Thread: Open House Waste Of Time

Can you still pick up buyers? I have always found that an Open House is a good sorce of leads. It is also very cost effective since the only cost is your time.

It depends how much time you're willing to invest to get one buyer? How many Sundays to make one sale. Take a look at this post.

http edynblog.wordpress. com/2007/05/13/wasting-time-at-open-houses/

It might shed more insight.

I disagree. I think Open Houses are a great way for a realtor to place one's name out there and as a home buyer I enjoy the prospect. An open house does not have to be an entire day, it can be within a 2 hr window.

I love to do an open house. We set up a grill and give away free food. It is a great way to get prospects and maybe sell a house.

I think it depends on the market. Here in Michigan, open houses mean 3 hours of neighbor visits or no body at all. We just don't have enough buyers for our inventory.

They are a waste of time! Statistics show that less than 1% of homes get sold at open houses. There are an inefficient way for an agent to advertise his/her services.

Originally Posted by Deana

I think it depends on the market. Here in Michigan, open houses mean 3 hours of neighbor visits or no body at all. We just don't have enough buyers for our inventory.

I like to think of it as too much inventory for your current market activity.

Originally Posted by thedeallocator

They are a waste of time! Statistics show that less than 1% of homes get sold at open houses. There are an inefficient way for an agent to advertise his/her services.

The point isn't really to sell the house being held open. The point is to meet people in the market to buy a house (or a neighbor who may eventually sell a house), make friends, and develop them as a prospect.

TTTPBTBPD.

Of course, once you get too many leads and prospects, you're right -- open houses are no longer an efficient use of your time. That's when you let someone else do it who needs to build up their leads and prospects and perhaps gain some confidence at talking to prospective buyers and sellers.

I have to disagree that an open house is a waste of time. If the home is in a good location for an open house (easy to get to from a main street) I am usually pretty open to doing it. I find that my sellers like the fact that I am doing open houses and this helps me get listings. Additionally I can benefit from generating new leads. If for some reason the open house is slow I can always use my laptop and get some work done. Personally, I would much rather do an open house over floor time.

Open Houses seem like a waste of time, unless they are done right. You need to redefine your goal for having the open house. The point is NOT to sell the house. The point is to make contact with as many people as possible during that time. Invite the whole neighborhood, make it a party. Have food and "party favors" with your name on it to give away.. note pads, etc. People are often afraid of realtors because realtors can be so "needy" i.e. I NEED a buyer, I NEED a listing.. I NEED INCOME! The neediness turns people off. By turning the open house into a party atmosphere, people will relax, visit with you, ask you questions. You better be prepared to talk off the cuff about the area, homes on the market, days on the market, market trends. By being prepared, you will impress the people you meet. They won't list today or buy today, or maybe ever. But you never know where they will drop your name with a positive comment about how professional and informed you are.