As a new agent, most real estate brokerages recommend that you hold open houses for the simple reason that it puts you in the way of people looking to buy a home. So the motive to hold an open house in many markets is for an agent to meet buyers who may become clients, and will more than likely buy a different house to the one they are holding open. Another reason that agents hold open houses is to meet future home sellers – people who are checking out the competition in the neighborhood, and this again is a way for an agent to meet people who may one day become clients. These folk certainly aren’t interested in buying the house in question.
Playing the numbers at Mueller
So call me cynical, but that doesn’t really do much good to the home owner whose house is being used as a venue for Realtor speed dating. Or does it? In some neighborhoods, I don’t advocate holding an open house as I don’t believe they work in the best interests of sellers. But Mueller is a little different, and here’s why:
- Mueller has a large amount of foot and wheel traffic. Dog walkers, cyclists, stroller pushers and bike riders.
- Mueller is a dense neighborhood – so more people see signs by the side of the street.
- According to the National Association of Realtors 2010 Profile of Home Buyers and Sellers, despite the largest portion of buyers finding the home they purchase via web sites, 15% still find the home they buy from signs and fliers. Now having an open house means that rather than just having one sign in front of the home, you can put ten signs around the neighborhood – on running trails, on high traffic streets and so forth.
- According to the same profile, 12% of buyers use the open house as a tool in home selection.
My take on running properly marketed open houses for my Mueller sellers is that you get a very large number of visitors. Around two thirds are neighbors, and the remainder are agents, buyers and passers by. The great thing about that is that the one or two people who show up to check out the home have the illusion that 30 other people are interested in buying the home too.
Open houses at Mueller are, in my opinion, a benefit for the seller themselves, not just for the listing agent and their speed-dating needs. If you are a speed dater interested in selling your home, feel free to stop by and see me at my next open house:
1917 McCloskey St – Sunday June 17th 2p-4p
Call +1.512.829.1351 for more details.