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The weekend open house is a time-honored tradition in real estate sales.
In 1998, the Real Estate Center at Texas A&M University conducted a survey. The survey results hint at the notion that public open houses may be more beneficial for the agents themselves than for the home sellers. Almost all the agents who responded to the survey (97 percent) had held public open houses, but only 41 percent believe those events help sell the home that's being showcased. Thirty-two percent believe public open houses attract many potential buyers, but nearly three-fourths also believe those buyers are more likely to buy a home other than the one being held open. And 62 percent say most people attending open houses aren't serious buyers at all.
However, in today's real estate market (ten years later), public open houses may be more important than ever before. Many buyers are hesitant to commit to a property. By going to open houses (generally held on the weekends), potential buyers are able to look at houses without their realtor, and, therefore, without having to commit to a property. This relaxed approach is exactly what some buyers need to help make their decision to buy a property.
Public open houses also present a security issue for home sellers and agents. "Whether or not to hold an open house is a concern among agents," says Jack Harris, a research economist with the Texas A&M center. "Agents must be on-site for the duration of open houses. Safety is a growing concern because there is no way to know whether a visitor is a serious buyer, just curious or has more sinister motives."
Of course, if your agent is going to have a public open houses, find out what supplemental marketing efforts (e.g., advertising the open house in a local newspaper, and/or on the internet) he or she will use to attract serious buyers for your home to the event.
Weekday agent open houses (also called "broker opens") remain popular and, agents say, worthwhile for sellers. "Agent open houses are held when the listing agent invites other agents to view the home when first placed on the market, hoping one or more agents will have a buyer interested in the home," Harris explains.
Virtually all of the respondents had held agent open houses. More than half believe agent open houses are effective and 65 percent believe they're more effective than public open houses.
On the day when your agent holds a broker open, or a public open house, help make it a success. Be sure your home is as presentable and attractive as you possibly can make it.
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