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Old 09-29-2019, 06:52 PM
 
Location: Cary, NC
34,074 posts, read 59,260,161 times
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Quote:
Originally Posted by oldtrader View Post
It is rare for a home to be sold from an open house. NAR statistics, find less than 2% of homes are sold via open houses

Open houses benefit agents, looking to find potential buyers for other homes, and listings.

I bet those 2% of sellers and agents are happy with their open houses.

Lazy agents will tell the world that open houses don't work, so they can eat peanuts, watch the game or the race, while grunting, groaning, and moaning about how dead the market is.
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Old 09-29-2019, 07:12 PM
 
Location: Rochester, WA
6,341 posts, read 3,553,810 times
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I don't think the market is dead at ALL in our area.... but Open Houses are pretty lonely places to spend the weekend in rural parts where most of our particular business is. We can sit around and eat cookies and browse City Data on our phones by ourselves more comfortably at home.

The last in-town listing we had, we had an open house for the whole three days our client held her estate sale. I hung out there the whole time (client was a good friend!) just in case someone wanted to talk about the house, and I invited another agent to hang out with me for prime time Saturday to help any unrepresented potential buyers, and that effort paid off for her.... we sold the house to someone who came to the estate sale. Buyer would have bought anyway, she was a neighbor who was waiting for it to go on the market I think, but it worked out well for all. That time.



Be flexible... that's my motto.
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Old Yesterday, 07:37 AM
 
Location: Loudon, TN
6,153 posts, read 5,069,480 times
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We got a ton of people at the open house for our rental home that we sold. It was a very hot market for starter homes. A lot of first time buyers have been priced out of the market. We live in TN, and the home was in CA, so we really wanted a quick sale, and to just get it done, take the money and run, because we had already made an offer on a new rental property in TN. Our realtor created a real buzz by allowing no showings (except the realtors tour) prior to the open house. He advertised on his website about the open house with photos, called all his realtor buddies and told them about it, and put out signs several days ahead saying "open house Saturday". He also put it on Zillow and Realtor.com a week ahead of time and put the open house date at the head of the listings in bold w/ALL CAPS. He said he had so many lookers come through that he stopped counting after the first page of the sign in sheet filled up. We had 16 offers from that one open house! It was like a feeding frenzy. We priced it at $10k over what the last home to sell in that neighborhood sold for. We ended up selecting the offer for $20k over our asking price, all cash, as is, short escrow. We were thrilled.

Obviously this would only work in a hot market, but he really got us the quick sale we wanted, and we got the most bang for our buck.

Last edited by TheShadow; Yesterday at 07:46 AM..
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Old Yesterday, 08:39 AM
 
Location: Rochester, WA
6,341 posts, read 3,553,810 times
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In really hot market like we had in Seattle last year, I can see the appeal for sellers of going live on a Thursday or Friday, having an open house for two days over the weekend and no other showings allowed and ask for offers to be in by Monday morning. It might be chaos for the weekend, but at least it’s only chaos for one weekend and you don’t have to put up with a lot of individual showings!

Luckily down where we do most of our business it’s not nearly that frantic.
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Old Yesterday, 01:18 PM
 
Location: Round Rock, Texas
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ive never purchased a home via an open house
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Old Yesterday, 01:53 PM
 
9,084 posts, read 8,318,475 times
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Quote:
Originally Posted by MikeJaquish View Post
I bet those 2% of sellers and agents are happy with their open houses.

Lazy agents will tell the world that open houses don't work, so they can eat peanuts, watch the game or the race, while grunting, groaning, and moaning about how dead the market is.
On the contrary, over my many years in the business, I noticed it was the lazy agent and the brand new agents that held open houses. They were looking for listings and buyers for other homes, not really expecting to sell the house they had the open house at.

The top agents realized the odds of selling the home through an open house, were 2% of sales, and did not want to spend 50 weekends holding open houses to sell one home per year. They were working with clients on those weekends to actually sell homes.

From 1972 until I finally retired I was an investment real estate broker. First day (Monday), sold a nice 2 year old smaller brick apartment house in a prestige area to a former co-worker. Fourth day (Thursday) sold the identical one next door. Following week, exchanged a high quality 16 unit apartment house as the down payment on a large irrigated farm.

I bought, sold and exchanged a lot of single family homes for investors. Best day for residential homes, was a 13 home small subdivision, to be built homes, and one V.A. loan home to be repossessed on Monday. Sold all 14 in 2 hours on the telephone to investors, with no one buying less than 2 and one 5. By 5 p.m. had all contracts signed both sides.

Two years later, had a medical office building with 5 office built for a Doctor, and exchanged those 5 homes for the down payment on the medical building. Doctor leased the building including all offices, for 20 years when he retired. He leased the other 4 offices to renters that would be compatible to his practice. Gave him great tax advantages this way, and the income from the homes, paid his mortgage payment.
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Old Yesterday, 02:27 PM
 
Location: Salem, OR
14,132 posts, read 33,352,435 times
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Quote:
Originally Posted by oldtrader View Post
On the contrary, over my many years in the business, I noticed it was the lazy agent and the brand new agents that held open houses. They were looking for listings and buyers for other homes, not really expecting to sell the house they had the open house at.

