Real estate professionals are continually weighing the pros and cons of various marketing practices that are used to facilitate the sale of a property. More recently, the traditional practice of an open house is being tossed about as outdated or ineffective and other, more convenient, practices such as virtual tours and online meetings seem to be the argued replacement.
In a recently published article in Realtor Magazine, the value of an open house is examined, especially given that the search for commercial properties and residential homes often begins online for a variety of buyers. Giving a classic frame for the debate, Realtor states:
"Some practitioners dismiss the open house, saying it's an outdated custom that's carried on mainly to placate home sellers. Other real estate pros remain devoted to the method. Their track records show that open houses can, and often do, get the property sold... Even when a Sunday afternoon buyer doesn't emerge, the open house serves as a prospecting opportunity, a way to fill their pipeline with future business."
Though it's a common misconception that open houses are merely meet-and-greets that consume a couple of hours at a time, the planning, marketing and follow-up conducted by the realtor is what really cinches the sale. In most cases, the more work you put into an open house, the more you get out of it: You may not walk away from a particularly lively open house with immediate offers, especially in this economy, but selling homes by holding open houses is a practice that's no longer outdated and frequently proven to be a beneficial commitment.
Rather than relying on listings, periodical clippings and other traditional outlets to get the word out about your open house, brokers are taking advantage of the instant, wide-reaching benefits provided by social media in order to promote their showings. Realtor Magazine provides the names of numerous listings services and websites such as Trulia and Zillow as online resources, and they continue on to outline the benefits of promoting open houses in cyberspace by sharing stories of those who are selling homes on their own without the help of a professional. Either way, this article is a compelling read and makes a solid case for the preservation of the open house with the incorporation of online marketing trends and their affect on real estate market analysis.