Let’s Talk Real Estate Open Houses
Your home is newly listed and your excited to get things moving in the right directions. A professional photographer has taken beautiful pictures, your Realtor® has created stunning flyers and you have de-cluttered, organized and scrubbed the house clean all in preparation for your first Open House!
I want to be very clear. Your Realtor® should be hosting an open house for you as soon as possible after it is listed, just don’t expect an offer as a direct result. So why bother? First, because we just never know where your buyer will come from, so let’s spread a wide net. Second, so you don’t have to deal with false showings from people just wanting to get in to look around.
The first open house is the most important! Your agent should be providing one as soon as possible. New listings create buzz, and people want to see inside. Your Realtor® will list your house as “open” on the Multiple Listing Service (MLS) and in turn this will push out to all major online platforms such as Realtor.com, Trulia and Zillow. In addition your Realtor® will let the neighbors know the open house is coming. This serves a few purposes. If a neighbor tells you they have their daughter’s graduation party that same afternoon, perhaps reschedule. It’s always good to keep neighbors happy when prospective buyers might come back and start asking questions. Conversely, it would be a great time for your neighbor to have a yard sale. More traffic on your street, could mean more feet in your door. Open houses are all about letting people in. Many people “dabble” in the market by keeping themselves abreast of new listings and which homes sold for what. Let them tell anyone who will listen how great you home is, how it is priced just right and certainly won’t last!! Personally, I love seeing agents walk their clients through. This is about the only time I hold out hope that an offer may result from my open house!
To keep expectations in check: The HGTV effect tells us, you will have a deluge of neighbors, agents and serious buyers trekking through your home for the 4 hours your house is open ending with a likely offer. Unfortunately, this is not reality. The National Association of Realtors tells us only 7% of homes are sold through yard signs or open house signs.
While it is good for as many people as possible to see your home, and we all wish for a full price cash offer from the first person to walk through the door, your open house will most likely fall within the confines of most others. More than likely you will have a few neighbors come through and tell the Realtor the entire history of the home and everyone who lived there before the current homeowners. No problem, it passes the time and is usually good for a few laughs. Then you have the wishful thinkers. These are the folks who can’t afford the neighborhood, but are going to look anyway in the hopes that maybe someday they can. You can usually pick this group out because they tend to find fault in the type of granite, the hugh of the travertine tile or that fact that nobody wants an infinity edge pool anymore (insert heavy eye roll!) they love the house and we know it! This leads us to the habitual open housers (the dabblers), these are the folks that agents can tell you come to every open house. It’s their hobby. They aren’t going to buy, they just want to look. And that’s ok. Maybe the house is perfect for someone they know.
Remember our Tried and True Rule:
A home sells when Location, Condition and Price are on an equal level.