How effective are Open Houses? Do they work?
This has been a long debated question in the real estate community here in Cedar Park, Texas and across the nation. You will hear from successful agents on both sides of this issue.
Some enthusiastically, say, “Yes, Open Houses work.” In fact, many agents sit open houses almost every weekend and say several of their transactions each year come from doing that.
Then there are other very successful agents who say, “No, Open Houses don’t work.” Instead of sitting in an open house on Saturday or Sunday, they are enjoying time with their family so that they can provide you 100% service during the week. I’m talking about very, very successful listing agents.
I think that if you are thinking of selling your home you must ask a more specific question about open houses…
Will an Open House sell my home?
Think about this. When buyers first think about looking for a new home what do they do? They go online!
They don’t jump in their car and go out searching for an open house. In fact, the National Association of REALTORS® studies this every year. Year after year the result finds that less than 1% of buyers actually buy the home they walked into at an open house. Less than 1%.
The second thing buyers will do, once they become really serious about buying is this. They contact a REALTOR® that they know, like, and trust. If they don’t know one they will ask their friends and neighbors for a recommendation. Or, they will think about an agent they have seen active in their area.
The next time an agent tells you open houses work I challenge you to ask them this…
How likely is it that you would sell my home by holding an open house?
If they are honest, they will have to say, “Well, it’s really not very likely.” If they say otherwise, they aren’t being truthful.
Well, if it’s not likely that an open house will sell your home, then whey do agents hold an open house? They hold an open house hoping to find some unrepresented buyer with whom they can work.
They sometimes will even close your open house to go out and show that buyer other homes for sale. I’m not kidding!
Do open house work? Not for you, the seller. They work for the agent.
But the question is, Do you really want your agent holding your home open when what they’re looking for is a buyer who is NOT going to buy your home? I don’t think so.
