Our house has been on the market for what seems to have been about 800 years. My agent wants us to have an open house (we had one back when we first went on the market, in the fall). I suspect that we'll just get a bunch of people who are looking at houses for fun and not serious buyers. Am I right in thinking an open house is a waste of my time - especially in this economy when not a lot of people are going to be buying a house on a whim?
Open Houses - Waste of Time for Sellers?
- Thread starter petramom
- Start date
Miss Lee
Cathlete
I'm curious about the benefit of open houses, too. I've sold 2 homes and never had an open house, although both of my homes sold right away so it wasn't an issue. I can say for myself that DH and I often spent our Sunday afternoons going through open houses in our neighborhood just so we could see how they compared to ours.
LauraMax
Cathlete
I think they're a complete waste of time, & being banished from your home on one of your two days off is a PIA. When I was trying to sell what I thought was an unsellable house 2 years ago I agreed to it & yep, I learned there are some people who make a hobby of going to open houses every Sun, esp. when the weather is nice.
The only serious potential buyers who looked at my house were those who made an appt through their own realtor.
The only serious potential buyers who looked at my house were those who made an appt through their own realtor.
Sunshine1528
Cathlete
Just wondering if you have had your home on the local realtor's tour? (If they still do those). My dad was a real estate broker and every Wed AM they had a realtor's meeting and followed up with a list of houses up for sale. He called it their "carvan". All of a sudden 20+ cars would drive up to a home for sale, 3 - 4 people would pile out of the cars and file into the house for 10 - 15 min.
That might be something your agent could arrange if you haven't had that yet?
Also thinking of "designed to sell" and wondering if you could do anything to make it a little more marketable? Is your agent keyed into that type of thing?
That might be something your agent could arrange if you haven't had that yet?
Also thinking of "designed to sell" and wondering if you could do anything to make it a little more marketable? Is your agent keyed into that type of thing?
We sold our home last May. We had our house on the market from April '07 to December '07 and we had open houses all the time. On our last open house, our broker had mentioned our house to a potential seller and said she should stop by. She was the one who bought our house. She was the one and only person who made an offer.
So, as people have said, most of the time it is a waste of time but you only need one person and you never know.
I wouldn't have too many. We went overboard. It is very exhausting to try and always have the house picture-perfect clean, everything put away all the time, staging everything. Although it is good to hear people's comments about what they did and didn't like about the house. This way you can improve the next time you have one.
One of the problems we had was lack of parking. I told my husband to mow down all the hostas on one side of our front garden and we pulled our car in to make it look like there was parking when there wasn't any and that pretty much sold it. Later on, we learned the seller cemented our whole front yard to create more parking.
Marcy
So, as people have said, most of the time it is a waste of time but you only need one person and you never know.
I wouldn't have too many. We went overboard. It is very exhausting to try and always have the house picture-perfect clean, everything put away all the time, staging everything. Although it is good to hear people's comments about what they did and didn't like about the house. This way you can improve the next time you have one.
One of the problems we had was lack of parking. I told my husband to mow down all the hostas on one side of our front garden and we pulled our car in to make it look like there was parking when there wasn't any and that pretty much sold it. Later on, we learned the seller cemented our whole front yard to create more parking.
Marcy
Probably it's a waste of time. My neighrborhood is old and has lots of scrapes and as a result there are lots of beautiful new homes in the area. It's like the freakin' parade of homes every weekend with open houses and people piling in and out. Now that the market turned, the realtors go over the top and have snacks, door prizes etc... to attract people - it's ridiculous!
BUT, two years ago DH went for a walk in our neighborhood on one of those busy open house weekends and planned to go in a few just for fun and we ended up buying one! It just takes the right house and the right buyer and you never know! I was always begging DH to walk with me, and that was the most expensive walk *ever*!!!! Now I don't ask, I just walk by myself.
BUT, two years ago DH went for a walk in our neighborhood on one of those busy open house weekends and planned to go in a few just for fun and we ended up buying one! It just takes the right house and the right buyer and you never know! I was always begging DH to walk with me, and that was the most expensive walk *ever*!!!! Now I don't ask, I just walk by myself.
kryptychyck
Cathlete
I think it is a good idea
I was on the buyers side last year (did not end up buying a house though). I had wanted to go to an open house on several occasions, but my ex BF and I never got around to doing it. Long story - let's not go there. haha!
