One of the questions that I am asked by most of my home sellers is “Do open houses work?”
Many housing reports state that less then 2% of homes sales are a result of open houses. Open houses typically have nosey neighbors or unqualified buyers come through the homes. In my career of selling over 250 homes, I have never sold a home from holding it open.
Open houses typically benefit the Realtor holding it open, rather then the seller. Open houses have always been a tool to meet new home buyers and prospects. More often then not, home buyers that come through will have some reason or excuse on why the home is not what they are looking for or simply the home is priced out of there range.
Another reason why I do not hold open houses is the chance of theft. Anyone coming through could potentially steal not only personal items, but the latest trend has been visitors requesting to use the bathroom only to rummage through the medicine cabinet for prescription drugs.
In the age of technology that over 75% of home buyers ar using the net to search for homes, many buyers would prefer to see virtual tours from the comfort of their home. If there is further interest, then the buyer can call their agent or the listing agent.
Do to the high liability that is now put on the real estate agents, I no longer hold open houses. I encourage my clients that if they would like to want an open house, hold it open by themselves. Then if there are no interested buyers that come through that day, at least they were not kicked out of their home for three hours for no reason.