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I am curious how effective open houses are, other than to have the nosy neighbors in. I have read they are just a way for realtors to farm clients as opposed to really selling anything. What are your thoughts? I am more curious about homes on the upper end of the price spectrum.
It depends on the market and market conditions. For higher priced homes, they don't help in my area because most people at higher price points work with agents and prefer private showings.
They weren't on my marketing plan for a long time, but I added them back about a year and a half ago because we were having so many agents come down from Portland to Salem. We are a different MLS system and it was problematic to get them into homes since we have different keybox systems so I started doing open houses the first weekend to get all of the local buyers using out of town agents inside the home in an easy way.
We sold a house after someone came in at the spur of the moment to an open house, and we made an offer on a house after visiting one. It's NOT just for nosy neighbors.
Open house story. Fellow selling a $500K home. His agent says 6% commission but if she lists and sells it, a 4% commission.
Have one Open House on a Sunday. Another scheduled the next Sunday. Agent calls on Friday and say she has a family emergency. She says we can cancel the Open House or she will have someone from her office cover for her.
Live buyer comes through. Makes an offer. Agreement made. Sales procedure begins. Fellow sees 6% commission. Calls his agent and says you said 4% if you listed and sold it. She says I did not sell it, the agent from my office covering the Open House is the selling (procuring) agent.
Fellow assumed the person covering for her was not an agent. He feels he was cheated out of 2% or $10K.
Agents defend this practice. I cannot defend it. It is trickery. Say what you wish, but trickery.
Open house story. Fellow selling a $500K home. His agent says 6% commission but if she lists and sells it, a 4% commission.
Have one Open House on a Sunday. Another scheduled the next Sunday. Agent calls on Friday and say she has a family emergency. She says we can cancel the Open House or she will have someone from her office cover for her.
Live buyer comes through. Makes an offer. Agreement made. Sales procedure begins. Fellow sees 6% commission. Calls his agent and says you said 4% if you listed and sold it. She says I did not sell it, the agent from my office covering the Open House is the selling (procuring) agent.
Fellow assumed the person covering for her was not an agent. He feels he was cheated out of 2% or $10K.
Agents defend this practice. I cannot defend it. It is trickery. Say what you wish, but trickery.
Only thing that matters is how the listing contract reads. I can't imagine the listing contract said "anyone in my office" nor can I imagine she said that. He may have inferred that. If she wrote it the way I do, it read "If 1insider brings a buyer with no other broker involvement, total commission owed (1insider's brokerage) will be 4%."
Note that it doesn't say "anyone from 1insider's brokerage".
Not looking real good for that open house on Sunday, Mike. Hope you've managed to stay dry and unbattered.
We are high and dry.
Yeah, the open house is just hardly 50/50 right now.
I think I could get some traffic. I think I could get a listing tracked up with wetness.
And, it may just be too gloomy to show its best.
Open house story. Fellow selling a $500K home. His agent says 6% commission but if she lists and sells it, a 4% commission.
Have one Open House on a Sunday. Another scheduled the next Sunday. Agent calls on Friday and say she has a family emergency. She says we can cancel the Open House or she will have someone from her office cover for her.
Live buyer comes through. Makes an offer. Agreement made. Sales procedure begins. Fellow sees 6% commission. Calls his agent and says you said 4% if you listed and sold it. She says I did not sell it, the agent from my office covering the Open House is the selling (procuring) agent.
Fellow assumed the person covering for her was not an agent. He feels he was cheated out of 2% or $10K.
Agents defend this practice. I cannot defend it. It is trickery. Say what you wish, but trickery.
But, this is not an open house story, except that the property sold to open house viewers.
You have a commission story, which hardly fits into the question, "Do Open Houses sell homes?"
In this case, the answer is, "Yes."
I've sold quite a few from the open house. Usually if they have an agent, they will see it at open house without their agent, then come back a couple days later with agent, then write the offer.
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