I hear this quite often! People will say in a negative connotation “Realtors only do open houses for themselves, that’s how they get clients”. I will admit that is partially true. Open houses are a great way for us to meet potential clients by chatting with them and being ourselves!
Although, there is still a huge benefit for the sellers aswell. I have had a few homes sell due to the open house! Here are the benefits for sellers that make is a WIN – WIN for both!
Traffic – First and most obvious is to drive traffic. As I explain in the example below! The more people that see the home, the more potential buyers you get! If the open house is organized and planned correctly, you can get quite a bit of people to come through. You also want to try and create that “FOMO” (Fear Of Missing Out). The more people that show up, the more desireable the property seems and the more potential offers you will get!
Offer Negotiations – If you get an offer on the house before an open house, it is a great place to leverage that offer. You can tell people that are coming through the open house that you have an offer already and this property is wanted by others. It's desirable.
Neighbors – Often the neighbors will pop in to check out the house. It’s rare that you do an open house and not even one neighbor comes to check it out. This is good because neighbors talk. Word gets around. They love their neighborhood so if they run into potential buyers they usually have good things to say. Neighbors also have friends that they want to move close to them so they will spread the word.
Marketing – Last but not least, as I mentioned in the WIN – WIN example, marketing is huge. If your agent is doing a good job, the open house will have its own market campaign. Social media ads, signs and in person calls to potential buyers! This will draw attention from everyone, including those that can’t make it to the open house. They may end up booking a showing with their realtor because they saw an open house Ad.
Well there you have it! As you can see, an open house benefits both. Here just another honest blog about the Real Estate industry. Follow me for some more fun stuff!
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**Example of a WIN- WIN : A few months ago we got two new listings (New to us), that have been on the market a long time without selling with other agents. My parents lived down the street and the traffic would be next to nothing. Barely getting showings, slow open houses. When we got the listings we did SO MUCH preparation and marketing for these properties, put them on the market and had an open house right away. In two hours we had over 50 couples through each house (Which is 5x more than what we expected). Needless to say we sold both of these homes in under a month for close to asking. We also got several clients out of it because of the quality of work we did for these clients!