and it is pretty simple. Know your market, your area and experiment! As we all know, real estate is local. What works well in one area does not work as well in another. Some people love open houses, others not so much. There have seen so many mixed reviews and articles and thoughts about open houses, I decided to determine the answer for myself (which is what I would suggest anyone do.)
I have a nice property located on the main street that is the North/South route into and out of Mineral Wells. The home has been renovated, has updated appliances, updated wiring, plumbing, everything and is zone commercial and residential. The location is excellent for a small office but has parking for residential off the main road and a side road. Perfect opportunity for me to have an open house as countless people will be driving by day in and day out and will be able to see the banner announcing when it will be and at what time. Truly, I expected to see several couples or interested parties come through based on this fact alone. But, we advertised and let people know.
The day of the open house arrives, I get there a little early and pop my cookies in the oven to cook, turn on all the lights and turn up the heat a bit since it had been very cold the previous night and there was quite a chill in the home. As I walked through opening blinds and closet doors for people to peek into, I made sure there wasn't anything that needed to be picked up or straightened. The home looked ready to go and I went into the dining room to decorate the table for refreshments. A Spring platter was put out with a bright and happy tablecloth and I was all ready! The place looked great and I couldn't wait to show people the built in cabinets and huge kitchen, the crown moldings, etc.
An hour into the open house and my broker pops by to see if I need anything or need any help. Nope, I said, all is quiet. I haven't had anyone come by yet. She stayed for a little bit, but then had errands to run and left. I had brought some work with me, so I had things to do while I waited...and waited...and waited. A couple of hours go by...still no one...funny thing runs through my mind...I remember my sellers telling me that when they had had the home for sale as FSBO, they had open houses quite often and didn't even advertise and would get "tons" of people in and out during their open house...hmmmm.
It's the last hour and still no one. I had a couple of clients to contact, so I made some phone calls, worked on my newsletter for next month some more and low and behold, saw some people walking up to the front door. The two ladies pop their head in and ask if they could just walk through and look. They lived next door and knew the owners and wanted to see if the house looked the same. Sure I said, take a few cookies as well!
In the end, it wasn't a waste of my time as I was able to get some work done, but it also confirmed what I had felt in the beginning...Mineral Wells typically does not have a high success rate for showings at open houses. I try to go to any open house I see, whether it be for one of our listings or another real estate office. Most often, the response that I receive when I go is that I've been the only one to show up or maybe one or two others have come by. But, in the best interest of my sellers, they really thought it would be a good idea.
So, if the question is in your head...Should I have an open house? Visit a few open houses in your area first. Try to determine if you feel it has been a success or if you think that people really don't have an interest and talk it over with your sellers. Some care, some don't. But, the true test is experiment. If it works out and you have a good turnout, all the better. If it turns out that it wasn't the best use of your time, well you now know and will be able to educate your sellers the next time one mentions that he/she would think it would be an excellent idea. Your experimentation and expertise is what is going to help get the house sold and the better you know your market and what people like and don't like, the more success you should have in selling your properties.
