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Are Open Houses Still Effective?

October 29, 2012

From Loan Officer Eddie Kirby

Driving through any neighborhood on weekends, you’ll still see “For Sale” signs topped with arrows that point to an Open House. This housing tradition continues, but as technology grows more important to the home buying process, where do open houses fit in?

Open Houses – What do they deliver?

In the past, open houses brought interested buyers to a home so they could see the interior. Today, homebuyers view property online first, reviewing photos and specs before deciding to tour the home. Research confirms this trend… 35% of buyers search online for their new home, but just 4% start at open houses* 

Are open houses worthwhile anymore?

With the right expectations, they can still be a boost to your business.

  • Face-to-face time with prospective clients: While your first goal is to sell the property you’re in, you also have an excellent opportunity to talk to people in the buying or selling mode. Ask questions and offer assistance. Maybe that home isn’t the right fit for them, but they would be interested in other listings. If they’re not already working with another real estate agent, they could become a new client.
  • Additional listing contracts: It’s common for neighbors to stop in during an open house. Use your time with them to make a professional impression so they consider you when they list their own home. 55% of real estate professionals said open houses were an effective way to capture new listings.
  • Broker opens maximize the property’s exposure: A majority ofreal estate professionals agree – broker opens are more impactful than public open houses. It’s simply the law of numbers. You are introducing your listing to a group of people whose main goal is to find perfect property for their clients. Your listing might be it!

Would you like more marketing ideas? Feel free to contact your loan officer today!

*National Association of Realtors

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