Do open houses work?
What a great question. I love it because quite frankly, I don't believe that open houses work. Statistics say that only 2-4% of all homes sell as a result of an open house (according to National Association of REALTORS).
So why do real estate agents want to do them?
1) To please the seller. If the seller thinks they work, then why not just do some open houses to make them happy.
2) To advertise the agent. Nothing states that you are actively working better than putting out an ad stating that you are indeed working - and here are the times.
3) To capture new leads. Don't sell this one short. I did most of my business in my first year of real estate by sitting in open houses that weren't even my listings.
4) To get some work done. I generally don't want to go to the office on a Saturday or Sunday and there is no way that I am going to get any work done around my family (my daughters command too much of my attention). If I want to get some phone calls made and get some minor paperwork completed, what better place then in your home. This is my personal #1 reason for doing open houses.
5) To sell the house. Oh yeah, it does happen every once in a great while. Who knows when you might get lucky.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud
http://JasonTangen.EdinaRealty.com - Search open houses in Central Minnesota.
http://StCloudEdina.com - Home of the e-Market Analysis (free home value estimator).
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