You could ask 100 real estate agents how they each feel about open houses and probably get close to 100 different answers. It is always interesting when coaching or “auditing” marketing strategies for agents to learn their current strategies and the degree of results. Some agents use open houses as a sales tool, some for a listing tool, and many for lead generation. Each has its purpose, although the degree of overall success varies for a number of reasons.
One of things I discuss while coaching or consulting with agents is to allow open houses to carry different roles, depending primarily upon the specifics of a listing. It seems that too many agents come up with a single strategy. However, the one they always use may only be successful some of the time. Without the right strategy each time, some agents become discouraged about hosting them and may be losing out on faster sales as a consequence.
Some agents consider them a backup strategy. They schedule them, sometimes have another agent or lender host them, and hope they produce a lead or two. Others seemingly hold them only because the seller sees people coming in and out. Either way, many are held at the same day(s) and time as other nearby properties, thinking that people drawn to others nearby will “also” check out their listing. None of those strategies make holding an open house worthwhile.
An open house needs to be part of the marketing strategy for the specific property and not an automatic part of a plan. How you plan an open house should start with what makes the property an attractive buy. The best time of day or week to show the specific property should be the most important consideration. Suppose the morning sun makes the living room and dining room even more bright and cheerful. You want a potential buyer to be there for that experience. Hold your open house from 8 to 11 AM to maximize it. Have visitors start by being seated or being given a breakfast related food item or coffee/tea served in the dining room while it is at its best and its brightest!
Chances are it would be the only Open House during those hours, which can be a huge advantage. Why?
Even if a nearby home has a brighter and “better” kitchen or dining room, visitors to your Open House are not able to see it when it looks its best! Visitors to your open house are not able to immediately visit others nearby because they would not be open until hours later. While there may not be as many people in attendance, those who come are specifically coming to look ONLY at your property. What a solid lead!
Let’s collaborate and determine the best strategy for showcasing your listings! We can ‘open’ new possibilities for faster listing success.