The kids' summer break is quickly coming to an end. As we approach this crazy unorthodox school year have you decided if your kids are going back to school in person? Will they be doing virtual
Are Open Houses Really Worth It?
Do open houses really get your home sold? Are they a good use of your time? And are they even really worth it?
I know we've all seen this; you’re driving around on the weekend, running your errands or just driving around and at the front of every neighborhood, you see all these crazy open house signs with balloons and pinwheels. Well, if you're a potential buyer, this is great for you because it gives you the opportunity to preview homes and to familiarize yourself with a neighborhood. And the listing agent benefits from the business of additional buyers. However, how do open houses benefit the seller, or do they?
Are open houses really worth it for the seller? Based on my professional experience and statistics from the National Association of Realtors, the short answer would be no, and here's why. Studies show that 80% of homes are sold through online marketing or a real estate agent. And we all know to get the most amount of money for your home in the shortest amount of time, you need to get in front of the most amount of people possible, and you have to go where the people are. 87% of people are working with a real estate agent and they're starting their home search online. So, you can see that using social media and MLS as a platform is probably a much more effective use of your time. And consider this, open houses only account for about 5% of the total home sales. So, of course, you're going to have a few potential buyers who are going to come into your property, but the right buyer who is also ready, willing, and able to make a purchase is probably not just going to come waltzing in your front door and present you with an offer.
Your ads are running, the signs are in the yard, the balloons are blowing, your pinwheels are twirling, and the sandwiches and drinks are out. Now you've got to make sure your home is in show condition, pack up the kids, maybe pack up the dogs, and find somewhere to go for two to three hours. Oh my gosh, who wants to do all that?! So is an open house really worth your time? Probably not.
Another disadvantage of holding an open house is the lack of control or information that you have about the people coming in and out of your property. Sure, agents have an app where they typically ask visitors to sign in, but to be frank, some visitors try to skirt around the sign in, and they don't always leave accurate information because they simply don't want to be called or solicited by the listing agent.
Let’s not forget that COVID-19 and social distancing are aggressively pushing the industry to move more and more towards online showings. And I think as time proceeds, we're going to find that open houses are becoming even less effective than they already are.
With that being said, if you really love doing open houses, absolutely go for it!
There's no right or wrong way to get a property sold. Just keep in mind that some methods and strategies are simply going to be more effective than others.
I hope this helped answer some of your questions about an open house and whether or not it really is worth your time. If you're a seller and you're considering putting your home on the market, I've put a bonus for you in the Youtube video description. You’ll find a link that will provide you with a downloadable, 20-page seller's guide to help get you through the process.
Meet Misty Harris - a U.S Army Veteran and licensed professional REALTOR with JP & Associates Realtors Metro Atlanta. Misty has always been passionate about real estate. It began with her admiration ....