The Dennis
Bailey Team
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The Dennis
Bailey Team
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Who
Benefits from an Open House? The weekend open house is a time-honored tradition in real estate sales, but it has outlived its effectiveness? According to a survey conducted by the Real Estate Center at Texas A&M University. The survey results indicates that public open houses may be more beneficial for the agents themselves than for the home sellers. Almost all the agents who responded to the survey (97 percent) had held public open houses, but only 41 percent believe those events help sell the home that's being showcased. Thirty-two percent believe public open houses attract many potential buyers, but nearly three-fourths also believe those buyers are more likely to buy a home other than the one being held open. And 62 percent say most people attending open houses aren't serious buyers at all. Even though open houses may be of only marginal benefit for sellers, they aren't necessarily a total loss for some agents. In addition to bringing in buyers for other homes, open houses create opportunities for agents to sign listing agreements with neighbors who stop by to see the open home. Fifty-five percent of the survey respondents agreed with the statement that open houses help them generate new listing contracts. Public open houses present a serious security issue for home sellers and agents, especially in occupied homes. According to Jack Harris, a research economist with the Texas A&M center. "Agents must be on-site for the duration of open houses. Safety is a growing concern because there is no way to know whether a visitor is a serious buyer, just curious or has more sinister motives." Despite the potential for meeting prospects, many agents find open houses troublesome, dangerous and generally a waste of time. The first lesson for home sellers is: Unless your home is unusual (i.e., difficult to sell), you might want to spend your weekends enjoying your own backyard, rather than turning your home over to your real estate agent. If your agent is gung-ho on public open houses, find out what supplemental marketing efforts (e.g., advertising the open house in a local newspaper) he or she will use to attract serious buyers for your home to the event. The decline of public open houses is probably attributable to new marketing techniques, especially real estate Web sites, and yard signs that cause drivers-by to tune their radio to hear messages about the home. Bottom line: Open Houses are an effective tool for the Agent, but the possibility of the seller gaining anything from the open house, other than gratitude of the agent, is slim. |
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color,
religion, sex, handicap, familial status, or national origin.”