Is an open house a good idea when it comes to getting your house sold? Truthfully, the answer is usually not. Here’s why….
NAR (National Association of REALTORS®) statistics show that only about 1% of the time does a buyer for a property appear as the result of having viewed it at an Open House. Certainly, we could easily make the argument that having that 1% chance alone is enough to justify having an Open House but there are plenty of reasons why it’s not a great idea.
Holding a public Open House means that you are letting random strangers in to view the property. Most of them are probably not shopping for a home at all but are simply looking for something to do and saw the Open House sign. Those are not your buyers, they are just wasting your time and getting your hopes up.
There’s a much worse aspect to holding a public Open House though. It can be an opportunity for a potential thief to stop by, get a look at what you have and then know what and where to look at a later date. Reports show that thieves will even use a showing as a means of scheduling their theft (that’s why it’s a good idea to have your agent insist on buyer pre-approval before scheduling a showing).
Speaking of pre-approvals, chances are really good that a potential buyer that shows up alone (without their agent) at an Open House, probably does not have a pre-approval for a loan yet. That means they really aren’t a buyer. They are really just a looker.
So why do so many agents recommend Open Houses to the seller? Because it’s a great way for them to get leads on potential buyers so that they can make more sales of other properties. Do you really want to use your home as a platform for an agent to advertise for more buyers for themselves?
NAR statistics also show that about 25% of the time the buyer for a property is by someone who already lives nearby or knows the seller. Want to find out more about how to leverage those potential buyers? Call or text 661-375-7325 or email Sally@YourRealAdvantage.com and we can talk about how to put the power of the 25% to work for you.
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