The April issue of REALTOR, the National Association's member magazine, has some interesting statistics gathered from what Realtors reported when asked, "What percentage of your closed sales do you attribute to open houses?
Well, the responses don't surprise me, but I'm wondering if they surprise other Realtors? Here's what the NAR's study revealed:
More than 50% 3%
Between 25% and 50% 7%
Between 10% and 25% 8%
Less than 10% 82%
I'll admit that I've never been a fan of open houses, and for that reason most of my home listings sell before I'm forced to try an open house. Consequently, over the years, I've not done more than, perhaps, 200 open houses. And since I've been in the real estate business for 45 years, I've had several thousand listings.
Nevertheless, I fall into the "Less than 10%" category. In fact, last month, I sold the very first home I have ever sold as a result of the open house. Interestingly, I sold it to a fellow who had a real estate license, but was not active. So while I actually handled both sides of the transaction, he took the agent's co-op fee.
What's been your experience?
And if you've done well with open houses, how about telling the rest of us how you've gone about beating those odds.
BILL CHERRY, REALTORS
DALLAS - PARK CITIES
214 503-8563
Bill,
I think they can be successful but you have to work them correctly. Just putting a sign in the yard and sitting back waiting will not work.
I love open houses! I would say I closed 25% of my sales last year from Open House traffic that I picked up as buyers. I have, on occasion, sold my own listings too. Most of the time I find that open houses are for ME, not really for the seller. I would say it is fairly rare that the buyers buy at the open house, but I use the open house as a vehicle to find buyers, to whom I will sell something else.
I have mixed results from open houses. I think I sold a house and got 4 other transactions from teh same Sunday afternoon but that was the exception (and that was 4 years ago!).
Open houses are often a necessary evil for listing agents because that is what the sellers often want!
I explain to my sellers that open houses worked in the past, now most people go online to find the houses they think they are interested in.
hi Bill,
I have great success with open houses, both in selling the house I'm holding open and in attaining new prospects that end up becoming clients.
I guess the secret is being prepared with great handouts and promotional material and being interested in people and talking to them, asking a lot of questions, but not being pushy...a fine line.
Jo