Dinah BuPane

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Rainmaker
1,120,751
Peggy Yee
NoVa House and Home - Vienna, VA
Search Vienna Homes For Sale - Northern Virginia

I've had a few instances where an unrepresented buyer came in on an open house and put an offer in (although not the norm).  The more typical situation is that a represented buyer waits until the open house to see it (so that they don't bother their agent) and then they call their agent afterwards to put an offer in.

Jan 13, 2015 04:13 AM
Rainmaker
1,432,649
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I do not think it can hurt.  I think it is a mistake to attribute a sale to any one factor.  Some one may see your open house, tell a friend about it, who then goes on line to find it.  They contact another agent and go to see it, then buy it.  You have no idea that it is the Open House that started the buzz.  Multiple approaches work best.

Jan 13, 2015 01:54 AM
Rainmaker
908,608
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Usually no. They better drop price as much as possible, and consider offering incentives. Once they do that, having an Open House right afterwards might attract some new interest from buyers.

Jan 12, 2015 10:59 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I have seen homes sell through open houses quite a few times.  Though fairly rarely the home being held open.

Jan 13, 2015 07:00 AM
Rainer
272,937
Richard Robibero, e-Pro, ABR, SRS
Panorama R.E. Limited - Toronto, ON
Selling Your Home as if it were My Own!

I could only speak for myself but I have had great successes with open houses.

I'm going to blog about one particular situation but in short, I sold this one house on the last day of the contract through an open house.

Never give up, never surrender!

Jan 13, 2015 01:58 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

If 'Open House' refers to an event similar to what real estate agents engaged in in 1972, and 1982 and 1992 you just might get exactly the same result they did. Which means the home owner went to the mall, the agent read a book and someone thought they did something productive.

Today's effective open house has a REAL purpose. That purpose can be:
1. Sell the place
2. Get listings
3. Find buyer
4.Branding
5. Identity
6. Preface to follow-up event

What ever the purpose, there must be a supporting plan. Let's assume #1, Sell the home IS the purpose. (Note: if you think you can do them all, the reality will be none will be accomplished)

What's the plan? How has the seller empowered you to sell the home?

The plan, at the embryonic stage quantifies the obstacles to purchasing this home then creating/identifying the solutions.

Next comes making the real buyer predisposed to liking THIS house.

This is followed by creating the opportunity for the real buyer to indicate their preference and obstacle without saying a word.

Finally, your team must be thoroughly knowledgeable and rehearsed in intercepting the needs of the open house visitor at the EXIT.

You can be very successful selling a house at an open house if you have a plan, the seller has empowered you, and the environment is rich with self-selection opportunities.

Not all homes are open house candidates. Seven turns into the bowels of a gated community is an example of an invalid candidate.

Choose carefully, implement fully, have a real plan.

 

Jan 13, 2015 01:39 AM
Rainmaker
762,357
John Marshall - FORE!
LoKation Real Estate - Cherry Hills Village, CO
Specializing in Golf Course Properties

If done properly they can drive a serious amount of potential buyers to the home, must be marketed correctly, one strategy I have seen is to hold 3 open houses, over ten days, one on the first saturday, which will promote the "Free slider/bbq/taco etc., night" the following Wednesday followed up by one more the following Sunday, each open house feeds to the next, please note that all offers will be reviewed on the Monday after the 3 open houses, get your lender involved and bring a couple other new agents, you should have plenty of traffic, just keep in mind that if it is not priced correctly, none of this will sell the home!

Jan 13, 2015 01:02 AM
Rainer
97,644
Connie Medeiros
Distinct Advantage Real Estate - Novato, CA

I've sold many homes from open houses.

Jan 13, 2015 12:48 AM
Rainer
148,989
James Brockway
Brockway Realty, LLC - League City, TX

I agree.  I've never seen an open house sell a home, but you might get a lead or two.  I think Jeff's strategy is dead on.

Jan 12, 2015 11:18 PM
Rainmaker
5,096,266
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Depends who you talk to. In 23+ years in this business I've never sold a home off of an open house. I have picked up some buyer and seller clients, but sell a home... not so much.

Jan 12, 2015 10:33 PM
Rainer
279,878
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

In this market - YES!

May 23, 2018 11:25 PM
Rainer
557,375
Kimo Jarrett
Cyber Properties - Huntington Beach, CA
Pro Lifestyle Solutions

Price property to attract attention, limit your hours of the open house, Saturday and Sunday and receive all offers at the end of the day.  Call back the motivated buyers and encourage them to resubmit offer otherwise house will be sold. 

When an open house attracts a lot of buyers, people get excited. Buyers will submit an offer higher than the asking price if the property is suitable, thus creating a bidding process to own.  Think about it.

Will it work, no, if you don't implement an open house plan to sell the property? You plan to achieve your goal, not to fail, regardless, without a plan you plan to fail, don't you? 

