To "open house" or not (for sale, real estate)

[Rakin]

Originally Posted by tonie972

How can a buyer find out before the house gets listed?

I did not say they could. An agent is wise to put the house on the market and let as many people see it as possible. Great way to get multiple offers.

[calgirlinnc]

We bought our house because of the open house. Walked out and called our agent to make an offer. If there hadn't been an open house, we might not even have had the opportunity to look at it, because of all the other appointments on other days. But because it was open on a Sunday, they got a buyer.

Ordinarily we would have "slept on it", but in this market....

There were at least 6 other families going through at the same time.

[Rakin]

Originally Posted by calgirlinnc

We bought our house because of the open house. Walked out and called our agent to make an offer. If there hadn't been an open house, we might not even have had the opportunity to look at it, because of all the other appointments on other days. But because it was open on a Sunday, they got a buyer.

Ordinarily we would have "slept on it", but it in this market....

There were at least 6 other families going through at the same time.

I run across this story all the time. Thus I do a lot of open houses.

[vailbaby]

We went to a couple of open houses for houses we found on Zillow. They had been on the market for months. You know my biggest surprise? The lack of knowledge these realtors have. If I were selling my house, and found out I was paying these people 3% commission on an 800K house and they couldn't even tell potential buyers what grade school is in the area or how deep my pool was, or basically ANYTHING having to do with the house I would be livid. This was a huge lesson learned for me on hiring realtors in the future if I ever do (highly unlikely). Truly unbelievable.

[WorldKlas]

I sold 3 houses in the past 3 years. One was sold to the tenant. The other 2 sold to buyers who attended the open houses.

[TXNGL]

Bought my former house after viewing during a weekend open house. Was in 2004, market was relatively slow then. There is a reason realtors have them. Yes there will be a lot of neighbors looking for fun, and sure the listing realtor might have another realtor monitoring the open house. That's because they know it works.

[TeamLynn]

I'd say there are 3 theories I hear.
The really great agents hold an open house to meet they neighbors who might be interested in selling their home.
The target the neighbors to come in with mailings and circle prospecting.....they want the neighbors to come see the home and see how their home compares....agents want to meet those seller and develop a relationship in hopes to get more listings.
Less successful agents are inviting the neighbors also in hopes to get a buyer that might know a neighbor. Maybe a renter in the neighborhood, maybe a friend or relative who lives in the neighborhood.
Third theory is for new agents are looking for buyers. Maybe one that sees your house, but maybe one that comes through and looking for something different or at a different price.
Most likely anyone really serious about buying your house will call their agent or your agent and get a tour.
The trick with open houses is there may be a lot of people who come through who dont want to buy your house or cant buy your house. If you still occupy your house I personally would not want a bunch of people we don't know coming through the house, eyeing your stuff, and potentially touching your stuff.
There are other alternatives.....like having 3 agents and a loan officer doing it if you are in a high traffic area.
One checks IDs and gets names and phone numbers before they ever go in the house.
NO ID and you don't get in the house.
Once they are in the house, loan officer qualifies them.
Then the two agents give tours....not just letting people run around loose around the house.

If you want to be strategic....schedule a brokers open house. Spend some money...offer a free CE class for 1 to 2 hours and have a local title company or CE provider teach a class. You're providing value to agents who might in turn sell your house. You want agents to see it who might have buyers or know other agents who might have buyers for it. If around a holdiay, have a holiday party for them 4th of July, Cinqo de Mayo, Christmas, etc.

[turf3]

Originally Posted by vailbaby

We went to a couple of open houses for houses we found on Zillow. They had been on the market for months. You know my biggest surprise? The lack of knowledge these realtors have. If I were selling my house, and found out I was paying these people 3% commission on an 800K house and they couldn't even tell potential buyers what grade school is in the area or how deep my pool was, or basically ANYTHING having to do with the house I would be livid. This was a huge lesson learned for me on hiring realtors in the future if I ever do (highly unlikely). Truly unbelievable.

Heck, in these bubble times, if you are in a bubble area (just like in '06), you practically have to beg an agent to take your phone call. More than once back in '06 we had agents tell us they didn't know what school a house was zoned to, that they weren't going to look it up, and that it was our job to do that research.

Of course a couple years later they were begging for business.

[jennifw]

Originally Posted by tonie972

How can one become a good buyer? How can a buyer find out before the house gets listed?

One way is to already be working with an agent. If you are a buyer and your agent has an idea of what you are looking for, he/she will be talking to other agents in their office and know what is being prepared to be put on the market. We had 2 buyers come through a few days before the sign went in the yard and before we were in MLS this way.

[vailbaby]

Originally Posted by turf3

Heck, in these bubble times, if you are in a bubble area (just like in '06), you practically have to beg an agent to take your phone call. More than once back in '06 we had agents tell us they didn't know what school a house was zoned to, that they weren't going to look it up, and that it was our job to do that research.

Of course a couple years later they were begging for business.

AND if you are in a bubble area, you don't need a realtor. It's becoming more and more common around here (Colorado). The houses sell themselves. They don't need open houses or realtors to show them for 3% commission.
I dunno. I was just seriously stunned ESPECIALLY because this house had been on the market for months with multiple price drops. All this realtor wanted to do was "email me information" once she found out. No thanks. What a complete turn off. I so wanted to leave a note for the sellers and let them know what it is they are paying for.
We ended up doing our own research on houses, got a realtor to do the paperwork basically for 1% and the other 2% is going towards closing fees with some left over.