Open Houses - Good or a waste of time?

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Real Estate Agent with Keller Williams Realty - Knoxville
According to a recent RISMedia article, while 80% of prospective home buyers used the Internet last year to search for properties, only 42% visited an Open House.
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Location:
Tennessee Knox County Concord Farragut
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relaxed realtor

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Rainer
35,591
Kirk Mulhearn
Prudential California Realty/Gem Mortgage
Open houses are great if you plan and execute them right.  ktm
October 17, 2007 12:59 AM
Rainmaker
652,546
Bob & Carolin Benjamin
East Phoenix Arizona Homes
Benjamin Realty LLC
This depends on time of year, area and a number of other variables.
October 17, 2007 01:02 AM
Rainmaker
66,054
Marie Waite
Community One Realty

It is good especially if you time it when someone is doing an auction.  Buyers will show up and they can go see your house too.

October 17, 2007 01:02 AM
Rainmaker
198,147
Chris and Maria Jeantet
Redding CA Real Estate Couple
Coldwell Banker C&C Properties
If you're looking for buyers (who isn't these days) then open houses are great but don't think you'll sell the house by doing an open house.
October 17, 2007 01:06 AM
Rainer
38,497
Ulises Romo
Realty One Group
They work, I don't advertise mine and I get a few families in every time. I put open house signs on key streets with the most amount of traffic. People who come to the open house are worth their weight in gold if you can convert them to your clients. I have a post about the same subject. GOOD POST.
October 17, 2007 01:19 AM
Rainer
13,587
Clint & Mindy Cronic
Next Generation Real Estate Services

I've always been telling clients that I don't do open houses... They don't sell the home.  They produce buyers for the agent holding the open house...  My only problem is that ONE time I held an open house and wrote an offer in the living room, double ending the deal.  It's tough to say that they don't sell houses anymore... That day that I wrote the offer was 1/1/04... I believe.  It was a Saturday or Sunday and I now hold open houses (if I have to) on major holiday weekends for families visiting town...  Food for Thought!

October 17, 2007 01:25 AM
Rainmaker
86,968
Alan Barker
Boomerang Leads
For Logan UT REal Estate Open houses are a complete waste of time. I don't know a single agent here who has ever sold a house from an open house they have held, occasionally they may pick up buyers from them, but when it comes down to actually selling that property, not in my market. There are more effective methods to sell houses and gain clients.
October 17, 2007 01:32 AM
Rainmaker
482,834
Karen Rice
Northeast PA & Lake Wallenpaupack Home Sales
WEICHERT, REALTORS® Paupack Group

Why would you want to eliminate something that 40% of home buyers use?

If buyers come to open houses, why do you not have them?  You have enough clients as it is?

I look at an Open House as a two - hour shot where I can pick up some free leads, or I can take some "down time" if nobody comes and read a book, or write letters to my SOI.  

 

October 17, 2007 01:32 AM
Rainmaker
110,429
Nancy Brenner
Roswell Georgia Real Estate Agent
Referral Associates of Georgia, Inc.

I just blogged about Open Houses 2 days ago.  I love them for many reasons.
  Open Houses - I love them.

October 17, 2007 02:59 AM
Rainer
85,403
Deborah Burns ~ Seattle Real Estate Agent
Realty Executives -BRIO

I like the potential that open houses represent.  I do think that the first Sunday of being on the market is really important to launch the house on the market, especially for neighbors (who may know someone who'd like to live in the neighborhood). 

While hosting open houses has not really generated much in the way of business for me so far, I have become much better at them, and more importantly, I know they have gotten my sellers good exposure.

October 17, 2007 03:27 AM
Anonymous #11
Anonymous
Anonymous
I actually have very good reason to tell they work when you sell the home you are sitting and get both sides of the commission.
October 17, 2007 03:47 AM
Rainer
228,711
Sarah Cooper
Real Estate Shows

I have never sold the house I was sitting on, but have picked up buyers that bought other similar listings of mine.  

But I'm taking this weekend off.  I'm missing too much football!! 

October 17, 2007 04:45 AM
Rainer
232,004
BLR Guy
BLRGUY(Beach & Luxury Realty Inc)
Open Houses can be great...it only takes a couple hours out of your day and the rewards are worth it!
October 17, 2007 05:27 AM
Rainer
201,138
James Gordon
REALTOR, PBD SFR SRS
Sibcy Cline Realtors®
Grant I think you already answered the question. Would you turn away 42% of the buyers?
October 17, 2007 05:39 AM
Rainer
82,654
Connie King
CK Staging & Design, Sevierville, TN

From what I learn in our area,  East Tennessee,  some realtors do well with open houses,  like Maryville area,  vs Sevier County,  which doesn't seem to do well at all.    I am not a realtor,  but I do interact with quite a few as a home stager.    The impression I get from local realtors is "no one attends" and it "takes up lots of time with little gain".     

 

October 20, 2007 08:34 PM
Rainer
117,877
Erin Stumpf (Attardi)
916-342-1372 / DRE# 01706589 Sacramento, CA
Dunnigan Realtors

I have gotten about 30% of my business from open houses this year...and about the same from internet-related leads...the rest have been referrals...

Huge portion of my business...

October 17, 2007 06:26 AM
Rainmaker
482,834
Karen Rice
Northeast PA & Lake Wallenpaupack Home Sales
WEICHERT, REALTORS® Paupack Group

I really think it depends on how you market them ahead of time too. 

If you just advertise in the sunday paper and slap an open house sign up the day of, you probably aren't going to get much response.
October 17, 2007 07:19 AM
Rainmaker
158,751
Leo Namiot
CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA
www.LeoLends.com: CT Low Rate Mortgages

Hello Grant,

    Welcome to active rain, it's a great online community. Enjoy!

I have found open houses to be pretty much a waste of time for myself and my realtor partners, mostly new agents do them with the hopes of meeting a new buyer if not for that house then another.

Leo Namiot

Benchmark Mortgage

Connecticut and Florida Mortgage Specialist

October 17, 2007 07:40 AM
Rainmaker
557,635
Keith Elliott Jr
Principal Broker/Owner
KEIRE Realty Group

Hi Grant,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

October 17, 2007 10:10 AM
Anonymous
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Rainer
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Grant Hessman

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