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Indianapolis, IN 46227

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317-657-8059

Will having an open house sell my home?

Will having an open house sell my home?

Open houses are one of the most hotly debated marketing techniques in real estate. Some agents swear by them, others will tell you that the only purpose they serve is to gather new buyers for the agent. Like most opinions bellowed from soap boxes, the truth lies somewhere in the middle.

In favor of having an open house. Anything that draws attention to your home increases the possibility of getting the home sold. A properly marketed open house will involve extra signage, an email campaign, social media announcements, web notifications through the websites that advertise homes for sale, some neighborhood door knocking by the agent holding the house open, and all of that is certain to draw at least a few peoples attention to the fact that your home is for sale.

In addition to that, when your house is being held open it is typically being done by the agent who has the listing. Why does that matter? The answer is because the Realtor who listed your home is more likely to know all the details about your home….they have worked with you to gather this information to develop a marketing strategy, and they know which features are going to put your homes best foot forward, so to speak. They also have a strong motivation to sell that particular home; both financially (to keep both sides of the commission), and to keep their days on market statistics nice and low.

Against an open house selling a home. 9% of all home buyers found the home they were buying via yard signs or open houses in 2014. Of that between 1 and 5% (depending on which source you believe) were specifically through an open house. The numbers say at best its a 1 in 10 shot, at worst its 1 in 100.

Security. When a buyers agent takes a buyer out they have usually met the buyer and screened them on some level. When a house is held open, anyone can walk in. Your agent will mitigate this to the best of their ability, but the truth of the matter is that if multiple parties enter your home at once, the agent can’t watch all of them closely.

The Authors opinion on open houses? I say have them. The very worst case scenario is the agents wastes a couple of hours hanging out in an empty house…and that is only likely to happen if they didn’t properly promote the open house. Even then, just the base marketing done by the multiple listing service will draw some attention to the home for sale.

The truth is, any extra exposure will sell a home and anyone willing to cut out 5-10 percent of their potential sales audience isn’t very serious about getting your home sold.

As for the security risks, theft in the moment can best be mitigated by not leaving small valuables in the home during an open house and the burglary risk can be mitigated by the Realtor doing their job and going through to relock all doors and windows at the end of the open house.

So yeah, have an open house…and know that there is at least a small chance that the open house itself will get your home sold. On the other hand, recognize that it is a small chance and if your Realtor doesn’t have a marketing plan broader than that…you have the wrong Realtor.

If you want to work with the right Realtor, call Robb at 317-657-8059 or email robb@yourrealtylink.com to schedule your listing appointment to start working on getting your home sold!

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