Open House Ideas and the Next Generation of Home Buyers?

[Brandon Hoffman]

I'm a 31 year old Realtor and Oct 10 was the end of my 4th full year in RE. I'm now a nationally certified RE Instructor and a top producer. I haven't done an open house in 3 years. I've listed 41 homes in the last 12 months and average selling almost a house per week. My average days on market is about 25% lower than the market average and my net to sale is 4% better than the market average. I sell 26% more of my listings than the market average.

Why don't I do open houses and why don't my sellers ask me to do them? Because they don't work. I educate my sellers on what we need to do to get the home sold and they do it. We condition and price the home right and do a heavy internet marketing program with multiple photos and virtual tours. My last 3 listings have gone under contract the first week on the market in a buyers market Open houses sell less than 1% of the homes now nationally. By and large they are a waste of time here, but in some markets they can be quite effective. And I don't have to kick my sellers out their home on a Sunday so I can sit around and watch their TV while no buyers show up.

[Brandon Hoffman]

Oh, and while I'm at it, I haven't run a print ad since Jan 2007.

[Rakin]

Brandon, I'm like you on open houses. Twelve yrs ago I started my career doing OH's and you could get 12-15 couples through on a fair day. Over the years I saw those numbers drop and now if you get 1-2 in you are doing well. Usually those are just nosy neighbors.

I fully stopped about 4-5 years ago, OH's & print media are dieing a quick death.

With that said I can see in a high traffic area, they may still pull in some potential buyers.

[middle-aged mom]

Back when, I was the Queen of Open Houses and actually sold some of the homes I sat.

It was a different market then and I was very particular about which homes I would sit for other agents, in my office.

I felt and saw the difference in the market in my area, in mid 2005. People were no longer out shopping for homes. The rest is history.

I will still do an occasional Open House on a specific listing, in certain areas where I know the neighbors will come through and create a buzz.

I no longer sit other agent's listings. It's a waste of my time and an inconveneince to the seller.

[MikeJaquish]

I did an open last weekend and had two different visitors come through who were relo'ing to town, one on initial scouting trip.
Not a waste of time, if it means one of them bites on the house. They both liked it a lot.
And a couple came through with Mom for a third look.
And another visitor came through this week for a second look.

This was during the Builders' Annual Parade of Homes, and an Open House is sort of a no-brainer, even with lower traffic generation than in prior years.