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Why do real estate agents do Open Houses?10839

WGAN Forum
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DanSmigrod private msg quote post Address this user
Hi All,

Why do real estate agents do Open Houses?

If you have experience on this topic, please do share.

It would be helpful for this WGAN Forum discussion:

Quote:
Originally Posted by @Astroprojector
From what I heard, agents want to have people come in to view the listing so the can get a feel on the buyer. They wnat live traffic.


Quote:
Originally Posted by @Astroprojector
I visit many open houses to talk to agents. I would assume those are selling agents. Many of them said that to me.


From what I have read/heard, Open Houses are NOT about selling the house:

The Dirty Secret About Open Houses: They're Not About Selling Houses

"What is the true purpose of an open house? If you said, "To sell my house," then guess again. The real answer is not what you think -- and the truth is one of the best-kept secrets in the real estate business," says this article. "The real reason agents line up to do open houses is to recruit clients. Open houses are training and recruiting platforms for new agents, or agents who do not yet have listings of their own. Yes, they exist to sell homes, but they also exist to sell brokers. Brokers want unrepresented buyers to fall in love with their charm, their knowledge of the neighborhood, and their marketing prowess, all so they can represent the buyer walking through the door, whatever home they wind up buying. Your house is the agent's best free marketing platform around."

Open Houses are used to:

✓ help get the listing
✓ help get more prospects for buyers and sellers

Your thoughts?

Best,

Dan
Post 1 IP   flag post
Morristown, New Jersey
foxwrth13 private msg quote post Address this user
To possibly get new business. They also do them to their sellers they are doing something and keep them happy. I hate doing open houses.
Post 2 IP   flag post
bryanhscott private msg quote post Address this user
@DanSmigrod The quoted text in your post is exactly why open houses are done. According to the National Association of Realtors (NAR), only about 7% of all sales occurred as a result of a buyer walking into an Open House.

So, do they work? Yes, 7% of the time. What good are they otherwise? Pretty much exactly what was in your post: Training for new licensees, appease an uninformed seller, satisfy the curiosity of all the neighbors, but above all else, to mine leads for new, unrepresented, buyers and sellers.

Personally, as a discount, flat-fee, broker, I have no problem doing an Open for my sellers, but I charge extra for this service if, after I have totally explained the above, they still require me to plan and sit one for them.

Depending on the property, the more useful type of Open to benefit the seller, would be a Broker Open, where a listing agent wants to expose the property to agents working a specific area so they get a head start on a new listing, because most buyer agents have a short list of folks actively looking. This tactic can shorten the sell cycle time for a listing.
Post 3 IP   flag post
WGAN Forum
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WGAN-TV Podcast
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DanSmigrod private msg quote post Address this user
Quote:
Originally Posted by bryanhscott
Depending on the property, the more useful type of Open to benefit the seller, would be a Broker Open, where a listing agent wants to expose the property to agents working a specific area so they get a head start on a new listing, because most buyer agents have a short list of folks actively looking. This tactic can shorten the sell cycle time for a listing.



@bryanhscott Thank you for adding your insight as a Broker!

About ...

Quote:
Originally Posted by bryanhscott
Depending on the property, the more useful type of Open to benefit the seller, would be a Broker Open, where a listing agent wants to expose the property to agents working a specific area so they get a head start on a new listing, because most buyer agents have a short list of folks actively looking. This tactic can shorten the sell cycle time for a listing.


Is this another reason to do a Matterport Digital Twin so that more agents can pre-tour the property for their clients?

Best,

Dan
Post 4 IP   flag post
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Chicago
rzphotoman private msg quote post Address this user
I learned early on that open houses are primarily for leads. That's why I include a stand alone 3D Tour set to music on a continuous loop, with all my jobs. Many of my clients set up their laptop or tablet at the open house and just let it run all day. They say it helps to show that they use the best technology to market and sell their homes, and it works. Almost all say the 3D tour on display has greatly enhanced their open houses.
Post 5 IP   flag post
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