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Old 04-02-2007, 06:56 AM
 
83 posts, read 196,795 times
Reputation: 33
Default Value of Open House

Hi All,
I am in the process of evaluating realtors to sell my house. Most of them are shying away from Open Houses as part of their duties.
Although I find their reasoning that <.1 percent of homes are sold through open houses, I am still wondering why there are still open houses around then.
Thanks in advance for your feedback.
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Old 04-02-2007, 07:02 AM
 
Location: Falling Waters, WV
1,500 posts, read 4,776,123 times
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They say that open houses don't sell homes and that the realtor does them to try to get new clients. Our house is also on the market and my agent didn't want to do one either but just had one a couple of weeks ago because we were about to fire him. Nothing came from it, just peepers. My opinion is when searching for an agent ask for an agent caravan upfront, we didn't get one of those either but that way if you can get agents through then when they have clients they have seen your house and may be more incline to show it. I really feel that the agents these days are using the MLS and the internet to sell houses.

Good Luck, on your listing, I NEVER want to do this again.
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Old 04-02-2007, 07:12 AM
 
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Brokers mainly do open houses to pacify the sellers who like to insist on having them. Open houses draw many unqualified buyers for homes in a much lower price range normally (champagne appetite, beer pocketbook thing); also nosey neighbors, lookers who either have nothing much to do on a Sunday afternoon and "like to look at houses". I would always have a sign-in sheet where they can list their name, address, contact information, and a column for "comments" as to their level of interest in that particular home. For the most part, if you get 7 or 8 couples through, that is considered a "good" open house. Out of those, maybe 2 will be true buyers, and hardly ever a true buyer for that particular house. You would be amazed at those who put down false names or telephone numbers, or in the comment column say "just looking"; or this one "looking for a relative" with no other information. I call them Sunday Bunnies.

People go to open houses to avoid commitment to an appointment. Just like people walk around an automobile car lot on Sunday when the salesmen are not around. They are just shopping. I've had people fully admit that they are building a new house, and are looking for floorplan ideas and decorating ideas.

Isn't it better to have bona fide appointments by qualified buyers who have called your agent or another agent as a result of driving by or a phone call about your specific house? rather than a bunch of people out for a Sunday ride.

Your agent has no ulterior motive in not wanting an open house for you, believe me.

I will never understand why someone puts their faith in a good experienced agent, and then second guesses the agent all the way through the transaction. It simply creates unnecessary angst for everyone. Sit back, relax, and let your house sell itself with professional assistance.
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Old 04-02-2007, 07:15 AM
 
83 posts, read 196,795 times
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Thanks for the feedback. I will definitely ask this in the interviewing process. If they are using MLS and the internet, then how different is it from FSBO. They better bring something more to the table than just listing it on MLS.
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Old 04-02-2007, 07:18 AM
 
83 posts, read 196,795 times
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AppleAnnie,
I am totally in agreement with your words. However, there are always people who don't do their jobs and it is there that an informed seller will be better able to handle such situations.
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Old 04-02-2007, 07:21 AM
 
Location: Mass.
345 posts, read 1,085,121 times
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Quote:
Originally Posted by atlbravo View Post
Thanks for the feedback. I will definitely ask this in the interviewing process. If they are using MLS and the internet, then how different is it from FSBO. They better bring something more to the table than just listing it on MLS.

bravo, ALTBRAVO!!!!
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Old 04-02-2007, 07:21 AM
 
Location: Falling Waters, WV
1,500 posts, read 4,776,123 times
Reputation: 739
Quote:
Originally Posted by Apple Annie View Post
I will never understand why someone puts their faith in a good experienced agent, and then second guesses the agent all the way through the transaction. It simply creates unnecessary angst for everyone. Sit back, relax, and let your house sell itself with professional assistance.
Personally, I have been sitting back and relaxing for 6 months now. When there is a contract on the table and you have to call your agent 2 days later to find out if you house had sold, I don't think that is acceptable. I think in our case our agent was busy with his other houses and thought we would sit back and take him not calling (on anything). He is very experienced and we had all the faith in him but the way he had dealt with our home really frustrated us, we just wanted him to do his job. He called all the time before we listed to find out if we were ready then never called again after listing. I have to say that I shot off an email telling him that we were going to go with someone else and he showed up and agreed and has been working ever since, I just wish I would of done it sooner.