Anyway, from the perspective of a buyer - I would have gone to one so I could explore the house and get a feel for how it was lived in etc.
You could always have your agent contact other agents to make it a social event with food and beverages. Sure that is a bit of work and $$, but in this economic environment I would be really tring to stand out. There are a lot of house out there right now. I would remember the one with the party!
I was on the buyers side last year (did not end up buying a house though). I had wanted to go to an open house on several occasions, but my ex BF and I never got around to doing it. Long story - let's not go there. haha!
Anyway, from the perspective of a buyer - I would have gone to one so I could explore the house and get a feel for how it was lived in etc.
You could always have your agent contact other agents to make it a social event with food and beverages. Sure that is a bit of work and $$, but in this economic environment I would be really tring to stand out. There are a lot of house out there right now. I would remember the one with the party!
maggiethecat
Cathlete
My husband & I bought our home last year - we saw it at an open house. It was not on any of our realtor's lists so I don't believe we would have seen it otherwise. I think the open house is worth a shot.
--Laura
--Laura
jcm
Cathlete
We actually found out house at an open house. We were driving through the neighborhood to look at another house (that was listed but not open). This one was open - I loved the looks of it but figured it was out of our price range. We went in just to look - fell in love - and ended up getting it for just $5,000 over what we originally wanted to spend (which was still way under what we were approved for). I know some say it's a waste. That's just my personal experience.
hiitdogs
Cathlete
I have been a real estate agent for almost 12 years. I know a lot of agents do open houses and some houses sell through an open house.
The question in my mind is not open house or not but how your agent will drive traffic into the house. Nothing is more frustrating and unproductive than having an open house with nobody or only a handful of people through.
On the rare occassion that I do an open house I have teamed up with other vendors (mortgage company, title company, insurance, etc.) to provide food and beverages, ice cream scoops, bottled water, etc depending on the listing price range of the home, sometimes we even have done a theme, like Oscar night, superbowl party, etc. We sent out either handwritten invitations or torpedoed the area with flyer invitations, started advertising in the local publications 2 weeks before the open house. We'd always always have at least 20 directional signs to drive additional traffic in.
I am not a big fan of just throwing out signs and/or having a one-line blurb in the real estate section about an open house, sitting in the house and praying that someone will show up. It has to stand out. The key is to get as many people in as possible and even if it doesn't work for those people, they may know someone else who may not yet be actively looking or be out of town. Some of my open houses have sold that way.
Other than that, open houses are usually for newer agents to build their business. Most agents don't hold the open house to sell the house they are holding open but to find new clients. That's what they are thaught when they start real estate.
I think open houses can result in a buyer, they just have to be part of an overall marketing strategy. In a market like this you want to get as much exposure as possible but I wouldn't hold my breath on getting the house sold through an open house.
If you have any errands to run for a few hours and your agent has a well-thoughtout plan how to drive traffic to your house, why not. It won't hurt and after all it will be your agent's time while you do what you have to do. People do walk into open houses that they would have never looked at otherwise and end up buying it.
HTH
The question in my mind is not open house or not but how your agent will drive traffic into the house. Nothing is more frustrating and unproductive than having an open house with nobody or only a handful of people through.
On the rare occassion that I do an open house I have teamed up with other vendors (mortgage company, title company, insurance, etc.) to provide food and beverages, ice cream scoops, bottled water, etc depending on the listing price range of the home, sometimes we even have done a theme, like Oscar night, superbowl party, etc. We sent out either handwritten invitations or torpedoed the area with flyer invitations, started advertising in the local publications 2 weeks before the open house. We'd always always have at least 20 directional signs to drive additional traffic in.
I am not a big fan of just throwing out signs and/or having a one-line blurb in the real estate section about an open house, sitting in the house and praying that someone will show up. It has to stand out. The key is to get as many people in as possible and even if it doesn't work for those people, they may know someone else who may not yet be actively looking or be out of town. Some of my open houses have sold that way.
Other than that, open houses are usually for newer agents to build their business. Most agents don't hold the open house to sell the house they are holding open but to find new clients. That's what they are thaught when they start real estate.
