Stop Doing Open Houses? No Chance!
In case you missed it, the St. Petersburg Times ran an article in the April 9th issue in which it says that many real estate agents are no longer using open houses as a means to help market properties for sale. The paper says that the open house is past its time as more and more buyers shop by computer and smart phone.
The paper then goes on to quote some real estate agents who blame the reduced number of open houses on everything from sellers who don't want strangers walking around in their homes to agent safety concerns. Some agents, the paper says, only hold open houses if the seller requests it.
Well, I want you to know that I happen to believe very strongly in open houses. I don't think it is an outdated marketing tactic. I think that for many, many home shoppers, seeing the property "live and in color" is a lot better than looking at some photos on a computer screen. And don't get the idea that attendance at open houses is falling off. Far from it. Recent open houses that I have held -- and those held by my associates -- have been very well attended and usually by people who are in a position to make the purchase if they are so inclined.
For many years, I have been hearing that agents only hold open houses so they can attract more business for themselves from other buyers or from people who stop by but also need to sell their house. Sure, there probably are some agents who use open houses to feather their own nest. But for the most part, real estate agents who hold houses open for inspection do so in the hope of finding a buyer for that particular house. If any other business comes from the open house, fine, but for the most part they want to sell the house they are holding open.
Here's something else that real estate agents know. If you are trying to sell a condo in a retirement community, the open house might be the agent's best marketing tool. The reason? Referral sales. Many sales in retirement condos are made because some current resident influenced a friend or family member to move to that same community so they can be nearby and help each other. They often find the condo that they recommend because it was held open by a savvy real estate agent. Those older folks don't generally spend their days looking at listings on the internet, but they will visit an open house.
For all the years that I've been around real estate, I've heard agents make all kinds of arguments for not doing open houses. In reality, the reason they don't do open houses is because they don't want to give up their Sunday afternoons.
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The paper then goes on to quote some real estate agents who blame the reduced number of open houses on everything from sellers who don't want strangers walking around in their homes to agent safety concerns. Some agents, the paper says, only hold open houses if the seller requests it.
Well, I want you to know that I happen to believe very strongly in open houses. I don't think it is an outdated marketing tactic. I think that for many, many home shoppers, seeing the property "live and in color" is a lot better than looking at some photos on a computer screen. And don't get the idea that attendance at open houses is falling off. Far from it. Recent open houses that I have held -- and those held by my associates -- have been very well attended and usually by people who are in a position to make the purchase if they are so inclined.
For many years, I have been hearing that agents only hold open houses so they can attract more business for themselves from other buyers or from people who stop by but also need to sell their house. Sure, there probably are some agents who use open houses to feather their own nest. But for the most part, real estate agents who hold houses open for inspection do so in the hope of finding a buyer for that particular house. If any other business comes from the open house, fine, but for the most part they want to sell the house they are holding open.
Here's something else that real estate agents know. If you are trying to sell a condo in a retirement community, the open house might be the agent's best marketing tool. The reason? Referral sales. Many sales in retirement condos are made because some current resident influenced a friend or family member to move to that same community so they can be nearby and help each other. They often find the condo that they recommend because it was held open by a savvy real estate agent. Those older folks don't generally spend their days looking at listings on the internet, but they will visit an open house.
For all the years that I've been around real estate, I've heard agents make all kinds of arguments for not doing open houses. In reality, the reason they don't do open houses is because they don't want to give up their Sunday afternoons.
-30-
posted by Terry Ward at 5:55 AM
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