open house is low, but my job is to introduce the property to as many qualified buyers as possible.

Admittedly, there are many unqualified people that come through open houses, but there are also many good prospects. By the way, I give all the buyers info to other agents in my office - I have no need for them if they aren't interested in the open house property.

Believe me, I would much rather be on my boat sipping Pina Colatas then siting at an open house on a Sunday afternoon (and most times back to back open houses). But I have an obligation to my clients to do everything I possibly can to find a buyer for their property. And if you don't like working Sundays, you shouldn't be in this business.

I can account for about 20% of my listings being sold through an open house. Of course, 3-4 years ago it was about 75%. Again, Seller's markets bring better results.

July 23 2007

liz Gunther, "gojiforall"
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liz Gunther, "gojiforall"

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Hi
Just thought i would throw my 2 cents in. I currently have a home for sale that is considered around here as a high price home. My agent has done a pretty good job on the marketing side of it. We had 2 showings the first month, after that none. 3 weeks ago my wife and I decided to hold open houses, since non have been done. What we noticed is that people have looked at our house online and decided it was not really worth the effort to get involved with a agent just to see it. My agent could not hold one every weekend so my wife and I just did it. We got 3 really interested people who came to look "just to figure out how it looked" and were shocked from what the house really looked like verse the online version. With that said in this market you should do what ever you can to get people through the front door!! Hopefully we will get a offer in the next week. Thanks

July 23 2007

Marci Reinheimer
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It's interesting to hear about how different it is in different parts of the country.

July 23 2007

Chuck and Nancy Bianchi CRS ABR ePRO, "Chuck Bianchi"
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Chuck and Nancy Bianchi CRS ABR ePRO, "Chuck Bianchi"

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I believe the actual number is less than 5% of homes are sold from an open house. But over 75% of buyers begin their search on the internet and multiple pictures are a must as well as open homes to confirm what they saw on the internet. In my opinion, yes open homes are a marketing opportunity for the agent but also a tool to attract potential buyers to one home or another.

July 23 2007

Tuckerton
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Little Egg Harbor

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you spell "open house", WORK. are they worth it? most work is worth it. if you are just going to house sit then it is a waste of time for everyone. to whom is it worth it? well, it costs about $300 for a full page ad in one of those "free" homes for sale magazines vs. the $60 "open house" newspaper ad that will last two days, the $60 for food and beverage, the $60 for post card invitations by mail. and, there is the "free" stuff you do to get people to attend like planting directional signs that you paid for that point customers to the house, the emailing of electonic flyers, the telephone of personal contacts and using the "do not call" list to generate interest from neighbors. will that get your home sold? maybe, maybe not. you don't know until you try. good luck most of the time = HARD WORK!

July 25 2007

mongolbbq
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Our agent has had two open houses for us, and not a single person came to either one. I'm disenchanted with the whole thing, but if it works for others, great!

July 26 2007

Tuckerton
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Little Egg Harbor

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man, ain't that special?

July 26 2007

Kary L. Krismer, "Krismer"
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If by special you mean in violiation of Washington State Department of Licensing rules, then yes, it's very special.

July 26 2007

Bridgette Kostek, "FL Real Estate Pro"
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Odd, a previous poster said he had no luck Broker?s open houses? In my experience, this is the only way to go. But it has to be really special, a social event?prizes, gourmet food, invitation only, open bar (liability issue, be careful!), etc.?to lure the best agents. The top agents in the area are probably representing anywhere from five to 25 buyers at any given time. If you get only 10-15 good agents to attend an open house, exponentially, the featured property is being exposed to anywhere from 50 to 375 qualified buyers! Of course, this is a great expense, and only warranted for high end listings or co-sponsored events. A typical open house, even when well staged and advertised, produces few to no buyers for the featured property. At best, the listing agent (or hosting REALTOR), will gather a handful of buyer leads?not at all helpful to the seller of the property in question.

July 26 2007

Pixie2000
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I've never had any luck with Open Houses. The last home I owned, showed very well, was clean, etc. - I had FOUR Open Houses in 5 months and nothing. You know how I sold it? The overflow from someone else's Open House!!!!

I'm now on the market again and have signed with an excellent real estate firm. The first words out of my mouth were, "No Open Houses" because I didn't want every Joe, Dick and Harry and God knows who else wandering through my home. However, "Broker Open Houses" are great for feedback - they see things with new eyes that you may have overlooked. In this market, their opinions are so valuable. I read that over 80% of potential buyers shop first for months on realtor.com (I know I did) to see how the market is doing in the area in which they want to be - make sure you have a lot of pictures posted showing the highlights of your home. Also, people still read the Sunday paper, so ads in your local paper and surrounding areas also work well.

July 26 2007

Bubbleburst
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You are absolutley right. Just another Reator scam for getting leads.

July 27 2007

Kary L. Krismer, "Krismer"
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Kary L. Krismer, "Krismer"

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Bubbleburst,

You have to realize that the agents holding an open house may or may not be the agents of the seller. Where they are the agents of the seller their primary goal will be to sell the house being shown--but if the potential buyer has no interest in it, there's nothing wrong with showing them something else. In fact, if your property my listing is superior to others in the area, I'll have a printout with me so I can show what's available just to help steer them back to my property.

But where the agents are not representing the seller, you're right, it is just a way for them to generate leads. But it can lead to the sale of the house, as the example I gave a few days ago indicates (people came in when we opened 15 minutes early, showed no interest at all, but later made an offer that closed through an agent).

July 27 2007

Renau
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HomeInsight.com has some great advice on things you can do to sell your home. Also check out the site Realtor.com and look over the Sellers Guide section.
http://finance.realtor.com/homefinance/guides/sellers/Default.asp?gate=realtor&poe=realtor
http://www.homeinsight.com/categories.asp?cat_id=1&GCID=www.move.com

August 21 2007

Alan May
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bubble...

It's not a scam... Open Houses are "driven" by the sellers... we Realtors tell our clients that we'd prefer NOT to have open houses, since they rarely sell the property being shown... and they INSIST they want open houses.

We tell our clients the only thing an open house is good for (statistically) is finding new clients for the realtor sitting the open... and they still insist.

There's a thread on here somewhere dealing with that exact subject.

So it's far from a Realtor's scam.

August 21 2007

bizthree
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I have sold three properties, on my own, without being on the MLS, through open houses. We offer to coop with agents and they bring buyers. Sometimes the buyer come to us and out of obligation as us to coop. We are always happy to coop.

I have always done as many open house as I can and I have always sold and bought through open houses. You are more " free" to explore and comment with your spouse in an open house. When I look at homes with realtors, I always feel like I am being watched and cannot get a good feel for things like, looking to see when the furnace was installed, or review the gutters etc. I am very partiular about the mechanicals of a home as this is where you spend the big bucks to repair.

I also have sold three homes within a year of redoing a kitchen. We have our house up now and I just completed my kitchen renovation this last year.

Good luck

August 21 2007

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