Open Houses: Are they Worth the Effort?

Now that internet listings have become the new normal, you may be wondering if holding a traditional open house is worth it at all. Industry veterans have debated just this for years, with some insisting that internet pictures will never replace the seeing real thing, and others claiming that any truly interested buyer will make an appointment anyway. If you find yourself lost, this quick rundown of the positives and negatives can help you decide if an open house works for you.

Let’s start with the negatives:

Finding a buyer via an open house is rare. A lot of people show up at open houses, but not all of them are interested in buying your house. Visitors may be trying to get a feel for a neighborhood, or they may be even earlier in their search and just figuring out what they want in a house. Nosy neighbors are also known for putting in appearances. Your agent may not be selling your house at all. Real estate agents often use open houses to meet new clients and direct them to other houses in their inventory. However, remember there’s a flip side to this. Your realtor is probably doing the same for your property at other open houses. Thieves target open houses. Open houses can get a lot of traffic, and sometimes it’s hard for agent to keep an eye on every person in the house—creating a golden opportunity for thieves. Of course, there are ways to deter this. Locking up your valuables is one smart move, and some require visitors to sign in with ID.

There are a few positives to keep in mind, though:

You cast a wider net. Sometimes, selling is just a numbers game. Get enough people to see your house, and odds are good, one of them is going to be interested. So even if none of the visitors at your open house make an offer, they may know someone else who’s looking. Or maybe the signage your agent puts up leads someone to make an appointment later in the week. They can help you gauge the market. There’s nothing like getting an opinion firsthand, and if your agent does his or her job right, an open house can be a great way to get a handle on the things a potential buyer will notice—and on the things you need to change, price included. It’s convenient for you. Let’s face it. Having one open house is a lot easier than having ten individual showings. If you and your agent advertise correctly, you may be able to draw in the people who might make an appointment anyway, saving yourself some hassle. The bottom line? Whether or not an open house will benefit you depends largely on your house and the market you live in, and some agents have more success with them than others.