Are Open Houses Worth Having?
The age-old question of real estate, “Are Open Houses worth having?” Well, it depends on who you ask. There is the real estate agent perspective and the Seller perspective. Both say, “yes” and both say, “no.” Here’s why.
Real estate agents who say, “YES”:
- Know the property is in a high-traffic location and could produce a Buyer. However, not necessarily a Buyer for this property. Some real estate agents use open houses to pick up new Buyer leads for their business. When marketed well, a real estate agent can produce many leads from one open house.
- Want to make sure they are doing everything their client feels is necessary to sell the house even if they know it’s unlikely they will get attendees or find the Buyer from an open house.
- May just want to catch up on their reading or paperwork for a couple of hours while they wait for visitors.
Sellers who say, “YES”:
- Just assume you must do an open house as part of the marketing plan.
- Feel that their property has the potential to get a lot of traffic and think they may get an interested prospect walk through.
- Want their real estate agent to do as much as possible to sell their house and feel that an open house is a good way to do that.
Real estate agents that say, “No”:
- Feel that the property is not in a high traffic area and they won’t get many, if any, prospects, except for, perhaps, “nosey neighbors.”
- Are concerned to hold an open house due to liability of the Seller’s personal belongings or due to personal safety.
Sellers who say, “No”:
- Don’t want random strangers walking through their home without ample supervision.
- Feel their agent does outstanding marketing outside of open houses and feel that their house would not be a good candidate for selling during an open house. Some Sellers of unique or high-end properties feel that their property is best marketed via word of mouth, print, and online and then having the prospective Buyer set up a private showing.
As you can see, there are good reasons to do open houses and then there are good reasons not to do open houses. It really depends on the Seller and the Real Estate Agent and making sure they are on the same page in their ideas and opinions of them.
Michelle Froedge is a residential Realtor and Principal Broker in the Greater Nashville and Williamson County areas of Tennessee. “Mom” to four-legged fur babies, Tyler and Livvie, Auntie to Zelamie, she is a vegetarian and sings in her spare time. Michelle has lived in Nashville and Franklin since 1997 and has been selling homes since 2004.