Selling Your Condo: The Truth About Open Houses
They don’t work. There, I said it.
Some of my fellow Realtors may not appreciate me posting this, but the truth is, open houses add little to no value to a successful marketing plan for selling a property.
What many agents tell their clients is open houses are a great way to ‘expose’ your property to the largest number of potential buyers and therefore help you get the highest possible selling price. Some clients even insist that their agents do open houses. But statistics show only a small percentage of all properties are sold through open houses.
Who goes to open houses? Neighbours and people without agents. If you like the idea of having your neighbours and complete strangers off the street looking in your closets, then by all means, have an open house. But the serious buyers, those actively looking with intent to buy, are working with a Realtor. They will book an appointment to see your property through their agent because they want to buy your property, not to see what condiments are in your fridge.
Why do agents do open houses? Some agents are either dumb or naive and actually do think they sell properties, but most use them strictly as a prospecting and networking tool to meet potential new clients. This is why you almost never see seasoned and successful agents hosting open houses. We have better things to do!
[The exception to this is perhaps in a down market where the number of agent-showings are dramatically reduced (as was the case from about Oct 2008-March 2009 most recently). In this type of market, an argument could be made that any potential increase in exposure could help sell your property and should be pursued.]
What are your thoughts? Leave me a comment or drop me an email.
