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Are Open Houses Still Valuable in Real Estate?

Are Open Houses Still Valuable in Real Estate?

Open Houses have been a fixture of the real estate business marketing mix for decades. It's a low pressure way for agents to engage with clients, and open the doors to the featured property for a larger audience than a typical 1-on-1 showing. But in the age of virtual open houses, online listings, and sophisticated property videos, are Open Houses still valuable?

 

RECAP:

  • Buyers are better educated and more qualified than ever before because of the internet.
  • Open Houses do best in active markets with low inventory.
  • Use your Open House to build your buyer leads list. Even if they're not interested in THIS house, you know they are in the market.
  • There's more to a successful Open House than showing up. Do everything you can before the Open House to ensure there's traffic at your event!

The truth is open houses are hit and miss, but a lot of that depends on the steps you take before the event. The Internet has given buyers the opportunity to attend virtual open houses 24 hours a day, 7 days a week, and that's a good thing for you. Leads come to you better qualified for a particular home that they're interested in. They've seen dozens or hundreds of homes online and they know exactly what they're looking for when they step into it.

So many factors can affect the success of an open house: the market, location, price, day of the week, time of the day. There doesn't seem to be a magic formula determining if it will be successful or not. Generally speaking, open houses do best in active markets with low inventory.

Traditionally, open houses were used exclusively to sell the property that was being featured, but savvy real estate professionals recognized them as opportunities to build their leads list with prospective buyers looking for the right home.

The most important thing to remember is that there's more to a successful open house than showing up. Get the word out. Create a buzz. Reach out to your buyer leads and alert the neighborhood. Do everything you can before the open house to ensure that there's traffic at your event.