What good is an open house?

Question

I am FSBO selling my home. When I first began marketing the home I was getting about 3 showing per week. This until I quickly realized that everyone was likely window shopping, or nosy neighbors. So I added that I was requiring pre-qualified buyers or a 90% letter for an appointment to show. Since this time, I have not had even one showing in just over a month!

Now I'm thinking of having some open houses. My problem is that what good does this do? 99% of those who intrude upon my home are just looking, curious, or being nosy? Do, or can you really get a buyer through an open house?

Also, if your neighbor, whom you have been at odds with tries to come to my open house, can I'll tell him to take a hike? You would not believe the nosy-ness these freaks around me use.

Answer 1

It gives prospective buyers an opportunity to look at the house without being pressured by your real estate agent.

The only problem is that sometimes(due to the lack of control) things go missing.

Answer 2

We sold our house FSBO and bought a FSBO. While we never had an open house (an agent brought a family in-- which I would not recommend agreeing to unless you're desperate, but that's a whole 'nother question), we bought our house at an open house. Oddly enough, we weren't planning to buy for another six months or so and were just looking to get an idea of the market. However, we found a house that suited us to a "t", so we bought it in less than a month after that first, spontaneous visit.

Yes, a lot of the viewers will be just curious or looking... and that's okay! Seeing your house may inspire them to make a change when they hadn't planned to. Requiring pre-qualification will get rid of the looky-loos, but you might also lose the potential buyer.

As far as nosy neighbors, it's your home! You do not have to let anyone in (without a warrant) unless you want to. If you have an open house and a neighbor comes back, you can just turn them away or tactfully say that you're trying to keep the house empty for potential buyers only. Since they're your neighbor, there's not much chance of them being a potential buyer, which should help.

Professional opinions are mixed on this topic. This article from RealtyTimes.com believes that open houses can sell houses-- with the right agent (in this case, with you acting actively as a salesperson):
http://realtytimes.com/rtcpages/20051201_openhouse.htm

This article, from MSN Real Estate, however, says agents use open houses more to further THEIR business than to sell the house:
http://realestate.msn.com/selling/Article.aspx?cp-documentid=510890

Keep in mind both of these are agent point-of-view, not FSBO. If I remember correctly, back when we sold our house, the website strongly recommended an open house for owner-salesmen (can't access that part of the site anymore, now that I'm not a customer). Do what makes you the most comfortable, but to sell your house, people need to see it, and you don't have the contacts an agent would have.

One last thing: I found the MLS listing to be invaluable. If you have the option with the company you are FSBO with (if you are with a company), I would strongly recommend it.

Answer 3

Done correctly, an Open House is an excellent marketing tool within a targeted marketing plan.

Marketing is to project a dream that would attract those who share in that dream. Whereas Selling is to define the intangible benefits that realizes the Vision that is marketed.

In selling your home, the objective is to find a buyer who is looking for a home, whose search criteria matches what you are offering.

Pre-qualified buyers are represented by Real Estate Agents, they are your source of buyers. I advise you to hire a Real Estate Agent who is connected to a network of Buyer agents; who would be able to put the word out to those agents regarding your home.

Your Realtor would ask those agents if they have clients in the market for a home that matches your home specifications. The clients that are looking for what you are selling, would then be invited to an open house.

If you want your home to sell quickly, get a certified detailed home inspection and appraisal, correct all defects, get a second inspection and appraisal, and use those "before and after" documents as your selling and price point.

Click on the links below, and apply the tips you learn to your home. If you have sattelite or cable, tune in to HGTV, and record the shows that matches the titles.

