A popular discount listing agent in our area has managed to convince the public that open houses do not work and that even the NAR says open house results are poor. However, this same agent suggests that if the SELLER would like to host their OWN open house, this agent will enter that Open House on the MLS and acknowledges that it will help generate traffic.
If you believe that the goal of an open house is to sell the home being held open, you are missing ALL of the TRUE benefits!
First of all, when a listing is new on the market, it’s like fresh bread (SNIFFF MMMM!) and EVERYONE wants a look, a sniff, a taste! Everyone’s FOMO kicks in when they see a newly listed home. BUT ONLY if they KNOW about it! Sellers MUST take advantage of the wave of momentum at the start of a listing by marketing that home on every channel available. Digital marketers know that an open house is unique, time-limited content and search engines LOVE that! Their algorithm will help push and shove that information out to potential buyers which will result in more interested buyers in a shorter period of time.
Certain Real Estate-only websites will mark a new listing as a “Hot Home” or “Trending Home” which in turn results in more clicks and detail views online. Naturally, that leads to more traffic at opens houses and more showings.
When you list your home, you’re cleaning, staging, sanitizing between showings… Open houses are an excellent tool for fitting in TONS of “showings” without having to have 30-minute exclusive time slots for real showings. You can simply fit in more viewings of your home faster. More viewings = more potential buyers = more offers = more leverage for the seller. It also prevents you from having to keep your home “show ready” for weeks of individual showings to get the same result. Clean and stage once, get multiple offers and then stop people from coming into your home. By not having at least one open house, you’re dragging that process out, which can feel painful.
Don’t underestimate the power of a “nosey neighbor.” Neighbors know exactly how amazing the amenities in the neighborhood are, how convenient the location is and what awesome restaurants are nearby. They know friends who might be interested in the top schools the neighborhood is zoned for and when asked, they will call those friends and tell them about the new house. Plus, neighbors have a vested interest in helping that house sell quickly and for top dollar, because they know it will help boost their property value. It also doesn’t hurt to introduce neighbors who LOVE their “hood” to prospective buyers at the open house.
Not only will an open house give your home extra visibility, but they are also a seller’s AGENT’s best tool! Great photos and even video in listing are great, but nothing beats seeing a house in person. And who better to put a positive spin on your home than the agent who knows your home the best? Your listing agent will be sure to point out the heated floors in the main bathroom and the smart home features that convey with the house whereas a buyer’s agent will probably miss many of those fine features during an individual showing.
Finally, open houses are an opportunity to get immediate feedback about your home from guests. Perhaps your friends weren’t being 100% honest with you when they told you that nude artwork was “just fine” or the 2-week old spicy fish smell is not noticeable. Your listing agent can put buyers at ease and ask for 100% honest feedback. and when this is done in the first few days of a listing, you can get great feedback that can give you the opportunity to address problems you didn’t even realize you had.
TLDR: Open Houses WORK! But only if you have a listing agent on your team who knows how to leverage them to your benefit!