Open Houses, Do They Work?
Nothing works all of the time but everything works some of the time.
There is no form of marketing that is a 100% guarantee, the current statistics for 2016, from the National Association of Realtors favor the Internet at 43% for connecting a buyer to the home they purchase. The question you should then ask is: Am I missing an opportunity? Where does the balance, 57% of buyers, come from? We know that 33% are introduced directly from their agents leaving us with 24% of buyers using other avenues to connect with the home they purchase. Although that may sound like a small portion to invest in, going with the idea that it only takes one buyer, did you miss an opportunity to net the highest possible proceeds in the least amount of time by overlooking the 24%? The answer could be yes! Consider re-evaluating the statement “Buyers don’t come from open houses” or “Nobody looks at print ads anymore”. Your marketing plan should cover every marketing opportunity. Why? Because it only takes one.
Recently, in my weekly collaboration with a seller, I suggested we have an open house. He said, “Luxury buyers do not go to open houses, they want private showings”. I said actually, you are only 50% right, the other 50% do not want to connect with an agent. I explained to him that the Real Estate community (based on feedback that I shared with him) was not excited about his home and therefore we could not rely on them to bring their buyers, we needed to attract new buyers who will come directly to us. Reluctantly, he said yes. We sold the place that day. A buyer walked in, loved the home and we negotiated the number via text, right there.
Here Is What the Seller Had to Say
“As a homeowner trying to sell our home, we questioned whether open houses were still an effective method for selling, especially in this new age of internet real estate shopping. Well, although skeptical, we allowed our realtor to conduct an open house. By the way, they are a pain in the neck (must clean thoroughly and leave for the afternoon). Well, weren’t we surprised when a customer came to the open house and made us an offer, one which we then accepted. We are now firm believers that the old-fashioned open houses are still relevant today and are obviously still a very effective means for marketing your home.” K.F. Franklin Lakes, NJ.
Do they work every time? No, but they do work some of the time.
Your Marketing Should Include All of the following
- Photographer (professional)
- Floor Plan
- Multiple Listing Service input with syndication to all real estate related sites
- Print Brochures
- Print ads
- Algorithm targeted web ads
- Broker Open House
- Public Open House
- Yard Sign
- Mail Campaign
- Weekly Collaboration