Sell Your Home Faster With An Open House

Posted by Joyce Peterson on Thursday, August 3rd, 2017 at 12:19pm.

 

Recently on our neighborhood Facebook group there was an argument over whether or not an open house is an effective way of getting your home sold. Some people were saying the only reason a Realtor holds an open house is to get meet new clients. Some Realtors who live in the neighborhood even said they have never sold a home to someone who visited an open house. This is a great example of just because someone says THEY can’t do it doesn’t mean it cant be done.

The Facts About Open Houses

The fact is 72% of our listings have sold to someone who visited one of our open houses. Just in the last few weeks I have sold all these homes to someone who came to the open house.

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The sellers of this home had previously tried to sell their home with a discount Realtor without any luck. When they hired us we sold their home to someone who came to our open house.

 

This home was sold to an out of state buyer. Her brother came to the open house and after that encouraged his sister to buy the home.
 
This home sold to a buyer who had a friend/Realtor represent him who lives in Dallas. The buyer came to our open house and made an offer. His Realtor never saw the home.

 

This home sold to a buyer who was not represented by a Realtor. The buyer came to our open house and made an offer on the home.

 

3 reasons why open houses will get your home sold fast

1.  The fact is most Realtors only sell a couple homes per year. Chances are they aren’t familiar with your neighborhood; the showing of your home could be the first time they have been in your neighborhood in their life. It’s also likely they won’t spend any time researching your property to point out all the great features to their clients. After all, that Realtor doesn’t care about selling your home. They just want to sell any home. Compare that to having professionally trained salespeople like us who know more about your home and neighborhood than anyone other than you. Do you only want Realtors and buyers walking aimlessly through your home or do want your home sold?

2.  Buyers are buying differently than in the past. It used to be a Realtor would pick out 5 homes for buyers to view that day. Today many buyers don’t want to commit to working with a Realtor until they find the right home. Many want to call the listing agent themselves and view homes at their leisure during an open house. This is not the best way to buy a house but any business should work on selling the way a buyer wants to buy. We have also found these buyers are often willing to pay more for a house than the buyers who view your home with a Realtor. Realtors often feel the need to point out all the negative aspects of a home. At an open house it’s a great opportunity for us to emphasize all the great features while minimizing and items that would detract from receiving a great offer.

3.  There is a psychological term called “social proof.” What that means is we want what other people want.If you had the choice of 2 restaurants and one was crowded while the other restaurant was empty which one would you think is better? The same effect works with open houses. If a buyer sees other people in your home they will feel a greater sense of urgency. They will feel a greater need to make an offer quickly and at a higher price. We have had numerous examples of where a home has had over 10 showings with Realtors and no offers (usually an indication of the home being priced too high) and then 2 people visiting an open house without a Realtor and making offers above asking price because they felt this sense of urgency.

What’s the next step?

If you are planning to sell your home and would like to talk about how an open house can be part of a comprehensive marketing strategy to get your home sold quickly for the best price contact me directly at 512-791-7473 or eric@koparealestate.com.

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