The Open House Myth – Who Benefits?

April 10th, 2012 by

Has the Open House Myth changed? Who really benefits from this procedure? Have the efectiveness of an Open House been outlived? Recent survey’s state that public open houses may be more beneficial fors realtors than home sellers. Studies taken by the Real Estate Center at Texas A&M University show that thirty-two percent of the total 97% who responded believe that public open houses attract potential buyers. A whopping 41% of the agents that responded to the survey felt that showcasing the home in an open house was beneficial. In reality, buyers that are attending public open houses are more likely to buy a home other than the one being held open.

Are those attending open houses simply “kicking tires” and in the beginning stages of their search? Possibly. Sixty-two percent say most people attending open houses are not serious at all.

There are benefits to holding an Open House but feel they marginaly benefit the seller. While Open Houses are meant to bring in buyers, they create opportunities for agents to meet the neighbors, establish relationships within the community and obtain new business/listings.

Opening the home to potential buyers is part of the process and can be productive – 45% of buyers used Open Houses as an informational source in their new home search. Of the 45% only 11% learned about the home for sale through an Open House. Today, buyers are looking online and have realtors who are searching the Multiple Listing Service on their behalf. Eighy-nine percent of buyers are searching for their next home online.

As a realtor setting the expectations of the Open House Myth is key. Effectively marketing the home in ways that we can control (price and condition) will produce ready, willing and able buyers.

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