I should say that our house had been on the market in the tuffest season and big downslide as well but there is still no excuse for not calling and keeping in touch and atleast trying to get feedback from our showings.
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Old 04-02-2007, 07:23 AM
 
192 posts, read 597,974 times
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I would never have a public open house (as a seller) although I believe that broker's open houses do have a value because it allows local agents to see a listing that may be exactly what one of their customers or clients is looking for.

In the area I'm looking in, a broker's open house is usually held on the Thursday following the day a house is first listed on MLS. Public open houses are most often held on a Sunday, occasionally on a Saturday, afternoon.

As a buyer, I have occasionally gone to an open house in which I know I won't buy THAT house (for example it has an inground pool which is on my No Way list) but it is the same house structurally as others in the area that are not currently for sale but don't have the "negative". This allows me to see the interior layout of the house, room sizes, etc so that if the same type of house without the 'negative' comes on the market later, I'll know whether or not I want to make an appointment to see it. I would not waste a realtor's time by making an appointment to see a specific house that I know has a 'negative' like an inground pool, just to see the structural layout for future reference; but I will go to an open house to accomplish the same purpose, because the agent is already there.

When I do go to open houses I immediately give the showing agent my buyer agent's card, so they know I'm already represented by someone else.
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Old 04-02-2007, 07:35 AM
 
473 posts, read 1,491,108 times
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Sorry that you've not had a good experience with a long term agent Janipoo ... I agree that lack of communication is not acceptable. And I've seen many agents avoid calling their sellers simply because they don't have the answers to the questions, and that is not right either. Be up front, keep your people informed and keep their trust. If the market is slow, then the agent has no excuse that he's been "too busy".

However, if there was a contract on the table, a real true signed contract with legitimate contingencies, I can't imagine any agent holding it back. Is that what you meant? You had a contract and he didn't tell you? if so, then how did you know there was a "contract". That is cause for termination right there; but there had to be other circumstances for anything near that scenario to take place I would guess. All offers have to be presented to the seller asap. I've even waited in parking lots after hours for another agent to bring me a written contract, and then driven over near bedtime to my sellers put the offer in their hands so they could look it over, and look it over in the morning and call with acceptance or a counter offer. Believe me, I am not the exception either ... all the good agents I know do the things I convey on this forum.

After 30 to 45 days on the market, a review of pricing, market conditions should be conducted. Many times in a difficult market, the first thing needed is a price adjustment. If other, similar (in every way) homes are not selling, then you need an edge and the best edge is always lowering the price. You will end up lowering the price the longer the home is on the market, so best to do it right away and deal from a better position.

We can only give our best advice on this forum in general, we are "driving blind" here not knowing the exact circumstances of each case and are hearing one side of the equation in an attempt to help you.

In most cases, sellers are anxious to get their homes sold and talk to friends, relatives, who for the most part convey their bad experiences and sour the public on agents. We need to have more good experiences passed around. There is a topic about "worst horror stores" ... lol ! I should put one up about "best agents". I should also come out of retirement .... it seems our public relations work has a long way to go.
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Old 04-02-2007, 07:41 AM
 
1,220 posts, read 3,997,699 times
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Default Our experience with open houses

I've seen open houses work in different ways depending on the market. Four years ago we sold a single-family home in Northern VA via an agent (very hot seller's market) and we got multiple offers, including some over asking price, immediately after the open house. Of course, that was a very different market from today's.

We are now selling a home in another state via an agent and she has chosen to hold a public open house twice. You do get a lot of people coming if the weather is good, but I can't say it is what has led to the offers. What has happened is that people who have looked at the house previously with their agent come back during the open house to take a second look. Those may be possible buyers. However, the private open house to other realtors is helpful because anyone representing buyers know if the property matches someone's needs.

We are now in the process of relocating and have gone to a few open houses in the area where we plan to buy when we sell our home. Are we ready to make an offer now? No...But we are future buyers and have kept in mind the homes we liked and, if they are still in the market when we are ready to make an offer, we'll be going back with our buyer agent to take a second look and explore them further.

Good luck with your sale.
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