I think open houses can result in a buyer, they just have to be part of an overall marketing strategy. In a market like this you want to get as much exposure as possible but I wouldn't hold my breath on getting the house sold through an open house.
If you have any errands to run for a few hours and your agent has a well-thoughtout plan how to drive traffic to your house, why not. It won't hurt and after all it will be your agent's time while you do what you have to do. People do walk into open houses that they would have never looked at otherwise and end up buying it.
HTH
Worknprogress
Cathlete
Statistics show that the chance of your home selling at an Open House are slim to none. Why? Because an Open House is what Realtors will call a "Listing Tool." They will tell you (the Seller) that they will hold your house open to the public to lure buyers in and hopefully find someone to purchase your home. They want you to know they are working for their commission, especially in a dead market. But again, the chance of finding a qualified buyer with the credit market as it is now at an Open House would unlikely happen.
A lot of Realtors now have teams and the experienced agent at the "top of the team" will not do the open house. They will pass it along to the agents that are working beneath them for the sole purpose of said agents to obtain buyers because they make money off the agents that work on their team. Not buyers for your home, but buyers that they can start working with and eventually sell them a home.
If the Realtor does not work on a team and are very successful, they will likely ask a newer agent in their office to hold the open house. And a newer agent will jump at the chance in hopes a buyer will come to the open house who is NOT working with a Realtor and then they can become their Realtor and again, eventually sell them a home - NOT necessarily your home.
So if you don't mind leaving your house for a few hours - do it because quite honestly in this market - try anything to get your home SOLD. You haven't had an Open House for months. Just don't do it over and over - it would be a waste of your weekends to clean like heck and then leave for a few hours. Why? Because serious buyers are already working with an agent and if your home met their buyer's criteria, they would have seen it through their agent.
As far as the "Realtor Tours" during the week - that is a standard procedure in some offices - again a Listing Tool that your Agent will tell you how all of the agents in their office will see your house for their buyers but if they had a buyer for it - they would have already shown it to them if it met the buyer's criteria.
Realtors will also hold a "Broker's Open" during the lunch hour at your home during the week in which they will invite other Realtors from all companies to come to your home and walk through it in hopes they have a Buyer for it. Again - another listing tool. In our state - they usually hold these Broker's Opens on Tuesday and Realtors will come to the office on Tuesday morning looking for where they can go for a free lunch. They all get to know each other, therefore, knowing where the best lunch will be.
Because in reality - good Realtors go in their office every day and search the data base (known to most agents as the multi-list) and see if any homes come on the market that meet their buyer's criteria. If they see a home or two that does, they will call their buyer and arrange an appointment to see the home.
There are some agents, few though, that will put a home on the market on Friday, and hold an Open House on Sunday trying to get a ton of activity and hopes of a sale in those first few days. But this is obviously not your situation and that is hard to do in this market.
Just my .02.
A lot of Realtors now have teams and the experienced agent at the "top of the team" will not do the open house. They will pass it along to the agents that are working beneath them for the sole purpose of said agents to obtain buyers because they make money off the agents that work on their team. Not buyers for your home, but buyers that they can start working with and eventually sell them a home.
If the Realtor does not work on a team and are very successful, they will likely ask a newer agent in their office to hold the open house. And a newer agent will jump at the chance in hopes a buyer will come to the open house who is NOT working with a Realtor and then they can become their Realtor and again, eventually sell them a home - NOT necessarily your home.
So if you don't mind leaving your house for a few hours - do it because quite honestly in this market - try anything to get your home SOLD. You haven't had an Open House for months. Just don't do it over and over - it would be a waste of your weekends to clean like heck and then leave for a few hours. Why? Because serious buyers are already working with an agent and if your home met their buyer's criteria, they would have seen it through their agent.
As far as the "Realtor Tours" during the week - that is a standard procedure in some offices - again a Listing Tool that your Agent will tell you how all of the agents in their office will see your house for their buyers but if they had a buyer for it - they would have already shown it to them if it met the buyer's criteria.
