Fab Real Estate Blog: May 2008

Open Houses

Lew Sichelman is one of my favorite real estate writers.  It helps that he sometimes quotes me in his articles.  His latest article pertains to Open Houses - Door is Closing on Open Houses

Do open houses work?  Are they worth it?  The article presents both viewpoints.  It also created some talk in my office today. 

I heard over and over:  Yes, open houses work!  Yes, open houses work! 
So I probed a bit deeper:  How do they work? 

"They help me gain new buyer clients," was the only response I heard. 
But, do they sell the house you are holding open?  The answer was a resounding, "No."

Yes, many agents have success finding new clients while holding open houses.  I've done it.  Many newer agents use it as a way to find their first clients.  Of course, some experienced agents do the same.

Personally, I am not a fan of the open house.  My job is to sell the home I have listed.  Yes, I often obtain new buyer clients from my listings.  But is my time - and more importantly, my sellers' time - best utilized by my sitting at an open house?  Sure, I may meet a new client.  How is that serving my seller?

Let's spend our time productively.
Sellers do not need to vacate their home for 3 or 4 hours on a Sunday so I can try to increase my business.  Sellers can use that time to catch up from the workweek to ensure their home remains in model home condition for showings.  Sellers can also use that time to enjoy their family...selling a home is stressful enough - we don't need to add to it by kicking them out of their house.
I can use the time to work with clients...or to market your home...
Heck, I can even use that time to speak with YOU, my seller, to discuss the market and how we are going to get your home sold.

According to the National Association of Realtors, only 7% of buyers begin their home search by visiting open houses.  Meanwhile, about 85% of buyers begin their search on the internet.  Where would you, Mr. and Mrs. Homeseller, prefer that I spend my time?

 

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

 

Comment balloon 7 commentsDon Fabrizio-Garcia • May 19 2008 09:47AM
Open Houses
share
Lew Sichelman is one of my favorite real estate writers. It helps that he sometimes quotes me in his articles. His latest article pertains to Open Houses - Door is Closing on Open Houses Do open houses work? Are they worth it? The… more
Sellers: Your Home Should be Accessible, But…
share
This is a new one for me: I called to schedule an appointment to show a home. The homeowner answered, I identified myself, and her response was: "I'm sorry. Can you call me back in 30 minutes? I'm at the doctor's office and he is… more
We're All Just Three Months Away From Foreclosure
share
I was in the office the other day talking with a colleague. We were discussing the market. Our business. Our projected business. We laughed. We made some jokes. Then we broached the topic of all the short sales and foreclosure… more
Another Offer on Another Short Sale
share
Yesterday, clients of mine wrote an offer on a Danbury, Connecticut townhome they hope to buy. The property is being sold as a short sale, which means the sellers owe more than what the property is worth in its as-is condition in today's market. &… more
New Milford, CT - April, 2008 Real Estate Market Report
share
New Milford, Connecticut Real Estate Update April, 2008 Closed home sales in New Milford, Connecticut: Single Family Homes: There were 17 single family home sales closed in New Milford, CT. List Prices ranged from $269, 900 - $609, 900… more
Brookfield, CT - April, 2008 Real Estate Market Report
share
Brookfield, Connecticut Real Estate Update April, 2008 Closed home sales in Brookfield, Connecticut: Single Family Homes: There were 12 single family home sales closed in Brookfield, CT. List Prices ranged from $320, 900 - $715, 000… more
Danbury, CT - April, 2008 Real Estate Market Report
share
Danbury, Connecticut Real Estate Update April, 2008 Closed home sales in Danbury, Connecticut: Single Family Homes: There were 29 single family home sales closed in Danbury, CT. List Prices ranged from $149, 900 - $749, 000. Closed Sales… more
Sherman, CT - April, 2008 Real Estate Market Report
share
Sherman, Connecticut Real Estate Update April, 2008 Closed home sales in Sherman, Connecticut: There were 3 home sales closed in Sherman, CT. List Prices ranged from $359, 000 - $597, 500. Closed Sales Prices ranged from $330, 000 - $572… more
New Fairfield, CT - April, 2008 Real Estate Market Report
share
New Fairfield, Connecticut Real Estate Update April, 2008 Closed home sales in New Fairfield, Connecticut: There were 6 home sales closed in New Fairfield, CT. List Prices ranged from $310, 000 - $1, 695, 000. Closed Sales Prices ranged… more
Offers on Short Sales
share
It finally happened. Many didn't believe me. But now I've seen it happen. A home is listed for sale as a short sale - the sellers owe more on the home than it is worth in today's market. Here's the scenario (the specifics have been… more
What to Offer?
share
Buyers in this market often wonder how much to offer on a house they want to buy. Some just wildly assume they can offer 10% or 20% or 30% less than list price. Others have read an article in the paper that they should offer less than 10% of… more
How Not to Sell Your Home
share
I'm not a fan of combination lockboxes That much I admit. I know that sometimes they are required. Particularly for bank-owned foreclosure properties - sometimes the banks require that we use these combination lockboxes. But this was… more