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Are Open Houses A Thing Of The Past?

Are Open Houses A Thing Of The Past?

Last week I heard a prominent Albuquerque Realtor on the radio, saying that her team does not do Open Houses anymore, because they believe it was a thing of the past.  She cited a NAR study which stated that approximately 80 percent of homebuyers surf the internet to look for homes.  She also had a few other reasons to justify her position.    

Now whereas the NAR study might be correct, I do not believe that there is a one to one correlation between the two; so I am in total disagreement with her.  In my experience, I find that Open Houses are great for business.  Having said that, I concede that I might just be out of touch with reality; I have only been in the business for 2 years, so it's hard question the position of the movers and shakers of out business.  I would hate to be on the wrong side of this debate, since it could cost me dearly.  I would really appreciate feedback from everyone, especially buyers and sellers.

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C. Lloyd McKenzie, MBA

NM Real Estate Broker

Phone: (505)750-8552
Email:Lloyd@LivingAlbuquerque.com

Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras

Comment balloon 12 commentsC. Lloyd McKenzie • April 05 2008 12:03PM

Comments

I agree with your position.  If nothing else it is a good place to network and prospect.  Every once in awhile, a house will sell off of an open house.  I believe that it is all about attitude, if you think that they don't work, they don't!  Like I said, I believe, if done right, they can be a great source for prospecting and finding other listings as well as buyers that may not buy the open house home, they may buy another if you can show them what they are looking for.
Posted by Tony & Darcy Cannon, The C Team (Aubrey and Associates Realty) over 10 years ago

Hi C Lloyd.  The sellers like it.  The neighbors want it.  We meet new people starting the buying process.

How could they not be good.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 10 years ago
I sometimes do 5 - 10 open houses per week.  I consider it no different than floor time for making contacts, etc.  Using the stat about buyers starting their search on-line has nothing to do with the value of open houses.  You are right to question such a conclusion !
Posted by Bill Gillhespy, Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos (16 Sunview Blvd) over 10 years ago
I know they are very prevalent in the northwest.  Sections of the saturday and sunday paper are dedictated to them
Posted by -- Casey Brischle, Spokane Home Loan Mortgage Professional (Columbia Bank) over 10 years ago
I know they are very prevalent in the northwest.  Sections of the saturday and sunday paper are dedictated to them
Posted by -- Casey Brischle, Spokane Home Loan Mortgage Professional (Columbia Bank) over 10 years ago
One thing they also missed is that if 80% of houses are online what about the other 20%? I like open houses and am looking forward to the better weather--Bart
Posted by Bart Whitmore, Real Estate Agent (Keller Williams- Louisville) over 10 years ago
One thing they also missed is that if 80% of houses are online what about the other 20%? I like open houses and am looking forward to the better weather--Bart
Posted by Bart Whitmore, Real Estate Agent (Keller Williams- Louisville) over 10 years ago

We use the internet as a tool to drive traffic to our open houses. We have been getting a large number of prospective buyers through. We have been very successful at finding new clients (both buyers and sellers) and finding the eventual buyer of the home.

Posted by Geoff Scowcroft (Coldwell Banker) over 10 years ago
I'm like you, I've not been selling long. I do open houses for agents in my office. I do think that the internet is a great tool but I also think that there are people that are not internet savvy... My first home sale came from an open house. The buyer had land to sell and wanted to swap for the house. So I got a sale and a listing. I've done other's without much success but I have received some leads....I'm doing one tomorrow and another one next Sunday. C-21 is having open house month in April.
Posted by David Hunter, Century 21 Wright Pace Real Estate (Century 21 Wright Pace Real Estate) over 10 years ago
In our area they are not popular. The last one our office did no one showed up! Last summer a local credit union hosted a parade of homes with a bunch of publicity. I sat in a home and had 6 people come through all day. My guess is, successful open houses would be area specific. Personally, I feel I would rather spend my time marketing on the internet. BUT to keep the sellers happy, if that's what they want, I'll do it!
Posted by Lori Franks, Brookings, Oregon (Real Estate Consultant) over 10 years ago

Haven't done them in years.  I educate my sellers as to the probability of locating a buyer for their home at an open house and they understand that a 98.5% probabililty of failing at something, while at the same time taking time from my family is not an appropriate use my time or their energy.  If the purpose of an open house is to network, go for it.  That was never my desire.  And since I work predominantly with sellers, I don't take away every weekend from my family to seek "suspect"  or "prospect" buyers. 

Just my thoughts on the matter and I know I'll hear about it. 

Posted by Guy E. Gimenez, ABR, CRS, GRI - Broker & Investor (512-731-5613) (The PowerHouse Group) over 10 years ago

Thank you for your very invaluable comments.  They are all Appreciated

Posted by C. Lloyd McKenzie, Living Albuquerque about 6 years ago

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