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Can Open Houses Still Work?
Manage episode 166585636 series 1317066
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Open houses, if done correctly, represent your best chance of getting top dollar for your home.
Do open houses actually work or is it just something Realtors use to get more business?
The answer to both questions is yes. Open houses are mutually beneficial, but it’s more beneficial for you. However, they must be done correctly.
Most open houses I see are very small and unimpressive. There are usually only a couple signs outside and maybe a flat balloon laid out in the grass that nobody can see anymore. It’s no small wonder that when you show up to one of these open houses there’s nobody there.
The open houses that we do, on the other hand, are much larger. We facilitate a lot of social marketing and produce a lot of signage for each one. In most instances, we have as many as 20, 30, or even 40 people show up in a concentrated period of time. This allows us to get an immediate litmus test for how the market is reacting to your home and whether the opinion is that it’s underpriced, overpriced, too dirty, outdated, etc.
Open houses, when done right, generate legitimate interest.
We hear the negatives, but we also hear the positives, such as how many other people are there at the same time. We refer to this as social proof. If you’re a home buyer at an open house and you’re surrounded by a lot of other home buyers, that’s social proof that other people are interested in that house.
If done correctly, open houses represent the best chance of getting the highest price for your home. The concentration of people will result in any interested parties making an offer that’s going to be real, as opposed to lowballing you. We’ve been reaping the benefits of this effect a lot this year. In many open houses, we’ve gotten multiple offers on the very same day.
If you have any questions about open houses or are thinking about selling your home, please don’t hesitate to reach out to me by phone or email. I look forward to hearing from you!
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