“An investment in knowledge pays the best interest.”
~ Benjamin Franklin
Should I do an open house? Will it help sell my home? These questions come up a lot in real estate. So, does an open house help in Sanpete County? My answer may surprise you, but first let’s look at what an open house can potentially do for you.
Possible Bonuses of an Open House
Open houses attempt to market your home by inviting anyone to view your home. Interested parties can visit during a set time period to view the house and obtain some information from your listing agent. The basic idea is: the more people that see your home, the better your chances are to find a potential buyer and close a deal. Pretty simple bonus if you ask me. The real question should be, “Is spending your Realtor’s time, as well as your own, at an open house the best way to find a potential buyer?”
The Brutal Truth of Most Open Houses
What if I told you open houses typically help your Realtor more than they help sell your home? Sadly, this is true just because of the people that end up at an open house. Let me explain.
Only 4% of home buyers start their property search from an open house.1 On the other hand, 85% to 90% of potential buyers now start their search online. Think about it. Isn’t it easier to sift through the photos, elaborate descriptions, and pricing of multiple properties from the privacy of your smartphone or home computer? Isn’t it also more convenient to make an appointment with a Realtor to see a home versus rearranging your schedule to be free during an open house?
This brings me to the type of people that usually do show up at open houses: neighbors, curious decorators, dreamers and professional lookers. Neighbors are great to have over, but they already own a home nearby. Decorators are usually DIYers looking to see how you may have decorated your home so they can get ideas for their own.
Dreamers tend to look at homes that they would like to own someday, but someday is often several years away. Last but not least, bored professional lookers usually haven’t done any research on home buying recently, but they see a sign and think it would be fun to look.
Zippy likes dropping in on open houses. He might be be entertaining for a minute, but he’s probably not going to buy your home. In fact, none of these potential visitors really get me excited about putting on an open house.
Remember, most people looking to make a large purchase, like a home, are going to do the research not just drive around looking for open house signs. If I held an open house for my home, I would want people to come visit that might actually buy now.
So why do some agents and brokerages still push the open house? Well, in truth, all those types of people I spoke about above will at some point need an agent. A Realtor or brokerage can find leads for themselves. Yep, I said it. Open houses often help the agent find more business.
Besides, given the statistics, an open house in Sanpete County will target a small percentage of people. Remember the 4% I mentioned before? Why would you want to cater to 4% with your time and marketing when you could cater to the other 96%? Just some food for thought.
Do Some Homes Benefit From an Open House?
Of course. Every city and county is different. For instance, properties in high demand larger cities tend to see increased benefits of open houses. An example is San Francisco and Silicon Valley which are in the midst of a strong sellers’ market. Lucky for us, we don’t live in an overcrowded city.
So, do open houses in Sanpete County sell homes?
They can, but your time is often better spent marketing your home elsewhere. If you think an open house will help to sell your home in Sanpete County, make sure you really dive into the details with your Realtor before you commit.
Final Thoughts on Open Houses in Sanpete County
When I became a Realtor, I made it a point to investigate any avenues that could help my clients sell homes quicker. I decided not to just take someone’s word for anything. I wanted to know the best way to serve my clients effectively. This desire has has set me apart from the status quo and let my clients enjoy some pretty awesome perks.
My research and successes point me to my conclusions. Open houses just don’t appear to have much benefit for home sellers in Sanpete County.
Do you disagree with me on the use of open houses in Sanpete County? I would love to hear about your experiences in the comments.