As you interview real estate agents and work to list your home professionally, you may hear some agents touting the necessity of holding a few open house dates to drive traffic to your property. Open houses can have a role in the selling process, but you should select an agent who is going to help make sure that having an open house is the right choice for your home. Because the real consideration is: “Do Open Houses Sell Homes?” and will holding one sell yours?
From my years of experience in listing and selling all types of real estate I can share that any agent that requires an open house is not likely the best agent for finding qualified buyers. Read on for three key questions you should ask before deciding if an open house is right for your property.
Do you want qualified buyers only or are lookers valuable sources of feedback?
If you are living in your home while it is listed, you can expect neighbors, dreamers, and even burglars to potentially enter your home and poke around your things as they satisfy their curiosity.
Your answer comes down to a question of what kind of information you desire, not whether you believe that you’ll find a buyer in the mix. In fact, less than 2% of homes sell from public open houses nationwide, so the odds are against you. Allowing a talented agent to bring qualified buyers to your door is a much more effective way to drive quality traffic to showings.
Would you feel better about signing them if your real estate agent spent more time on-site at your property?
It’s a catch-22 for real estate agents: most of the heavy lifting that goes into moving property and selling homes happens behind the proverbial scenes, back at the office and in conversations with targeted buyers, yet many homeowners feel that few formal showings indicates a lack of effort on the part of the agent. Here again, it is a question of quality over quantity or vice versa.
Trust the agent to determine the best routes to sell in your market and at the time you are listing, lean on their advice regarding the suitability of an open house to drive real traffic. Remember that every minute the agent spends at your home waiting for lookers to wander in cuts into their available time to work with qualified buyers and opportunities back at the office. A good agent is always working for you, only filtering qualified buyers into your property.
Do you feel like your property will show better than other similar offerings on the market that are open the same weekend?
Buying is a game of comparisons and alignment between desires and reality. Ask your real estate agent to pre-scout the other properties that are planning open houses in the area and to work up a perspective on how well your property will show in comparison. If your property has clear advantages such as location, updated décor/appliances, or other desirable features, holding an open house during the same weekend as competitive properties could work to your advantage. Buyers often house-hop during open houses, so chances are they will see your property and the others in the same day. A few quick questions when folks step into your property and your agent can clearly position your property over the others by highlighting key features.
So, do Open Houses sell homes?
Sometimes. An open house has its place in the real estate market, but don’t believe any agent that tells you it is an absolute necessity to get traffic on site. A great agent, with robust experience, will tell you that an open house is only one tool in your options on positioning and selling your home and many times an open house isn’t necessary at all. A good agent will show the house as buyers align with price point and features of your property.
Want to learn more? Give me a call at 336-575-7249 and let’s talk about your property and how I’d work to tap into the best tools available to work with you in selling.