Should our realtor have an open house at least once every month?

Question

Our house has just been sitting on the market and its getting too frustrating for us (we don't even live there anymore!). The house is almost brand new (as we only lived there for 4 months). I feel that our realtor isn't doing much (no more open houses, never calls us a.k.a. no ones looking at the house, etc.). My husband and I have never sold a house before and we just feel like we are losing this neverending battle (we don't want to get stuck paying 2 mortgages, 2 electricity bills, etc). What can we do to possibly speed things up?

We are currently living in military base housing (we are choosing NOT to reinvest our money into the housing market till we leave this area). Also, our house that is on the market is located in Florida.

Answer 1

One open house per month is quite sufficient. Any more than that, and you are advertising to the same buyers who we're looking two weeks ago. In other words, give time between open houses to 'refresh the buyer pool'. You've added to the difficulty by having an empty house to sell. Furnished houses simply 'show better' than do empty ones. Assuming that the house is advertised properly, sign in the yard, MLS, and so forth, there is not a great deal a real estate agent can do to bring potential buyers to the property unless there is interest expressed.

You do need to talk with your realtor to indicate that you would like more frequent communication relative to any progress or lack thereof. I make it a point to contact my listers weekly, whether it be by phone, email, or letter, to advise what is happening or not happening.

As far as moving things more quickly, consider some 'perks' for buyers. Offers to assist with closing costs, etc. Of course, a price reduction always helps, but I can't speak to that without knowing your situation.

You don't indicate whether or not you are in a 'difficult market' with your previous home. If you are, it is not easy to find buyers in such markets.

Nonetheless, your first action should be to contact your realtor and ask for regular updates concerning progress, updates as to open houses and the results, and also ask for suggestions as to what you might do to assist in drawing more potential buyers.

Good luck !

Answer 2

Open houses are great for realtors (lots of prospective buyers) but not so good for sellers. I've sold a number of houses and have endured countless open houses over the years. Not once have I ever sold to a buyer who found the house through an open house! (As a buyer, I did make a number of great contacts with local agents who DID sell me a home, but never one I'd located through an open house.)

The biggest benefit for a seller with an open house is when the property first hits the market and your agent has a "realtors only" open house. This gets your house into the forefront with other realtors who may have a buyer waiting in the wings for what you are selling. Several places I sold DID attract buyers that way, but only indirectly through the viewing agents. The "traditional" open houses were a total waste of time and effort.

Your situation is probably what is making it hard to sell your home. You have a new place probably competing with other new or newer homes in the immediate area and the market is probably rather flat. The builders can undercut your selling price and are therefore offering a brand new home for less money than you can afford to sell for.

Your best bet might be renting the place out for a couple of years. This will help get you past any stagnating market as well as provide at least partial relief from the 2 mortgage payments. It will also allow time for any competing new properties to be sold and therefore put you on a more even footing with the competetion. And if you're lucky, build enough equity that you can price your place a bit more attractively without losing money on the deal.

I became an "unintended landlord" many years ago in CA in similar circumstances. It was a bit painful for a while having to pay a 10% property management commission but in a couple of years the rents were exceeding the mortgage payment and things started to look up. When I finally sold the property several years later, it had increased substantially in value and I walked away with a VERY tasty profit even after paying the taxes on the gain. After that experience, I started building a portfolio of rentals as I moved around the country and even to England where I owned 2 properties for a while. In the end, becoming a landlord was my financial salvation at the time and eventually turned out to be VERY profitable.

Answer 3

Any Realtor can tell you that open houses don't sell houses. Every now and then someone that comes to an open house buys it but that's rare. Also, Realtors can tell you that most houses get looked at the first couple of weeks on the market. Ask yourself what makes your house different from all of the other houses for sale? Then see if your Realtor can focus on that. Is your house overpriced? Is that why it's not being looked at? Right now it's a buyer's market and unless your house is really unique or at a really good price, there's no reason for a buyer to buy your house instead of one down the street. You might consider offering a home warranty or closing cost help to spark interest in your property. Do something to make buyers want to buy it.

Answer 4

Open houses typically don't sell houses.

First, take a look at your MLS listing and make sure everything is accurate. Then ask your Realtor to run some new comparables, take a look at what your competition is and make sure you are priced accordingly. Ask about what websites your home is on. Talk about what your Realtor is doing to market your property.

Ask your Realtor about the condition of the home. Does it need a more neutral pallete? A few plants for curb appeal?
What is your Realtor hearing from other Realtors that have shown the home? Get feedback and act on it.

As the others have said, it is a buyers market and your house has to be competitive or it will not sell.

Answer 5

The odds of selling a home at an open house is very slim. The only reason Realtors even do them is to make clients happy. If you want to be happy, do more open houses, if you want to sell find other avenues. I know that the market in FL is very stale right now. Maybe offer something creative to prospective buyers. $1500 gift certificate to a furniture store, or a 42" plasma that remains with the home. Something to make your house stand out to buyers. If you would rather offer an incentive to the buyers agent(not your listing agent) offer an extra 1k, or a week end to Vegas. (2 plane tix and two nights at MGM should cost you around 1k) These little things will help. In this slow market you need to offer things to make your home stick in peoples minds, these are just ideas i have used, but be creative.
Good luck,
RE Agent,
Remax

Answer 6

Statistically only 1% of buyers meet their new home at an open house. The 3 things that most control the sale are condition, location and price. If your asking price is more than about 5% higher than recent sales, most potential buyers will never even walk through the door. Feel free to look at my website. www.exitbrian.com. You should find answers there.

Answer 7

first the main thing to move the house is price then location,

now the little dirty secret on open houses, it is very rare for some one who comes to an open house to purchase that house, open house draws people just looking at that point, those people turned into leads for the agent hosting the open house but no for your place, so in effect your open house helps to find buyers for other houses and not yours

reason agents do open houses? for the leads number one, second cheap way to make the seller feel like they are doing something for the seller

want to move the place drop the price is the only way