The truth about Open Houses

On my "Real" blog, I'm switching formats and going to a WordPress platform and getting away from my more website-like blog.  It's a slow process but while I'm switching I thought I'd post some of my archived postings from months and years past that may be helpful or at least information. This is one of those posts . . . .

I think the Greater Columbus Real Estate Market is ripe to take off.

Today I had an Open House though and not one person stopped by. It's a dirty secret, but this happens quite a bit.It was advertised all over the place but the combination of the house, the location and the nice day combined with pre-Super Bowl activities took their toll on my Open House.

Open Houses almost never actually sell a property (about 2% of the time statistics say). The first open house tends to be neighbors and the next two tend to have the most serious prospects.
Realtors like open houses because of the possibility of introducing the home to the prospective buyer and because if that particular home doesn't suit the needs of the potential home buyers, then the Realtor can strike up a relationship with them and do his/her darndest to become their buyer's agent.

Open houses can be a great way to pick up buyers in a mutually non threatening environment in which both parties can have a decent opportunity to get a feel for each other. Of course Open Houses do bring buyers for that home too, not all that often sellers so temper your expectations, but sometimes, yes, they do bring the buyer who can spend up to 2 hours or so in the house, much longer than any typical first showing of a home.

february 6, 2005