The top agents realized the odds of selling the home through an open house, were 2% of sales, and did not want to spend 50 weekends holding open houses to sell one home per year. They were working with clients on those weekends to actually sell homes.

From 1972 until I finally retired I was an investment real estate broker. First day (Monday), sold a nice 2 year old smaller brick apartment house in a prestige area to a former co-worker. Fourth day (Thursday) sold the identical one next door. Following week, exchanged a high quality 16 unit apartment house as the down payment on a large irrigated farm.

Top agents have buyer agents working for them. Those buyer agents hold the open houses. It is the whole point of teams.

You are the forum enough that you don't need to retell your first-day apartment story every time.
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Old Yesterday, 03:27 PM
 
Location: Cary, NC
34,074 posts, read 59,260,161 times
Reputation: 33009
Quote:
Originally Posted by oldtrader View Post
On the contrary, over my many years in the business, I noticed it was the lazy agent and the brand new agents that held open houses. They were looking for listings and buyers for other homes, not really expecting to sell the house they had the open house at.

The top agents realized the odds of selling the home through an open house, were 2% of sales, and did not want to spend 50 weekends holding open houses to sell one home per year. They were working with clients on those weekends to actually sell homes.

From 1972 until I finally retired I was an investment real estate broker. First day (Monday), sold a nice 2 year old smaller brick apartment house in a prestige area to a former co-worker. Fourth day (Thursday) sold the identical one next door. Following week, exchanged a high quality 16 unit apartment house as the down payment on a large irrigated farm.

I bought, sold and exchanged a lot of single family homes for investors. Best day for residential homes, was a 13 home small subdivision, to be built homes, and one V.A. loan home to be repossessed on Monday. Sold all 14 in 2 hours on the telephone to investors, with no one buying less than 2 and one 5. By 5 p.m. had all contracts signed both sides.

Two years later, had a medical office building with 5 office built for a Doctor, and exchanged those 5 homes for the down payment on the medical building. Doctor leased the building including all offices, for 20 years when he retired. He leased the other 4 offices to renters that would be compatible to his practice. Gave him great tax advantages this way, and the income from the homes, paid his mortgage payment.

Nah.
I am not lazy, and I hold open houses.
I don't care about your track record. It is irrelevant to my efforts and to the reality of most agents in 2019.

"Top agents" is such a tiresome label. It is the "Old School, Old Dog, Top Agents" who are handing the industry and the consumer over to the Zillows, OpenDoors, etc, with their entitled attitudes on service, compensation, and general ethics.
"I am a Top Agent," they say, "If it is profitable, it is good."
Blech.
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Old Yesterday, 07:18 PM
 
39,302 posts, read 15,555,715 times
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Quote:
Originally Posted by MikeJaquish View Post
Had a Saturday open house last weekend.
People driving by, saw the sign, and they were under contract on Sunday.

Open houses tend to have a low conversion rate, and many have a low attendance rate, but, "You miss 100% of the shots you don't take."
Gretzky nailed it.

So what if only 1 in 50 open houses results in a sale. If your home is the one, ...

We went to an open house for a renovated townhome in our neighborhood a year ago just to see what was done. Lots of people were there and it was under contract by Tuesday.
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Old Today, 03:50 AM
 
Location: Cary, NC
34,074 posts, read 59,260,161 times
Reputation: 33009
Quote:
Originally Posted by GotHereQuickAsICould View Post
Gretzky nailed it.

So what if only 1 in 50 open houses results in a sale. If your home is the one, ...

We went to an open house for a renovated townhome in our neighborhood a year ago just to see what was done. Lots of people were there and it was under contract by Tuesday.

The 1 in 50 includes agents who only hold open houses to scrape up buyer leads. Lazy and agent-centric agents include those grifters in their rationale for not holding open houses.
And, to put a finer point on it...
There are properties I won't hold open for various reasons.
Also, I try very hard to avoid open houses in occupied homes, particularly with valuables that will not or cannot be removed.
Being a little smart about it raises the success rate a bit.

Old school, agent-centric, low service model, open house: Focus entirely on getting buyer leads. Forget selling the house. Push a family with two toddlers out of their home on a rainy afternoon because the agent wants to scrape up some buyer leads.
The agent doesn't even have to know anything about the property. Rainmakers will put the sweetest, dullest newbies into the house, and they will open it without even going upstairs and turning lights on.
Agent has brochures all about how they walk on water and can sell ice cubes to eskimos and have the biggest boat or boobs on the planet.

Proactive, client-centric, service-oriented, open house: Go in to sell the house, above all else, prepared with in-depth knowledge of the property.
Have flyers and booklets with floor plan, plat maps, surveys, disclosure forms, and other informative docs.

While I sold a house to buyers because of their visit to open house last weekend, more frequently I see buyers come back for a viewing of the house with a friend or mom and dad, after their agent showed them the house a day or two before.
These are often the visits that cement the desire to buy in those buyers. Works for me.
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