Take a quick drive around any residential neighborhood on the weekend and you’ll spot at least one “Open House” sign. Even as the real estate industry has changed over the past few decades, open houses have remained common practice. So, question is...do open houses work?
Data from the National Association of Realtors says that 7% people found the house they bought from a yard sign or open house.
Most buyers who attend open houses are not ready, not qualified to buy or simply have no intention of buying...if anyone even shows up at all. Every agent I know has had at least one open house where they’ve sat for 3 hours just to have one curious neighbor who has considered selling their home come through. Once, I even had a neighbor come in, he sat on the couch and FELL ASLEEP! Seriously, I can’t make this stuff up.
If a buyer is ready and serious, they will make an appointment for a private showing and be prequalified.
In todays digital age 95% of buyers are looking for homes online. That’s why photos, video, and property preparation are essential to making a great first impression online. If a buyer sees a house they’re interested in on Tuesday and they see that there is an open house on Sunday, do you think they will wait until the open house to see it? No way! If they’re serious about buying, they’ll call their agent and set up a showing immediately.
Safety is also an issue because you’re allowing ANYONE to enter your home. This leaves your home vulnerable to theft and gives burglars an opportunity to scope out your belongings. So, is the risk worth the low probability of capturing a sale?
In my experience, open houses are ineffective and a waste of a seller’s time. You may be wondering, why then do agents continue this archaic sales strategy? Open houses can actually provide leads for the agent...but that doesn’t help you sell your home. The short answer is we work for the seller and if the seller wants to hold an open house, that’s what we do.
What’s your experience with open houses? Do you think they can be effective?
I’d be happy to discuss with you my marketing plan and strategies that are tailored to your home and needs!