BY: MICHAEL REPKA, ESQ. | CEO & GENERAL COUNSEL
Sellers often ask me whether they should hold open houses and, if so, how often? What I have found is that some sellers are too quick to dismiss this powerful tool, while others overestimate their importance.
The Importance of Open Houses
DeLeon Realty’s unique approach to selling homes with our team of specialists is, at its core, relatively simple. We employ dedicated interior designers, handymen, and contractors to oversee the process of preparing our listings and make sure the homes are as appealing as possible.
Once our design team has completed its important work, we launch a marketing campaign that dwarfs the amount of marketing offered by every other brokerage in the area. Our industry-leading marketing is designed to highlight the most attractive features of each property and bring in as many potential buyers as possible.
We have found that open houses, especially on the first weekend, serve to increase the number of people who see the home. This is particularly true in light of the high number of potential buyers who prefer to conduct the home search on their own. These active buyers tend to watch for new homes that come on the market and then go to open houses the first weekend. Often, these buyers comment that they know which agent they would work with if they were to put in an offer, but they do not want to let their agents know they are looking for a home until they have found one. The most commonly cited reason is that they don’t want to feel pressured by commission-based agents.
Additionally, many buyers who are not actively looking for a home come across one of our listings thanks to our newspaper, magazine, radio, or television advertisements. Although these potential buyers may shy away from making an appointment with their Realtors® to see a home, they often stop by an open house. If they are interested, they then call their agents to write up their offers.
Avoid Overdoing Open Houses
While open houses are important, they should be done in the right number. The number of open houses depends on several factors, such the marketplace, location, and changes to the property. For example, most properties will benefit from having one or two open houses held shortly after the property is introduced to the market, or if there are changes in price or condition to the property.
On the other hand, having too many open houses week after week can have a negative impact on the property. Repeated open houses send a message of desperation, stigmatizing the property. It’s similar to a rejected guy asking a girl out every week; rather than improving his chances, he appears desperate and undesirable. An experienced listing agent such as DeLeon Realty will be able to advise you on the optimal number of open houses for your home.