I'm sitting at an open house in Woodinville WA right now, and just finished having an interesting conversation with another real estate agent who stopped by. She's not a local agent, (actually lives in Minnesota, and she's just visiting family here). We were discussing the pros and cons of holding open houses. She was of the mindset that open houses were a complete waste of time.
Case in point: This home I'm holding open just came on the market yesterday. Typically, new listings get a lot of traffic, both online and on foot. Right now is the best chance to reach the most number of people to tell them about this new home on the market. It's a glorious, hot weekend in the Pacific Northwest, and I've had pretty slow traffic through here, even thoug this is the first weekend this home as been on the market. So, the other agent said that today's open house illustrates her point, that I could be spending my time doing more productive things for work, and that holding this home open really wasn't doing anything to help sell it. To her, it was a No-Win situation, a recipe for Time-Wasting.
Whoa?! I disagree! Sure, I didn't get a lot of people through the house today. Yet, I DID get people through. (Afterall, I had a visitor all the way from Minnesota!) I hear this refrain a lot from agents, and I've come to the conclusion that many agents seem to only look at short-term (dare I say short sighted?) value investments. If a specific action doesn't yield a signed-around contract at the end of the day, it's not worth it. The agents I've talked to who don't want to do open houses, seem to consistently feel like it's a "time waste" because they didn't sell the house after sitting in it for 3 hours. I wonder if that's the case across the board.
The objective of an open house is not to sell it in 3 hours (that's what auctions are for). The objective of an open house is to present the home to the public, alerting potential buyers of its availability. Very few buyers will make a snap decision to purchase a home in the 20 minutes they walk through the home during an open house, even if that truly is the home they end up buying. Buyers want to take their time, think about the home, and living in it. From a seller's perspective, this is the value in open houses. It gets the word out, and gets people talking. No matter how fantastic our online shopping experience becomes, there's still nothing like seeing, feeling, touching something for yourself. I can guarantee you that every single person that comes to an open house is going to tell AT LEAST ONE OTHER PERSON about the home, even if they're not interested in buying it. That's viral marketing at its most elemental! However, when someone looks at 30 houses online one afternoon, they're not telling other people about all 30 houses they saw. Maybe only one or two, and that only to a family member who would likely be making the move with them. Online shopping is so much more private.
That's great for the seller, but how 'bout the agent? Yes, we can benefit, too from open houses, even if we hold open listings that are not our own. You can and will meet new prospects and end up working with new clients from open houses. Clients I meet at open houses are a significant part of my business. They are also some of my best clients. You see, they picked me! I'm not just 1 agent they talked to because they walked in to a real estate office, or the one agent that their friend/relative told them they should work with. Buyers visit many open houses, and can shop around for the agent they want. So, these clients and I, not only establish a rapport, but establish a stronger energetic connection, solidifying that we will work well together. That is a recipe for success! I LOVE meeting new clients at open houses!
I enjoyed my conversation with the Minnesota agent, despite our different perspectives. It's always interesting to hear how real estate works in other regions. And who knows? Maybe she and I will be working together some day! Since she's an agent, did I bother to get her contact information? You Bet 'Cha! Her daughter goes to college out here, and may decide to stay after graduation. Her daughter may need to buy her first place after she gets out of school, and I know just the agent to help her! Now wouldn't that be ironic!
Copyright 2010 Marie Bumback - Evergreen Global Real Estate Services - RSVP Real Estate - Woodinville Open House - Real Estate Open Houses
Contact Marie: Marie Bumback 425-495-0394 MarieBumback@comcast.net
www.EvergreenGlobalRealEstateServices.com
www.Redmond-Washington-Homes.com
