Open Houses. Who Do They Really Help? You or the Realtor?
I'm asked many questions by home sellers as to how I plan to market a seller's house. When I don't mention holding an open house, its inevitable...they always ask..."Are you going to hold an open house for my home?” My answer seems to surprise them at first and really surprises them by the time I'm done with my explanation. Most open houses are held on a weekend day when the general public is more able to preview homes. In my experience about 95% of the people that show up at an open house either know a Realtor or have one within their family they will use. So, that leaves 5% that are not working with a Realtor. Of the 5%, Out of curiosity, some are neighbors interested in the asking price so they use it and other information as a comparison to their own home. The remaining small percentage end up driving by the area, notice the open house signs your agent strategically placed at each corner and walk into your house. Keep in mind, these are strangers, possibly unqualified to purchase your house and like clothes, your house may not be the right fit or style they are looking for.
That being said, those that become disinterested in your house now become a prospective buyer of another house that your Realtor would be happy to show them. So, in short, an open house usually benefits the Realtor more than the home seller. Now I'm not saying an open house is useless. There have been many cases a home sells as a direct result of an open house. My experience has shown the percentage of homes sold as a direct result of open houses is miniscule.
Your Realtor's time is very expensive. You are paying your Realtor a nice hourly wage via a commission to market and sell your home. Do you feel that nice hourly wage should be spend baking cookies and permeating the house for a possible buyer or spent wisely on mass marketing media, networking and other more effective marketing strategies? I'm sure you can answer that one.
If you have any questions about this article, please feel free to contact me and/or visit my web site for other valuable information.
Passion. Focus. Dedication.
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