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Busting the Open House Myth

Posted by admin on January 7, 2023
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The Puffin Team Real Estate - Lynn Vardy - Open House Myth Busting

Busting the Open House Myth: Why They’re More Hype Than Sale

Picture this: You’re looking to sell your house and the real estate agent suggests hosting an open house. The idea sounds exciting at first, with visions of potential buyers flocking in and placing offers on the spot.

I thought the same thing.  So, for a year I did an open house the first weekend it hit the market.  Who showed up?  Lots of buyers did but they were buyers who would have liked to have had a private showing with their agent.  A couple of times I received offers from  their buyer agents who never looked at the home.  Lots of Looky Loos showed up to get decorating ideas. 

So why are open houses done? 

Let’s take a step back and explore the reality behind the hype. In this blog post, we’ll debunk the myth of open houses and discuss why they might not be as effective as they seem in selling your house.

Low Conversion Rates at open Houses:

One of the main reasons open houses don’t work is the low conversion rate of attendees to actual buyers. Sure, many people may visit your event, but how many are genuinely interested in buying your home? Most visitors are often nosy neighbours, curious onlookers, or people simply seeking design inspiration. The majority of attendees are unlikely to make a serious offer.

Impersonal Interactions:

During open houses, it’s common for real estate agents to be bombarded with numerous visitors, making it challenging to provide individual attention to potential buyers. It becomes difficult to build a personal connection or address specific questions or concerns. Without personalized interactions, the chances of fostering genuine interest in your property diminish.

Limited Targeted Marketing:

Open houses tend to attract a wide range of people, including those who might not meet the specific criteria for your property. For instance, if you’re selling a family home, you may end up with mostly young couples or retirees attending the event. This lack of targeted marketing reduces the chances of finding the right buyer who matches your property’s unique features and requirements.

Security Concerns at Open Houses:

While open houses aim to showcase your home’s best features, they can also attract individuals with ill intentions. Providing unrestricted access to your property can be risky, as you open the doors to potential theft, property damage, or even invasion of privacy. It’s essential to strike a balance between showcasing your home and ensuring its safety.

Time and Energy Drain:

Preparing your home for an open house requires significant time and effort. From deep cleaning and staging to arranging refreshments and coordinating with the real estate agent, the process can be exhaustive. Additionally, hosting an open house often means disrupting your routine and accommodating strangers in your space. Considering the potential low conversion rates, the return on investment may not justify the energy expended.

While open houses may have a certain allure, it’s important to recognize their limitations. They often fall short in terms of attracting serious buyers and generating meaningful offers. Instead, a more effective approach would involve targeted marketing strategies, including online listings, professional photography, virtual tours, and personalized showings for pre-qualified buyers. By focusing on these methods, you can maximize your chances of finding the right buyer and selling your house efficiently.

Remember, every property and market is unique, so consult with with us to determine the most suitable selling strategy for your specific circumstances. Reach out if you want to chat more.

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