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Old 02-05-2008, 11:07 AM
 
217 posts, read 671,811 times
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Default Open House

Are open house for real estate agents a common practice in RDU area? Ours did not do this and will do a regular open house if we push her on it. We have had the house on the market since Jan and have had very little traffic. We keep hearing the market is slow, don't worry the house will sell, I don't know how, if we can't get interested people to come look at it. And yes, we are probably going to lower the price, to be lower than the comps.
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Old 02-05-2008, 11:31 AM
 
Location: Raleigh
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We have had many open houses. Our home has been on the market since last April.
I'm at my wits end as we are not even having folks come and look any more.
We have lowered our price twice but still no offers.
I really think the prices of new construction are affecting us, houses like ours but brand new are selling for $50,000 less just down the street.
Our realtor says builders don't lower costs as it offends people that already bought but I tend to disagree.
I'll keep you in my prayers :')
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Old 02-05-2008, 11:45 AM
 
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Even though its in Albuq., we have had a house on the market since last Nov., with No interest. Our realtor holds open houses almost every w/e but no one comes to look. We have new construction in the area but have reduced our price a couple times.
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Old 02-05-2008, 11:48 AM
 
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I think that an open house that takes place the first week a home goes on the market may be beneficial, but I'm still not so sure they work. It seems that most open houses benefit the realtor more than the home owner. It's a great way for them to meet house-hunters who do not yet have their own realtor & are just beginning to look at what is on the market.

The average serious househunter will discover your property through the help of their realtor or from watching the MLS online. If they are genuinely interested, they will arrange a private tour.
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Old 02-05-2008, 11:49 AM
 
Location: Wake Forest
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My sister lives in DC, and it is common practice to have a realtor open house, and then "open houses" on the weekend, agents don't necessarily schedule appointments as the home is open on the weekends.

That is not necessarily the case here. Yes, some large agencies will have a realtors open house, but it is not the common practice. Agents will send out fliers electronically on homes they are trying to sell. Open houses, for the public, are not really all that helpful, which is why agents may not have them. You tend to get neighbors, or people who just like going to open houses! It is rare to get a buyer from an open house.

Leigh
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Old 02-05-2008, 12:23 PM
 
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I haven't bought a house in years, but have recently helped a friend who was looking in Cary. She was working with a realtor, but spent the first couple weekends looking at open houses that appeared to fit her needs. It is true, we did not find the house she bought that way (none really fit her needs on closer inspection) but she went to houses she may not have gone to the trouble of getting her realtor to take her too.
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Old 02-05-2008, 12:27 PM
 
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I know what the OP means. A realtor open house is simply an open house for realtors from within the same agency and from other agencies. This allows them to talk to the listing agent and get a feel for the house so when they are showing to their clients they are knowledgeable about the property. I am not sure that happens here but when we sold our house in Tampa, FL I know we had one of these 2 weeks after listing. It was because of this that the house sold a week later.
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Old 02-05-2008, 12:48 PM
 
Location: Raleigh, NC
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Open Houses worked well back in the early '90s when we didn't have the internet. Back then, the easiest way for buyers to look at homes, without their Realtor, was to just wander into an Open House.

However, with the internet, Open Houses are a waste of time. No one wants to ride around with gas being so expensive and look at houses! We are lazy! We want tons of photos on the computer screen in front of us!

And yes, the Open House was a way for a Realtor to get leads AND sell the house!

Whenever I have sellers that still want an open house, I have no trouble finding new agents at the office that will be happy to do it. They have nothing else to do, sellers are happy and if the agent gets a lead or two, wonderful way to gain experience!

Vicki
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Old 02-05-2008, 01:47 PM
rfb
 
Location: Raleigh, NC
1,305 posts, read 3,194,302 times
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Quote:
Originally Posted by VickiR View Post
However, with the internet, Open Houses are a waste of time. No one wants to ride around with gas being so expensive and look at houses! We are lazy! We want tons of photos on the computer screen in front of us!
I agree to a point. But my last house was sold (in Dec. 2001) to some folks doing just: driving around looking at neighborhoods who just happened to stumble on our open house. So don't discount open houses completely.
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Old 02-05-2008, 03:07 PM
 
Location: East Wake County - Zebulon, Specifically
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I agree. Most open houses don't do much but draw the neighbors and a few people driving through the neighborhood. I know at my agency, we have staff tours every week to view our new listings to get everyone in the office familiar with the property so that if anyone calls in off the sign, they have first hand knowledge of it. It is very discouraging when you have had no showings. I think a good evaluation point would be to see what your specific competition is, how they are priced, how long they've been on the market and if anything has sold or has gone under contract in your neighborhood in the last few months. Then determine if you need to take any corrective measures to reposition your home. On a brighter note, I have definitely noticed more activity as of late in the number of listings and the number of homes that have gone under contract so hang in there.
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