2007-01-07 13:15:48 · 11 answers · asked by Tom M 1 in Business & Finance ➔ Renting & Real Estate
Good question as by reading the answers you can see easily the two sides of agent efficiency. Many say they don't work, some say they work great. My personal experience in decades of real estate is that they do work. That said I also agree with the side that says they don't work. Here's why, most agents don't know how to maximize the opportunity. Interestingly one person pointed out all they got was some people from the neighborhood.
A huge percentage of homes sold are because a friend of a neighbor can now know there is a home available. Quite a few agents will do an open home on a house that is for sale but not market ready, those will most often be a waste of time. Getting buyer feedback is paramount to success. Most agents change their marketing style slower than the actual market changes. A buyer isn't interested in what the agent did last year, just what they want to buy today. Baking a apple pie for example while doing an open house used to help, now its silly. I would recommend also to many agents that advertise open houses to please show up, I have went to many and the agent never showed up. Their out of town seller likely now thinks open houses don't work also yet in reality they didn't get one. The property type and price range also will help determine open house effectiveness. Every home has its target market and thats where the open house has to be prepared for and marketed to as well. Weather and local happenings can also affect open houses. When an agent sets a brokerage fee at the time of listing you are entitled service as a seller. Just because open houses are not the agent's strength, is no excuse for not receiving that service.
2007-01-08 05:39:55 · answer #1 · answered by Kevin H 4 · 0⤊ 0⤋
In Southern California they are a waste of time. So is advertising in the paper. As someone stated, only 2% of sales result of an open house. Most people (76%) see the house they want to see on the internet.
Just my 2 cents. Maybe they work great in areas like Kentucky??
Regards
2007-01-07 23:47:48 · answer #2 · answered by Anonymous · 1⤊ 0⤋
We had a realtor open house ... and that was good because it gave feedback on what they thought ... and ideas to correct or improve on.
I was told that a general open house is best if the house is primarily empty because it could set you up for losing items ... one way or another (quick hands during a walk thru or after the fact when they're waiting for you to leave home one day) be careful if you've still got valuable goods in the home.
2007-01-07 21:26:47 · answer #3 · answered by Chele 5 · 0⤊ 1⤋
For the seller, they don't work as well as you think. Open houses are, however, a great way for listing agents to pick up buyers for other houses.
PS - newspaper advertising is not a very effective method for selling homes either. Sellers love to see their home listed in the Sunday real estate section of the paper, but all they really do is help create brand awareness for a particular broker.
2007-01-07 21:25:38 · answer #4 · answered by Anonymous · 1⤊ 1⤋
According to the National Association of Realtors (NAR), only about 2% of all homes sold were as a result of an open house.
Frankly, other than meeting potential buyers, they're a waste of time.
The overwhelming majority of homes sold are thru the MLS by other agents.
2007-01-07 23:29:40 · answer #5 · answered by Hoopfan 6 · 3⤊ 0⤋
How's this for an answer. Mult-million dollar seller here...I sold ONE house at an open house ONCE. Not bad for a 30-year career?
Actually, I stopped holding these useless things but did ONLY at the seller's request. Then I would send in the new realtors to do it-they got new buyers to work with. They loved it, the seller loved it and I loved it. Win-win situation.
But, no, the final answer is no way...
2007-01-08 06:49:15 · answer #6 · answered by Barbara 5 · 3⤊ 1⤋
Open houses are good for the Vendors as well as for the Realtors.
Statistics have shown that most listings are sold through open houses. For the Realtors, it is a good chance for them to meet potential clients. As a matter of facts, those who look far a house could have a house to sell as well.
2007-01-07 21:27:40 · answer #7 · answered by Anonymous · 1⤊ 2⤋
Yes. You get the largest number of people seeing the house in the shortest amount of time.
2007-01-07 21:18:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes...make sure the house is clean and sometimes having the smell of just baked cookies helps. Good luck!
2007-01-07 21:17:39 · answer #9 · answered by What, what, what?? 6 · 1⤊ 1⤋
No, but it is a great way to make contacts! You will be surprised how many are just neighors.
2007-01-07 21:17:37 · answer #10 · answered by Anonymous · 0⤊ 1⤋