Open houses

B - Open Houses: What situations should you be aware of?

Free advice:

Agents may stop by your open house. They’re usually local agents, knowledgeable about current neighborhood sales. They’re not there to steal your buyer. It’s an ideal time to get recommendations and information from them. If you’re unsuccessful in your sale, they hope to be considered as your listing agent. They’re anxious to please and you can always listen to their suggestions.

Survey greeting:

Anytime you greet people at your open house, ask them how they heard about your home being for sale. Tell them you’re trying to find out if your ad was effective (whether you advertised or not). This informal survey will let you know what is working: newspaper ads, fliers, the internet, the for-sale sign, directional arrows, word of mouth, neighbors, etc. It’s also an easy conversation starter. 

Keep in mind that if the prospects for your open house came based on an advertisement or flyer, they should already know the asking price. They are more inclined to be financially qualified, whereas the usual drive-by people are unknowns. 

Chances of selling:

Very few homes are sold at an open house or as a result of an open house. Experienced agents will give it a three to five percent chance of actually happening. A lot of "opens" are done either because the seller expects them or because the agent hopes to pick-up a new buyer or two. 

Homes that do sell from an open house are always based on the buyers’ strong emotional feelings–getting caught up in the moment. The best candidates for this are homes that are clean and staged to show well. 

Price can always be negotiated. Emotional aspects can’t. As the seller, if your house is not clean, is in poor condition, or suffers from the blahs, an open house is a waste of your afternoon.

Nothing to lose: 

Take a tip from insurance salesmen and women. They are the original referral people. When buyers leave your open house (or showing) and liked your home, but it wouldn’t work for them, simply say, “If you know of anyone who you could see living here, have then give us a call.”  Nothing pushy, but it may ring a bell with them and secure a future appointment for you. 

                                          Adverse weather:

Anytime the weather holds down the attendance, remember, those who made the effort to come are probably very serious buyers.