Open houses – Are they worthwhile?
Open houses and their worth has caused some debate among estate agents over the years. While some don’t see the significance or need, others see open houses as an intricate and necessary part of marketing a home successfully and achieving the best possible outcome.
It is interesting to note research shows that often open houses have generated more leads than the online listing. There have been a number of occasions where a property has been sold from a lead generated at an open house – a lead that would have been missed if the home was merely listed online. What does this say? Rather than doing away with traditional home selling methods and purely focusing on the online platforms, it would be advantageous to both the agent and the seller to integrate elements such as open houses into their marketing plan. Using a variety of platforms will increase the home’s exposure to a greater audience, which will result in the optimum outcome.
Some of the advantages of having an open house are visibility and accessibility. It is also possible for open houses to save both the agent and the seller some time, as numerous prospective buyers can view the property on the same day. Regardless of which brand is represented by the sign outside the property, buyers will stop in at an open house to see what is on offer if they are interested in buying a property in that area. Another positive aspect is the fact that buyers have the opportunity to personally interact with the agent and ask them any questions they may have regarding the property. The interaction will also open up the chance for the buyer to be put on the agent’s database or make appointments to see other homes within their portfolio of stock.
In certain instances, open houses can be less stressful than a view by appointment strategy. This is because the cleaning and tidying are only done once a week, rather than numerous times to accommodate the potential multiple viewings in the course of the working week. The seller is also not inconvenienced by constantly needing to be home at a certain time or wait around to let in buyers who want to view the property. An open house can sometimes be easier from a logistical point of view.
When it comes to formulating the statistical success rate of open houses, it is very difficult because there is different feedback depending on the area and type of property. Every neighbourhood has a unique demographic and dynamics, which emphasises the importance of working with an agent who understands the micro market. Certain agents say that the majority of their sales come from buyers who viewed the home during an open house, while others have not sold a property using this method for quite some time. It largely depends on the area and what works there.
Other simple but effective methods of marketing a property are ‘For Sale’ boards, flyers and print advertisements. Many agents have also embraced the marketing power of social media networks to enhance their connectivity to buyers in the market.
Irrespective of the method used to sell a home, it is vital that sellers use a reputable agent who has working experience in their area. The right agent will find an effective method to successfully sell the home for the best possible price and within a reasonable timeframe.