Jan 14, 2015 01:45 AM
Rainmaker
152,987
Cary Jo Hofstad
Blue Sky Realty, LLC - Kalispell, MT
Cary Jo, Hofstad, Broker, Blue Sky Realty LLC

Price it right and it will sell. I don't do open houses anymore. A serious buyer is already looking on the internet and probably has chosen a realtor. In the old days open houses were ways to pick up buyer and seller leads.

Jan 13, 2015 10:52 AM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

They work well in high traffic areas to get increased traffic which can increase your odds, however it may bring more clients but not speed up the sale. Price it right and it will sell

Jan 13, 2015 06:47 AM
Rainmaker
432,957
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

Sometimes- if the property is in perfect condition- then yes- you can get a rush of people and they may get into a bidding frenzy- these properties are far and few between!  So my typical answer is no- pricing correctly is the best bet to sell quickly!

Jan 13, 2015 05:23 AM
Rainmaker
457,437
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

Oh you are going to get a lot of opinions on this one! Here is what I say: the answer is NO unless you do one. You never know. I have had only 1 home sell because of an open house, but it was a big listing and I was sure glad I did it. It was just 3 hours out of my day and it made my sellers happy. Plus, at the end of the listing I could honestly say I did all I could do. 

Jan 13, 2015 04:25 AM
Rainer
215,585
Marla Yost
The Yost Team- Keller Williams Realty - Arlington, TX
The Yost Team

Open houses helps selling and building your Data base 

I`m a firm believer in them 

You never know someone may walk in and just have to have that home.

Jan 13, 2015 04:14 AM
Rainer
5,456
Linda DeFelice
Keller Williams - Woodbridge, VA

I have had great success with open houses! I have found that if the property is in an area that's not off the beaten path, people will come through...and of course you just never know! I do open houses at odd ball times as well. Be creative!! Good luck!!

Jan 13, 2015 02:05 AM
Rainer
93,694
Patrick Willard
Rio Rancho, NM

I sold two homes off an open house, both fell through because the buyer didn't qualify. One hadn't ever been pre-qualified, the other knew he couldn't qualify but thought he could pull one over on us. Fortunately in both cases (both offers written at the open house) I gave a very short time limit to bring us a mortgage approval.

Jan 13, 2015 01:50 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Price is the most important factor for selling a home Dinah BuPane . I had a beautiful listing in an excellent neighborhood - however only 2 people showed up for the open house because the buyers did not feel comfortable with the price!

Jan 13, 2015 01:33 AM
Rainer
3,224
Terry Smith
Garland, TX

I found that the only way to speed up the chances of an offer on a house for a seller who is in a bind is to lower the price.  Sometimes offering a buyer's agent bonus for an executed contract before a certain date can help to encourage realtors to show the house, but if a buyer is serious and the house fits their needs, then they are going to see it witout an open house.  The main purpose of open houses is either to farm for new buyer clients for the agent, or to make the seller feel good about doing "something". If they need to sell right now, they need to lower the price, sorry.

Jan 13, 2015 01:14 AM
Rainmaker
1,839,926
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

No, & I haven't sold any from open houses. Tell all my sellers it's a waste of time & most agree.

Jan 13, 2015 12:51 AM
Rainmaker
443,220
Cindy Davis
SD Home Source Realty - San Diego, CA

Not usually. But I have sold  a few homes over the years that the buyer saw during the open house.  My feeling is that we owe it to our clients to use all the tools we have to move their property.

Jan 13, 2015 12:22 AM
Rainmaker
630,251
Ajay Pandya
e-Merge Real Estate Unlimited - Columbus, OH
Realtor Ajay Pandya

In this market, yes.

Jan 14, 2018 08:45 PM
Ambassador
6,354,630
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Every bit of exposure helps, but few are sold directly from an open house.

Nov 07, 2017 11:26 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

It helps agents meet buyers

May 07, 2017 05:12 AM
Rainer
51,536
Marilyn O'Donoghue
Long & Foster Avalon - Avalon, NJ

I agree with many of the posts.  I have sold three houses by hosting an open house.  As an agent and property stager, I know if the house is clean, free of clutter and priced correctly, you will receive offers.

Good luck!

Jan 15, 2015 06:10 AM
Rainmaker
90,543
Debra Peters
Referral Realty - Manorville, NY
NY Real Estate Salesperson

I have not SOLD a home from an Open House. In my opinion, having the home priced correctly or approximately 10-15% below the competion should make the home more desireable.  I would also discuss the commission that is being offered to a selling agent.  I had a home that needed to be sold in 30 days.  The home was priced correctly and the commission was taken a bit higher than the average, The home SOLD in less than 30 days.

Jan 15, 2015 03:49 AM
Rainer
10,005
Dinah BuPane
League City, TX

Thank you all for such good advice!! It sounds like the best stragity is pricing the home correctly, and to have a plan in place!! 

Jan 14, 2015 11:17 AM