Are properties ACTUALLY sold at open houses? The truth is that an open house by itself probably won’t sell a house, but they do serve a very significant function. They get eyeballs on the house and people in the door. In fact, many of these homebuyers may not have ever noticed it otherwise. It’s important to keep in mind that many home buyers visiting open houses are considering their alternatives and are at various phases of the home-buying process, which could be sped up if they fall in love with a particular property. The more customers you can bring in, the better your chances are of selling a home. Buyers can see the property and, if their curiosity is piqued, they often contact their real estate agent for a private showing.
Another reason why open house is such an important part of the selling process is that it allows me, as the listing agent, who knows far more about the house than a buyer’s agent, to offer solutions to the challenges potential buyers see with the home. For example, I recently sold a home in San Francisco where the wife adored it, but the husband didn’t love it. He expected to be talked out of it, but after I addressed all his concerns, they ended up buying it! In essence, my job at an open house is to offer solutions to the deficiencies that buyers perceive the home to have, which I normally can’t do in a showing. Furthermore, keep in mind that if your competition is holding open house, you should be as well. Sometimes scheduling nightmares deter homebuyers. That is not what you want! If your competitors are open, you should be as well!
Finally, open houses are important not only for selling the house but also for selling the neighborhood in which it is located. Many buyers visit several neighborhoods in a single day, and in my experience, not all potential buyers are knowledgeable about and comfortable with the neighborhood. Open houses play an important role in buyers’ exploration of various neighborhoods and price points.
Many believe Open houses are just a prospecting event for realtors and while that is true, there is opportunity to meet new potential buyers, every agent is different. That’s why who you work with matters. At open house I am focused on listening to buyers as they walk through the home to identify their pain points with the home and address them immediately or even offer solutions.
If you are looking at the option of selling a home in the San Francisco or Peninsula in the near future please reach out to us.
