Most sellers insist that their agent does open houses to promote their listing. Most agents I know are more than happy to comply. But, here is the shocker: only a very small percentage of homes are sold because the buyer came by an open house. Why are agent still eager to do it? To them, an open house is a great opportunity to promote themselves and to find buyer clients.
Open houses are a polarizing topic in the real estate industry when it comes to judging their effectiveness. Fifty-six percent of real estate professionals recently surveyed by RISMedia called open houses “pointless,” while 44 percent said they were “powerful” in the marketing of a home.
– via Realtor Magazine
Looking back at my most recent open houses, that doesn’t work either. Almost all of the open house visitors are already working with an agent. To me, that means “hands off”. It’s our realtor’s code of ethics to not chase down other agents’ clients.
I still recommend to my sellers to do one or two open houses right after the house hit the market. First, I want to have the opportunity to bring in other agents, who might have buyers for my listing. Secondly, I want to give all the neighbors an opportunity to take a look at this beautifully staged home I just listed. It’s a well know fact that neighbors like to pick their neighbors. So one of them might have friends or family interested in this property. Or, one of them might have my next listing.