Do open houses work?
Open houses continue to remain a tool that Realtors offer to sellers as part of their marketing efforts to sell homes. Do they get the job done?
Open houses, some real estate agents swear by them and some swear at the thought of having to hold a home open. The answer to the question, do they work depends largely on if the agent is doing the work to help make them a success.
Successful open houses, to some degree, are influenced by the homes location, the areas market conditions and the pricing of the home. To increase the chances of visitors stopping by and seeing the home and more importantly to increase the chances of a qualified buyer stopping by to view your home, will depend on how hard the Realtor works prior to the open house event. Agents who rely only on a Sunday advertisement and a sign in the yard have done little to increase the chances of success.
A marketing plan for open houses with the goal of attracting potential buyers and customer traffic should consist of:
- Calling on homeowners in the neighborhood by phone or personal visits the week before the open house inviting them to stop by.
- Direct mail announcing the open house to apartment complexes or other rental homes where the rental fee is in line with what the mortgage payment for the subject home would approximately be.
- Invitations and flyers for the event delivered to the many different Realtors in the area keying in on those agents who have recorded past sales in the area.
- Scheduling the open house with a garage or yard sale will increase the amount of traffic that will find the subject home.
- Picking a day other than Saturday or Sunday to hold the home open. Often times holding a home open during the weekday produces great results.
- Organizing with agents who have homes in the area for sale to have multiple homes open in the neighborhood at the same time to increase traffic.
These are just a few suggestions that if implemented by the real estate salesperson would increase the chances of holding a successful open house.