How do open houses work in today’s market? We’re taking a closer look today.
Today we’re going to be talking about the pros and cons of running a real estate open house.
Hosting an open house is a tried and true marketing method when it comes to selling homes. They have been around in this industry longer than I have, but their viability as a marketing tool has changed with the advent of the internet. Why do people still utilize open houses and how has their purpose changed? Here are a few things to consider.
At their core, open houses have always been a great tool for prospecting. From an agent’s point of view, open houses are a fantastic way to find people who are interested in buying a home. They are also great opportunities for branding and finding double-end clients (those looking to buy and sell a home at the same time.)
What are the cons of open houses? For starters, there is a low probability of selling the home directly from the open house. Any buyer who wants to buy the home will make a phone call or email to the listing agent. I’ve never heard of a situation where a buyer passed on a home because there wasn’t an open house.
Another con of an open house is security issues. When we’re trying to get as many people through the home as possible, things can get tricky. An agent is only going to be able to monitor a few groups at a time, and if there is more than that it’s a concern that people will walk through your house with bad intentions.
Finally, nosy neighbours can get in the way. They might just want to come in and take a look, but they’re not going to buy the home. Your competition might be there too and if someone is selling a home, they’re not going to turn around and buy yours most likely.
I have no issue with open houses as long as everyone is on board to reach the same goals. Here are some of the pros you may see by hosting one.
First, it gives your home additional exposure to the market. We want to get people to see your home as many times as possible so that we have a greater chance to see success. This exposure extends to social media and yard signs.
The convenience of browsing is another reason open houses work. It’s a low-pressure environment for buyers to look at homes they might be interested in.
If an agent you’re talking to is telling you that an open house is necessary, take a step back and evaluate things. As long as the pros and cons are discussed, you can make the right decision in your best interest.
These are just a few of the things you should consider before holding an open house for your home. If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email today.