Aug 4, 2016 / Selling

What’s The Advantage Of An Open House?

Recently I was asked whether an open house still had value even in a hot real estate market when there is such competition among buyers for a home and the internet allows buyers to do their own seraching.

Our team of real estate professionals continue to represent our clients at open houses because it’s another great marketing tool.

Like all professions, the internet has changed the home buying and selling process significantly. Prior to the internet explosion an open house was one of the most efficient ways to showcase a listing and attract potential buyers and other agents.

At one point, realtors were limited to adding a property to MLS which allows for a few photos and a very short description. So, an open house, where buyers could see things for themselves was another marketing tool.

Now, most buyers start their search online. They spend hours sifting through websites, virtual tours, and slideshows to narrow down their search before actually visiting the property.

Qualified buyers usually scope out a property online before they spend time visiting a home. And they usually bring a list of questions with them, to appointments and to open houses.

A good real estate sales professional will never bypass a great marketing opportunity.

A typical public open house is held on a Saturday or Sunday afternoon. The listing agent starts long ahead of the game by getting the word out days before and during the day by setting out open house signs on the front lawn and at strategic corners in the neighbourhood.

What does a successful open house do for real estate transactions:

  1. Great Way to Gain Attention ? Open houses generate lots of buzz. From online ads, paper advertisements, to on-street signage – and even balloons, it’s about casting the widest net possible and reaching as many potential buyers as you can. Having an open house, generates a lot of word-of-mouth advertising which is a powerful marketing tool.
  1. Neighbours ? Every person who walks through the door is a potential buyer, even your neighbours. They may drop in to compare homes, but they also have a personal network. And your neighbours have a stake in who buys your house, since they will be living next door. Having lots of neighbourhood visits can work in your favour. There are even times when having a Neighbours Only showing is appropriate. The real estate listing agent for a 100 year old property that had been the street’s boarding house for 30 years had been the ‘ire’ of the neighbourhood for just as long, wisely hosted an invitation-only showing so the neighbours could get in early and have a look.
  2. Face-to-Face Contact ? As your listing agent, we know your house best, and an open house is our chance to talk up the positives not just about the house but the neighbourhood as well. There are often questions about local schools, restaurants, and transportation. Pictures are worth a 1,000 words, but nothing beats a listing agent giving you the real scoop. And yes, it’s happened – a buyer has walked into an open house, fallen in love and that’s that.
  3. Non-Pressure Environment ? Open houses are free and easy. Buyers can take all the time they need – within two hours of course. There’s also flexibility in the timing, no need to worry about booking appointments. Some buyers may even bring their agent, friend, relative for a second opinion. There are many buyers who narrow their search online and then visit only those homes that interest them.

An open house doesn’t replace having a strong online presence across a number of different real estate platforms. And it doesn’t replace ensuring that there are excellent photos & videos showcasing the property, along with feature sheets, social media and other marketing collateral.

And, an open house is not going to sell your house quickly or above asking – that’s the job of your real estate sales professional.

We would be thrilled to work with you and host your open house. Contact us Today!

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.


 

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