Open houses, do they work?

By
Real Estate Agent with Coldwell Banker

They have for me!

A few minutes ago I was answering that blog question and I felt my answer was informational enough to post.

 I  sold 2 houses last year  at my own open houses.  One of them, was a lovely home and the seller called 10 min before I was leaving and we had had no lookers. Five minutes later she was knocking at the back door.  I didn't answer so she banged louder. I excused myself from the people looking at the house and let her in and told her I had a customer there.They bought the house.

 I had another house that was well priced and it sold to a lawyer and her husband from an open house.  Another open house brought a client that I am working with now that I expect to sign a contract in the next few days.

In our area it isn't unusual to get 5-10 couples coming to an open house.  they say 3% of the buyers nationally buy from open houses (I forget where that statistic came from, it was a few years ago). Doing the math on that you should get 1 buyer from every 7 open houses roughly.

I even had a seller come to an open house in the area where their house was, I did a CMA on their house and listed it and it sold, and they were going to FSBO before they met me and we talked.

I would never have an open house every week on a property, that makes either the seller or the agent look desperate.

I put the ad in the 2 major newspapers and put up signs. My last open house I also posted on Active Rain

They have been very effective for me for both selling homes and getting new buyers.

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Rainer
16,130
Stephen Winters
Remax Realty Specialists - St Johns, NL

I treat an open house two fold.  First the obvious...to market/sell the property. Secondly to walk away after 2 hours with at least 3 contact names for my database.

Personally I can not say I have sold a home from an open house, but the number of clients I obtained and in turn sold them houses has been well worth it.

Happy selling!

 

May 15, 2008 05:42 AM #34
Rainer
40,775
Carolyn Gjerde-Tu-Davis
Lyon Real Estate - Davis, CA
Ca Real Estate
I know that open houses work for generating business but I am having a difficult time motivating myself to do them. I feel even floor time is more productive because at least I can get other things done at the office. I have not been very sucessful finding productive use for my time when no one is at the open house.
May 15, 2008 06:42 AM #35
Rainer
28,945
Richard Pino
RE/Max Advantage Real Estate - Gloucester, MA
Sunday open houses do work at times. I have sold two open house properties this past year. And is a great way to sign buyer clients. My open houses are only for an hour and I believe that people will come within that hour.
May 15, 2008 10:26 AM #36
Rainmaker
34,249
Ravinder Pilson
Intero Real Estate Services - Santa Clarita, CA
Intero Real Estate in Santa Clarita, CA

Glad you've had such success with open houses! I think it all depends how you work them and your follow up. So many agents just literally sit open houses and don't follow up!

May 15, 2008 11:36 AM #37
Rainmaker
226,026
Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

I think it depends on the area

If the homes are easily accessable they don't usually do a lot of good, but it can't hurt.

May 15, 2008 12:10 PM #38
Rainmaker
126,413
Kevin O'Shea
Coldwell Banker - White Plains, NY
White Plains, NY Real Estate

I did another blog on open houses from ideas that came to me after hearing these responses.

 http://activerain.com/blogsview/511227/Open-Houses-A-new

All the best!

May 15, 2008 12:58 PM #39
Anonymous
Anonymous
cheryl brewer
That is encouraging, I have two open houses this weekend!
May 15, 2008 01:18 PM #40
Rainer
1,113
Kelly Wirt
Keller Williams Preferred Reatly - Mebane, NC

I feel like open houses are opportunities for agents to get buyers.  If it sells the house then great!

I haven't sold a house but I have picked up a couple of buyers.  I like the comment about trust.  I think thats key especially in a buyers market.

 

May 15, 2008 01:19 PM #42
Rainer
56,633
Tori Lynn Wallitsch
Prudential Ambassador / Ross Designs, LLC - Omaha, NE

I bought my current house three years ago.  We began our property search with an idea of what neighborhood we wanted and looked at a few open houses one weekend. I fell in love with this house and lucky for me six months later it was still on the market. We bought it then when we were ready and moved in two months later.  If it hadn't been for that open house I doubt I would have bought this house. They do work!!

May 15, 2008 04:21 PM #43
Rainer
8,849
Frank Sauer
CENTURY 21 Garner Properties - Independence, KY
I've never had a lot of success with open houses but, then, I've never put the prep work into them that some agents do. We have a successful agent in the office who loves open houses but she typically mails or door hangs 500+ flyers the week before, puts up lots of signs, balloons, etc. It works really well for her. I've also heard that if you need more than one or two directionals to find an open house, your turnout will suffer. And, of course, they can be heavily dependent on the weather and the local sports schedule.
May 15, 2008 04:29 PM #44
Rainmaker
225,142
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

I have a map of our area on an easel.  It's a great talking point, especially for newcomers or discussing other homes for sale in the area.  Occasionally folks want to buy the map. 

May 16, 2008 08:41 AM #45
Rainmaker
225,142
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

500 flyers that is a great effort.  Don't forget to invite expireds and FSBO's on your list.

May 16, 2008 08:44 AM #46
Rainer
16,896
Bo Buchanan
Blue60.com - Oswego, IL
Blue60.com Directory, For Real Estate Pronulls
I think the pre-marketing you did was probably key. It seems like more consumers are putting together a list before heading out the door on a Sunday.
May 16, 2008 09:13 PM #47
Rainer
14,694
Derek Noggle
Beach & Luxury Realty, Inc - Lake Mary, FL

I have had good results with open houses.  I conducted an open house a little over three weeks ago, and a neighbor came in to inquire about the market in general.  A little over a week ago, she called me to tell me that her circumstances had changed and that she needs to sell her two (2) homes (located around the corner) immediately so she can move back to her hometown and be with her family.  So, my original listing has yet to sell, but I am just about to get two more listings.

Jun 10, 2008 09:18 AM #48
Rainmaker
126,413
Kevin O'Shea
Coldwell Banker - White Plains, NY
White Plains, NY Real Estate

Derek:  That is great, now you have an excuse to introduce yourself to everyone in the neighborhood.

You will be the expert.

Jun 10, 2008 11:35 AM #49
Rainmaker
225,142
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

I hope you get a few more leads in the neighborhood!!

Jun 10, 2008 11:51 AM #50
Rainmaker
126,413
Kevin O'Shea
Coldwell Banker - White Plains, NY
White Plains, NY Real Estate
Thanks Karen & Ray
Jun 10, 2008 02:30 PM #51
Rainer
20,851
Lisa Southern
Keller Williams - Raleigh, NC
Lisa Southern Real Estate

I think the reason you do so well at open houses is your positive attitude. I have had the same encouraging results when I have open houses. Bring 'em on!

I'll be reading you,

Lisa

Jun 10, 2008 11:35 PM #52
Rainer
22,537
Pedro Gonzalez
USA HOME SOLUTIONS - South Gate, CA

They sure do work, I am doing one today and looking foward for the great response. Even if you don't have listings you can always do an open house from a friend,co-worker or your office.

Jun 14, 2008 10:40 AM #53
Rainmaker
126,413
Kevin O'Shea
Coldwell Banker - White Plains, NY
White Plains, NY Real Estate

Good luck with yours ERA

Jun 14, 2008 11:55 AM #54
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Rainmaker
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Kevin O'Shea

White Plains, NY Real Estate
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