Who Actually Benefits From An Open House?

Who Actually Benefits From An Open House? Photo

There’s a misconception out there that open houses are not worth doing.

A lot of realtors think they’re a waste of time. And a lot of sellers assume that the only people who come to open house are nosy neighbours and tire kickers.

Some people think that open houses do nothing more than benefit the listing agent, who uses them to try and capture new buyer leads.

In my opinion though, open houses are definiely worth doing and should be an important part of any home’s marketing strategy.

In fact, an open house can potentially benefit all of the parties invloved in the buying/selling process.

How does the seller benefit?

The seller benefits from the added exposure the property gets. Open houses allow any number of potential buyers to view the property who were not able to book a private showing during the week. Yes, this includes nosy neighbors and tire kickers, but that’s to be expected.

How does the buyer benefit?

The buyer benefits because it allows them added opportunities to get in to see the property. There are some buyers whose schedule does not allow them to book a showing with their realtor during the week, and open houses allow them a more relaxed time frame on the weekend to see the property.

Open houses are also great for buyers who have already seen the property with the realtor and want to come back for a second showing on the weekend. Perhaps bringing in family members, contractors, etc.

How does the buyer’s realtor benefit?

The buyer’s realtor benefits because it allows them to get their clients into the property if they are not available to show it themselves. Often times, buyers who are working with a realtor will still go out on their own and tour open houses on the weekends. They will then report back to their realtor if any of the houses are of interest and go from there.

How does the listing agent benefit?

The listing agent’s most important job is to market the property and expose it to the highest number of potential buyers possible. Public open houses are an excellent way of doing this!

Yes, the listing agent might connect with some buyers at the open house who do not yet have a realtor (this is how I found the majority of my buyer clients when I first started in the industry). I’ll be the first to admit that this side benefit no doubt strengthens a realtor’s motivation to dedicate 3 – 4 hours of of their time on a Saturday or Sunday.

Still, the primary goal when a listing agent holds open houses is to expose the property and get it sold!

 

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

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