Do Open Houses Really Sell Homes?
Ever wonder if all the inconvenience of an open house is really worth it? Do open houses really sell homes? The honest answer from experienced agents is “no.” The percentage of houses that sell due to an open house is less than 2-3%. An open house won’t hurt your home’s chances of selling, but it won’t guarantee a sale either.
So Why Do Agents Hold Open Houses?
Most Realtors hold open houses for one of two reasons: to build their own business or to make the seller happy.
Open houses are opportunities for agents to meet potential clients, and since their business depends on people, an open house is a warm lead-magnet.
As foot traffic comes through your home, your agent takes every name, email, and phone number and logs it into a database for themselves. These leads become new customers for them to work and potentially help list or buy a home. New leads are the main reason that an agent is holding an open house for you.
The other reason is they want to make the client happy. If a client truly believes that an open house will do the trick, a good agent will give you exactly what you want. However, they should also arm you with the following information first; then you can decide what’s best for you and your home.
You Want Active Homebuyers
People often believe that open houses are how homes get sold. But the truth is that most homes sell through private showings and, on occasion, by viewing them on the MLS or other digital platforms. Most serious buyers are shopping for a home with a real estate agent. The Realtor requests an appointment, and they tour your home privately.
An open house pulls in a lot of what the industry refers to as “lookie-loos” or “tire kickers.” These are the type of people who stop at an open house with absolutely no intention of buying a home—some of these people are even professional open house hoppers who view it as a hobby. You will also attract nosy neighbors who want to see how your home compares to their own. As a seller, your goal is for your home to be viewed by active homebuyers ready to put in an offer–not people who aren’t even looking to buy.
You’ll also attract first-time homebuyers who usually start out touring open houses to decide which neighborhoods they prefer and what kind of house they like. These are generally reconnaissance missions.
You Want To Protect Your Home
Open houses allow criminals to explore with little to no supervision and case properties for valuables and other items of interest. What better way for someone to witness what you have to offer than attending your open house? As well as check out your security system and get all the information they need from your Realtor? Some thieves don’t even wait to come back, they’ll take items right out from under your nose during the open house, and your Realtor will not be responsible for it.
Hide or secure any valuable items or property if you’re considering opening your home to the public. Don’t overlook prescription medications and any paperwork that includes your identifying information, particularly Social Security numbers. Your agent and other people will be present, but they can’t be in all rooms at the same time.
So What Should My Agent Be Doing For Me If They’re Not Holding Open Houses Every Weekend?
Open houses are great for the opening weekend that your house is on the market. They attract a lot of initial buzz and give your home exposure, but at the end of the day, open houses are a lead generation tool for agents.
If the house is vacant or you’re ok with the inconvenience, keep on doing open houses–they can’t hurt. But if your agent is kicking you out of the house every weekend, and it’s not selling, there’s a chance the agent is using the open houses for selfish reasons. In addition, if you’re complaining that your agent isn’t holding open houses every weekend, let us assure you that open houses are not always the best use of time or marketing.
Your agent should be investing time in marketing your home in relevant ways in today’s society. Through various social media platforms, digital ads, and proper representation through professional photos and the “for sale” sign in your yard. Open houses are somewhat old-fashioned–especially in today’s virtual age. Today’s home buyers are often technologically savvy and do most of their research online.
There are so many options that a Realtor could take advantage of in this digital age before resorting to open houses as a sales tactic.
Living Houston Knows How To Sell Houses Fast
Living Houston knows what it takes to sell a home, and we know what’s best for our clients. We will always do an open house for you if that’s what you prefer, but we will do it while simultaneously marketing and promoting your house the way you deserve. There isn’t just one way to sell a home, and we can offer you unparalleled service to get your house sold fast.