The Advantages of Open Houses
The Advantages of Open Houses
According to the National
Association of Realtors (NAR), 7% of buyers in 2017 found the home they
purchased from an open house or a yard sign. Based on that information, it may
seem like open houses are not worth it, but factor in that 7% equals 385,700
homes that were sold in 2017, and according to the NAR, 45% of buyers used open
houses as a tool to find their next home. If that is enough incentive to at
least give open houses a try, then find out what’s the best way to attract
prospective buyers to your open house, how to capture the most leads, and tips
to keep you safe.
There are many reasons to do an open house and not just because your seller told you they wanted one. Open houses allow for additional times where buyers and agents can view or show the home that might not have happened without an open house, like when showings are by appointment only or when the seller or tenant have set hours for showings. If the listing is located in a gated community where it’s difficult for buyers to get in and view homes, an open house can give them that opportunity. Open houses can be a fact-finding mission to see what buyers are saying about the home and the price, and an effective tool to provide feedback to your seller. If the listing is in a low inventory, high demand area and buyers are waiting for homes to go on the market, it’s likely you’ll have a busy open house, and even more likely, an offer before the open house is over. Who doesn’t want to do an open house if that’s the scenario?
It’s no secret that open houses are a great place to meet prospective buyers and sellers. You may meet neighbors who want to see how your listing compares to their home, hoping they sell in the future, or they may have friends or family wanting to buy in the community. If you’re trying to break into a new area or community, an open house is a great way to get your name out there and meet the neighbors. If you hold open houses in the same community every weekend, people will begin to recognize your sign, and your name. Reminder: A person needs to see your name seven times before they remember you. Here are some tips on what to do and how to market the listing before the open house.
- Make sure your open house is listed in the MLS. The open house will appear on multiple real estate websites that get their feeds from the MLS, and since the NAR found 92% of buyers are on the internet searching for homes, it’s certain they’ll see the listing. If it’s not your listing, ask the listing agent if they would be willing to list the open house on the MLS.
- Advertise the open house in the local newspaper, if available.
- Post the open house on social media sites, especially Facebook, Instagram, and Google Plus. Google Plus is important because if a prospective buyer is googling, open house Murrieta Saturday, your post will pop up, just remember to use a hashtag before those words.
- Send out postcards or flyers to the surrounding neighbors.
- If allowed by the community, post an Open Saturday or an Open Sunday sign on the property the week prior to the open house date, reminding neighbors and passerby’s that the home will be open.
- Print enough brochures to hand out during the open house.
- Compile information about the community to be able to refer to it and hand out.
- Print out the active, pending, and recently sold properties in the neighborhood, or have that information available on your phone or tablet. Be the neighborhood expert.
- Have a list or a map of all the other open houses happening that day or weekend in your community. And if you’re willing, provide these to prospective buyers, you’ll be a super star if you do. (Open houses can be gathered from the MLS or local newspaper listings).
- Remind your seller to lock up any valuables, prescription medicine, and important documents, and express to them that you prefer they leave during the open house. Buyers don’t want to feel like their intruding and they won’t be honest if the seller is around.
Be prepared on the day of the open house and arrive early. Put out as many signs, flags, or balloons that you have, and that the community will allow. It may seem like overkill, but when directing traffic to your open house, more is usually better. It’s best to keep the home comfortable even if that means blasting the air or turning up the heat; you want the buyers to stay. Switch on every light in the house, turn on some music, and if available, have the fireplaces burning and the waterfalls running. You want the buyers to feel all the comforts of the home. Have water, treats, and giveaways available, it’s an easy conversation starter. Most buyers don’t like to sign in, and often give false information. Use an app on an iPad or tablet to get them to do it more willing, and with an app like Open Home Pro, your visitors will receive a follow-up email containing your contact information. Try offering a gift to everyone who signs up or have them enter a drawing for a gift basket or gift card. The object of an open house is; to show and sell the listing, meet and build a relationship with everyone who walks in the door, and capture the leads of those not already working with an agent.
Realtors can be vulnerable at an open house and it’s important to keep yourself safe. When possible, do the open house with another agent or lender. Make sure someone you trust knows where you are and for how long, especially at a vacant house or in a rural area. Always keep your cell phone on hand. Avoid going in basements, attics, and even upstairs or to a back room. If someone makes you feel uncomfortable, walk out front and tell them you have a call. Call a nearby family member or friend and wait for the person to leave. If they don’t leave or if you feel threatened, get out of the house and call the police.
If you’re lucky enough to get a listing then why not do everything you can to get it seen by the most amount of buyer’s by doing an open house? Most likely, you don’t know where your buyer for that home will come from therefore, cast the largest net to make sure it gets seen by all, an open house is part of that net. For more information about open houses or anything real estate related, check out KerryKeith.com.
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