Most weekends during the selling season it’s possible to drive through some of the more popular communities in the metro Edmonton area and see Open House signs every other block.
I often wonder why. Open Houses are NOT an effective way of selling homes. Why? Technology has made it extremely easy to obtain almost perfect exposure to market.
According to an annual survey conducted by the National Association of Realtors (NAR) in 2013, buyers found their home by using the following methods:
Found Online – 43%
Buyer Agents – 33%
Drive by a Yard Sign – 9%
Social Media etc. – 13%
If a seller intelligently employs this information, they will achieve around 98% market exposure. Open Houses do not even factor. Why do some real estate agents still do Open Houses?
Some agents use them as ‘smokescreens’ to defend their higher traditional commissions
Some agents will seek to placate you as this is very visible and you can actually witness your agent 'at work'
Some agents want to meet your neighbours. It’s an accepted industry practice to do open houses as a method to meet neighbours who are 1 to 5 years away from selling their own home
It’s a non-confrontational way for agents to win new buyer clients, i.e. they use your house as a prop to meet buyers and in most cases the buyers will select another seller’s home
So Who Comes to Open Houses?
As mentioned above, snooping neighbours who just want to see your house, perhaps because they are nosy or thinking of selling themselves. Others come to get decorating ideas and yet others come as a fun way to fill a Sunday afternoon.
Real buyers know what they want and make appointments!
Want more information about our discount and flat fee home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014.