Realtors will also hold a "Broker's Open" during the lunch hour at your home during the week in which they will invite other Realtors from all companies to come to your home and walk through it in hopes they have a Buyer for it. Again - another listing tool. In our state - they usually hold these Broker's Opens on Tuesday and Realtors will come to the office on Tuesday morning looking for where they can go for a free lunch. They all get to know each other, therefore, knowing where the best lunch will be.
Because in reality - good Realtors go in their office every day and search the data base (known to most agents as the multi-list) and see if any homes come on the market that meet their buyer's criteria. If they see a home or two that does, they will call their buyer and arrange an appointment to see the home.
There are some agents, few though, that will put a home on the market on Friday, and hold an Open House on Sunday trying to get a ton of activity and hopes of a sale in those first few days. But this is obviously not your situation and that is hard to do in this market.
Just my .02.
I just heard from an connection in Facebook, whom is a realtor and she just got an offer on a listing, two others pending, and requests for open houses on all the others. This is Grand Rapids MI where the market is considered to be flat right now so it's amazing. I visited a few open houses in another city where I plan to move to one day, it gave me an idea about the home and the neighbourhood. If I was in the position to buy, I would have on one of them.
hiitdogs
Cathlete
I think I have had a handful of clients who are quite independent and rather have me give them the listing printouts for them to drive through the neighborhoods, see the outside, etc. It's their choice and it's fine with me, whatever floats their boat and sometimes they will walk into an open house.
But it has happened that clients of mine ended up buying a totally different house than what they originally were looking for by walking into an open house.
About a year ago I had a couple walk through my Open House who was only killing time and were not planning on moving at all, they didn't even have their house on the market but ended up buying my listing which had been on the market for 15 months at that time
It's rare but it does happen occassionally. Other than that I agree with what Debbie said, she is right on the money.
But it has happened that clients of mine ended up buying a totally different house than what they originally were looking for by walking into an open house.
About a year ago I had a couple walk through my Open House who was only killing time and were not planning on moving at all, they didn't even have their house on the market but ended up buying my listing which had been on the market for 15 months at that time
It's rare but it does happen occassionally. Other than that I agree with what Debbie said, she is right on the money.
I think it's worth it. My husband and I (and our two girls) are in what would be considered a "starter home." We have plans on moving up to a bigger place eventually. We've been keeping an eye on houses in one particular neighborhood that we just love, and we went to an open house last Sunday. Perfect house. Has everything we are looking for, and the price seems right. But we have to sell our house, which for obvious reasons, could be tricky! But we are going to discuss our options with our agent and see if it's something we could handle (emotionally and financially!) at this moment.
So anyway, if we hadn't gone to that open house, we wouldn't even be considering the possiblity of putting an offer on it!
Good luck...the thought of going through the process of selling our place gives me a stomach ache, but there really is no way around it, is there!
Aimee
So anyway, if we hadn't gone to that open house, we wouldn't even be considering the possiblity of putting an offer on it!
Good luck...the thought of going through the process of selling our place gives me a stomach ache, but there really is no way around it, is there!
Aimee
To confuse you even more: I had to sell my parents' home when they passed away last year. My real estate agent said he would be happy to hold an open house although he didn't believe in them. He said he had never sold a house that way - and he had been in the business for 15 years!
GMonkey
Cathlete
I would do it. Unless you have tiny babies or a dog you can't take anywhere, it can't be that much of a pain. Just make sure that all of your valuables are locked away (including prescription meds) which they should be anyway if your home is on the market.
I have sold and bought homes via open houses. When I was a Realtor, I spent my Saturdays taking my clients out on appointments, but I'd print out the listings for open houses on Sundays and let them explore. They'd call me if/when they found something they liked.
It's especially important to do if you have unique features inside the home. For instance, if your home lacks curb appeal, but the inside looks like Pottery Barn, or if your home is deep rather than wide, it can look smaller than it is on the outside.
I have sold and bought homes via open houses. When I was a Realtor, I spent my Saturdays taking my clients out on appointments, but I'd print out the listings for open houses on Sundays and let them explore. They'd call me if/when they found something they liked.
It's especially important to do if you have unique features inside the home. For instance, if your home lacks curb appeal, but the inside looks like Pottery Barn, or if your home is deep rather than wide, it can look smaller than it is on the outside.