Answer 4

This is what realtors deal with all day long, and why they are paid for the service they perform. Selling a home is a tedious, time consuming event, and there are curious people out there who just like to see how other people decorate. By mandating that people come "pre-qualified" is like cutting your writ open. Anyone should be able to come look, but the people offering a bid need the pre-qual. Advertising, and open houses are crucial to the process for the exposure it gets your home. But in the end, without an agent, you now know how an agent feels day after day, house after house. Handled correctly, the realtors actually earn their commission for the people who don't want to deal with what you are dealing with. Stay committed, keep advertising, do those open houses and deal with the time wasters to sell that house, or wait for your FSBO listing to expire, and hire a trained professional to do the job for you. Good Luck!!
P.S. I am not a realtor, I am a loan officer who works with realtors.

Answer 5

An open house can definitely generate a good buyer. You also may want to contact a realtor, i know FSBO seems like a great idea but you are really getting into something you probably dont know much about. Its like hiring a plumber to decorate your house. A realtor specializes in selling a home and can get you the most for your money.

Anyway I found a great site with a bunch of seller tips, and open houses, I think this can help you!

Good Luck!
http://www.homesbyanita.com/RealEstateTips/HomeSelling/marketing_buyers5.aspx

http://www.homesbyanita.com/RealEstateTips/HomeSelling/default.aspx

Answer 6

An open house is more formal than a House Warming. The most traditional form of such an event is referred to as an "At Home". The modern fad for destination weddings has started using the term for a late reception after returning from the wedding trip, but actually it refers to being "at home" to visitors. An invitation for an "At Home" would read "Mr Son Inlaw and Ms Darling Daughter " At Home "Saturday June thirty-first "from two o'clock until five o'clock" An "At Home" is similar to a reception: in the afternoon there would be tea and coffee, cakes, even a beautiful tiered feature cake; there would be wine or punch if the family is not abstemious; and there might musicians depending on the budget and even dancing on the lawn. In the evening there would be a buffet meal and cocktails. In either case the hosts or their special guests could make a speech or propose toasts but such things are generally presented in a spontaneous manner rather than according to a timetable. People come and go during the event, rather than arriving on time and staying to the end. A House Warming is typically like any other gathering of friends, however such gatherings happen within your daughter's social circle. She might order pizza or ribs, put up a playlist from her iPod, and turn on the game on the TV if that is how her friends usually do things. Small gifts for the home are often brought to a "house warming" party. It is never appropriate to register "for gifts". No politely-bred woman is *expecting* gifts. She registers her choices of patterns and makers with a reputable department store, as a way of managing her household planning. No-one can afford to go out one day and buy all their fine china, decor items, household linens, silver flat and holloware, and crystal. Everyone needs to collect these heirloom-quality household goods over time, and the department store registry will help her keep track, and also notify her of discontinuations and sales, and help her replace pieces that get broken or worn or lost over time. Home-makers have been using these services for generations, without any expectation that their registry is a grab-list that they are foisting onto their friends and family. Your daughter may certainly register -- for her own convenience. If guests choose to use that registry, that's their business, and a polite woman doesn't meddle in, nor indeed take any interest in, other people's gift-giving intentions.

Answer 7

having a open house is a great option to selling your house. Always keep in mind that it only takes one person to like your house to get it sold. Even though you have numerous people coming through your house, that one that wants it might come also. Any buyer loves to look at house that he\she might buy and it helps to see it being lived in so they can see how their stuff will fit into the space. I suggest maybe you have a designer come in and help you arrange your house for the best possible showing of your best selling features. That's what I did when I sold my house. Good luck.

Answer 8

why don't you contact a couple of agents in the area and tell them you'll co-op a commission to them for bringing a qualified buyer (who actually buys your house), even though you will continue to do it FSBO. This was you gain some of the MLS traffic.

Answer 9

you get a lot of people that just want to look at houses for something to do, but you might get a prospective buyer. you set the time and day. you don't have to do anything else, but don't leave valuables out. have family members posted throughout the house to keep an eye on wanderers. it's still your house so you don't have to allow people in that you don't want.

Answer 10

When you take on the role of salesman for your home you have to SELL!! What I mean is, don't just show your house, sell it. Pre-qualify tourists yourself. Spend time with those of interest. The basic answer is to drive traffic to your home and generate word of mouth or buzz about your new property.