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Old 03-09-2018, 03:26 PM
 
Location: San Francisco Bay Area
4,156 posts, read 2,161,000 times
Reputation: 8086

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Quote:
Originally Posted by oldtrader View Post
This is a great article on he possibility of selling a home at an open house. As it says Realtors know, that only 2% to 3% of the sales will be due to an open house. There are too many negatives involved when making a decision to hold an open house. This link explains it best.

https://www.rochesterrealestateblog....n-real-estate/

80% of all homes are sold by 15% of the agents. Those top 15% are not open house fanatics.

Open Houses, are held for the salespersons benefit, not the benefit of the sellers. The open house allows the agent to pick up new clients, that have a home to list, or a client that wants to buy a home (unfortunately not that one). Open houses are suggested by new agents or others that need a new buyer or seller client.

Open houses are good for agents, not good for sellers.
I agree with you that open houses are not good for sellers; however, the article lists "allows realtors to pick up new buyers" in the PRO column.

The last thing I want my listing agent to be doing is marketing himself or herself on my dime.

For that reason, although I want my agent's contact information listed, I do not want the agent's face plastered on the flyer.
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Old 03-09-2018, 04:36 PM
 
10,608 posts, read 13,382,632 times
Reputation: 17158
Quote:
Originally Posted by LadyKatie3 View Post
I’ve heqrd it explained that well attended open houses help serious buyers think they may not be the only ones and act quick.
In my very popular tourist county on the Florida East Coast that's a very true statement.

Our visiting Snowbirds become BUYERS very quickly.

Like I said, I bought my condo the day after the agent got the listing before she did a single thing about listing or showing it.
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Old 03-09-2018, 05:48 PM
 
2,484 posts, read 1,727,641 times
Reputation: 4240
Broker open house is OK. It's what "connected" realtors do. If your realtor wants to do a public open house however, it usually means he has no leads and is probably not the best realtor for your property (there are exceptions to this, but why guess?).
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Old 03-09-2018, 07:19 PM
 
Location: Floyd Co, VA
3,302 posts, read 4,839,480 times
Reputation: 6886
I think it really depends on the local market.

Dec 2005, Oakland CA. I had an open house on a Sunday and had 5 offers for at least 10% over asking and about a dozen others between asking the the top offers. All by Tuesday, just two days after the open. Most definitely a sellers market.

The buyers got 100% financing and in 2010 I saw it on the market in foreclosure, sold for 42% of what they paid for it.
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Old 03-10-2018, 10:21 AM
 
10,608 posts, read 13,382,632 times
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Quote:
Originally Posted by SFBayBoomer View Post
I agree with you that open houses are not good for sellers; however, the article lists "allows realtors to pick up new buyers" in the PRO column.

The last thing I want my listing agent to be doing is marketing himself or herself on my dime.

For that reason, although I want my agent's contact information listed, I do not want the agent's face plastered on the flyer.
It's not your dime. It's the agent's dime - every penny of her time and costs. Until she closes the sale and you pay her.

Now if you chose to pay her by the hour, we can talk.

And if you refuse to accept any sales from referrals or friends of people attending open houses, you'd be consistent, IMO.

And why in the world would you demand a realtor not have her photo on HER MARKETING materials?

Not to mention you didn't pay for those materials.
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Old 03-10-2018, 01:59 PM
 
Location: northern va
1,555 posts, read 1,993,763 times
Reputation: 1328
Quote:
Originally Posted by TwinbrookNine View Post
Broker open house is OK. It's what "connected" realtors do. If your realtor wants to do a public open house however, it usually means he has no leads and is probably not the best realtor for your property (there are exceptions to this, but why guess?).
sure, there are exceptions, but why even throw it out there that the realtor might not be the best.. Myself personally, I'm happy to hold a listing open, especially if a competing property nearby is being held open that weekend etc. Theres's no harm in having it open, provided valuables/prescription medicine etc is attended to (not that I've ever had a seller client even mention something missing and/or broken, but its clearly happened somewhere).
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Old 03-11-2018, 05:58 AM
 
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Depends on the market. Sold our home last month in Philadelphia suburbs. We decided to have two open houses (Saturday then again on Sunday) and got 8 offers over asking as a result but the market here is hot so ymmv. Glad we did it as we didn't want to have multiple appointments.
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Old 03-12-2018, 07:00 PM
 
Location: San Francisco Bay Area
4,156 posts, read 2,161,000 times
Reputation: 8086
Quote:
Originally Posted by runswithscissors View Post
It's not your dime. It's the agent's dime - every penny of her time and costs. Until she closes the sale and you pay her.

Now if you chose to pay her by the hour, we can talk.

And if you refuse to accept any sales from referrals or friends of people attending open houses, you'd be consistent, IMO.

And why in the world would you demand a realtor not have her photo on HER MARKETING materials?

Not to mention you didn't pay for those materials.
Her marketing materials? Really?

The marketing materials are supposed to be for marketing one particular house for sale, not to market the listing agent, though it is obvious that some listing agents who splatter their faces prominently on the flyer—often taking up a very large and prominent part of the front page—are in fact marketing themselves first and the specific listed house only second.

Obtaining a listing is not a difficult thing for a successful agent with a track record to do. It is the work that comes after that should earn an agent a commission on the house they have been hired to sell. Hey, I would love to pay a successful listing agent by the hour. Around here that would save a seller big bucks. Keep in mind that every 1% in commission paid on a million dollar house is $10,000 and million dollar houses are not the least bit uncommon here. (Sales commissions overall are much more than 1%, as you no doubt know.)

If an agent cannot close a sale (and do it quickly) in a hot seller's market with multiple overbids as we have here in the SF Bay Area now and turn a tidy profit, they ought to get out of the business altogether.
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Old 03-13-2018, 01:46 PM
 
2,484 posts, read 1,727,641 times
Reputation: 4240
Quote:
Originally Posted by kww View Post
sure, there are exceptions, but why even throw it out there that the realtor might not be the best.. Myself personally, I'm happy to hold a listing open, especially if a competing property nearby is being held open that weekend etc. Theres's no harm in having it open, provided valuables/prescription medicine etc is attended to (not that I've ever had a seller client even mention something missing and/or broken, but its clearly happened somewhere).


I agree.


But, 6% is 6%... EARN IT! I require any realtor listing my property under a contract, to automatically assume, that if a nearby comp has an open house, you drop whatever you're doing and put an open house sign on my property too.


And NO EXCUSES! 6% is 6%. Earn it bud!
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Old 03-13-2018, 01:49 PM
 
Location: Cary, NC
31,603 posts, read 55,320,924 times
Reputation: 30155
Quote:
Originally Posted by TwinbrookNine View Post
I agree.


But, 6% is 6%... EARN IT! I require any realtor listing my property under a contract, to automatically assume, that if a nearby comp has an open house, you drop whatever you're doing and put an open house sign on my property too.


And NO EXCUSES! 6% is 6%. Earn it bud!
If you are paying 6%, get a guardian...
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