Do Homes Sell From Open Houses?

Dear Rebecca
I had my home on the market last year but I did not request an open house. My house did not sell and I am wondering if perhaps I should have had one? Do homes sell from open houses? I plan list again after Christmas. If I do have one how should I prepare for an open house?
Andrea

Dear Andrea
There are two types of open houses- public open houses and REALTOR® open houses and both give your home extra market exposure.

A REALTOR® open house, in Fredericton, typically held during the week, is an invitation from your listing representative to other agencies sales people to come and view your home. It is usually advertised through the internet on the real estate boards website agents only website. Although most professionals review the new listings daily and see the updated listing, pictures never tell the whole storey. Therefore, a firsthand look from the other REALTORS®, the people who are working with the buyers, is great exposure for your home.

The public open house is a marketing strategy, which real estate professionals themselves debate and remain divided as to whether it works to sell the home. The sales statistics, quoted for homes sold from an open house is 3-5%. However,some agents prefer not to host open houses and do not find them to be a useful marketing tool. Agents with many listings cannot do open houses on every listing so rather than hosting open houses only a few listings, may choose to do none at all. If a your representative is not able to do an open house, and you would like one, he/she may ask another representative within the agency to host one.

Personally, I find open houses work well as I have between 11-16% of the homes I sell come for someone who views the home at the open house. The success of an open house depends on many factors including a bit of luck: the accuracy of the home price to market value, the curb appeal and wow factor, the weather, the location (rural locations do not usually get as much traffic) how well advertised and how well the host presents the home.

In Fredericton, public open houses are usually Sunday 2pm to 4pm. However, with locations such as downtown close to the Saturday market a well-timed open house can be very successful. On Saturday’s new subdivisions attract buyers who are exploring these locations and for these new areas, Saturday open houses can be good.

Any home, which is “open-housed”, will get extra market exposure in print, internet, signage and word of mouth. Depending on your listing agent, your “open house” may potentially be advertised in the Friday Real Estate Tabloid, the Saturday Gleaner classifieds, on www.realtor.ca, frederictonopenhouses.ca and other websites.

Occasionally sellers express anxiety regarding who will be in their home and are concerned about tire kickers and nosey neighbours viewing their home. Sometimes it is these nosey neighbours or tire-kickers who tell a friend or co-worker about a home for sale which they viewed in their neighbourhood. I find attendees will often express the fact that they are not searching themselves but ask to take information on the home to give to a friend. If you have concerns about who will be in your home you can request your REALTOR® collect a list of names or licence plates of your open house attendees.

Although most buyers work with a buyer’s agent, many people want to do their groundwork independently and like exploring the market on their own. Many buyers have said, “I was waiting for an open house to see this home” When asked why they did not book an appointment they have expressed that they feel a sense of obligation once they have contacted someone. Therefore, for the buyer who wants a more relaxed viewing of a home an open house is an ideal opportunity.

Similar to preparing for a showing, when preparing for a public open house make certain that your home is sparkling clean and free of heavily scented cleaners or perfumes. If you take extra precaution to store or remove any valuables from view or easy access, you can be comfortable in having a safe and successful open house.

Good Luck Selling
Rebecca