Are Open Houses Worth It?

• Tweet

• Tweet

This afternoon, I finally got a minute to scan the Post’s Saturday real estate section, and found myself reading Sandy Fleishman’s article on Open Houses and whether they are a good tool for getting homes sold.

I, for one, think Opens are an important component of any marketing strategy, though certainly not the only part.  In a fast market, holding a home open before looking at offers helps to maximize a listing’s exposure to the market.  An Open can help a bidding war happen if all the other elements are there — like a terrific house that looks good, smells good and grabs checkbooks from the pockets of the people going through.  In a slow market, a well-planned Open House in an attactive property will increase the chances that the one buyer you pray for St Anthony to find will actually show up.

As the market calms, I think most agents are adjusting their strategies.  Last year I could stick a few arrows in the ground, place an add in the Washington Post, and expect offers to pour in the following Wednesday afternoon.  No so for my current listings.

The geezer agents like me (this is my 23rd year in real estate) are going back to basics, and Open Houses certainly make up part of the basics.  Now when I do an Open, I include an ad in the Washington Post, I put it on Craig’s List, and send a mailing to a target market that fits our probable buyer profile.  Then, there is the St. Anthony thing.  I’ve been asking a lot of him lately.

Yes, one must be reasonably careful about Open House security.  While I’ve had one instance of "Phamring" (someone raided the seller’s medicine cabinet) at an Open a couple of years ago, I’ve never had any other theft.  My major worry is small children and breaking things.  I go through each listing with the owner making it as child-proof as possible.  I also insist that anything at all valuable, breakable or portable be stowed, not just for Opens, but also for any agent accompanied showings. 

Agents who discourage Opens don’t like to work weekends.  I’m not crazy about the idea myself, but I really am convinced that’s what it takes to get the job done properly.

Popularity: 1% [?]