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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Rainer
35,591
Kirk Mulhearn
Prudential California Realty/Gem Mortgage - Long Beach, CA
Open houses are great if you plan and execute them right.  ktm
Oct 17, 2007 12:59 AM #1
Rainmaker
652,546
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
This depends on time of year, area and a number of other variables.
Oct 17, 2007 01:02 AM #2
Rainmaker
66,121
Marie Waite
Community One Realty - Murrieta, CA

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.

Oct 17, 2007 01:02 AM #3
Rainmaker
206,282
Chris and Maria Jeantet
Coldwell Banker C&C Properties - Redding, CA
Redding CA Real Estate Couple
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.
Oct 17, 2007 01:06 AM #4
Rainer
38,497
Ulises Romo
Realty One Group - Phoenix, AZ
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.
Oct 17, 2007 01:19 AM #5
Rainer
13,587
Clint & Mindy Cronic
Next Generation Real Estate Services - Redding, CA

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!

Oct 17, 2007 01:25 AM #6
Rainmaker
86,968
Alan Barker
Boomerang Leads - Smithfield, UT
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.
Oct 17, 2007 01:32 AM #7
Rainmaker
485,159
Karen Rice
WEICHERT, REALTORS® Paupack Group - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales

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.  

 

Oct 17, 2007 01:32 AM #8
Rainmaker
110,429
Nancy Brenner
Referral Associates of Georgia, Inc. - Roswell, GA
Roswell Georgia Real Estate Agent

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

Oct 17, 2007 02:59 AM #9
Rainer
85,403
Deborah Burns ~ Seattle Real Estate Agent
Realty Executives -BRIO - Seattle, WA

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.

Oct 17, 2007 03:27 AM #10
Anonymous
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.
Oct 17, 2007 03:47 AM #11
Rainer
228,711
Sarah Cooper
Real Estate Shows - Hurricane, WV

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!! 

Oct 17, 2007 04:45 AM #12
Rainer
232,062
BLR Guy
BLRGUY(Beach & Luxury Realty Inc) - Saint Pete Beach, FL
Open Houses can be great...it only takes a couple hours out of your day and the rewards are worth it!
Oct 17, 2007 05:27 AM #13
Rainer
201,773
James Gordon
Sibcy Cline Realtors® - Cincinnati, OH
REALTOR, PBD SFR SRS
Grant I think you already answered the question. Would you turn away 42% of the buyers?
Oct 17, 2007 05:39 AM #14
Rainer
82,654
Connie King
CK Staging & Design, Sevierville, TN - 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".     

 

Oct 17, 2007 05:40 AM #15
Rainer
117,877
Erin Stumpf (Attardi)
Dunnigan Realtors - Sacramento, CA
916-342-1372 / DRE# 01706589 Sacramento, CA

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...

Oct 17, 2007 06:26 AM #16
Rainmaker
485,159
Karen Rice
WEICHERT, REALTORS® Paupack Group - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales

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.
Oct 17, 2007 07:19 AM #17
Rainmaker
158,751
Leo Namiot
www.LeoLends.com: CT Low Rate Mortgages - Waterbury, CT
CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA

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

Oct 17, 2007 07:40 AM #18
Rainmaker
557,680
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Grant,

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

-Keith

Oct 17, 2007 10:10 AM #19
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Rainer
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Grant Hessman

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