Open Houses

[k2at]

For those of you who have given your house over to a realtor to sell, how many open houses did the realtor have in a given period of time. My realtor says one a month is all she has per house. I feel if there are not more, the chances of selling decrease.

What are your feelings on this matter?

[Don A. List]

We have had our home in Ohio for sale for approximately five weeks. One open house was held while we were in T V looking at homes. The people who attended came back two weeks later with their grown children and made an offer. I have always felt that Open House has the opportunity for people to come into the home to take a look at it and not feel obligated; however, it frequently leads to a sale.

We are pleased that our home sold so quickly (St. Joseph also helped for the fourth time) and we have purchased a home in TV and will be moving back in just a few weeks.

We made the mistake of leaving two years ago after being in TV for five years. The mistake has been corrected and we are moving back to the most fantastic community in the US.

[Yoda]

For those of you who have given your house over to a Realtor to sell, how many open houses did the Realtor have in a given period of time. My Realtor says one a month is all she has per house. I feel if there are not more, the chances of selling decrease.

What are your feelings on this matter?

We had 2 open house showings. One was after we had received an offer. The first open house produced a few interested people and a lot of tire kickers, including a neighbor. We had no shortage of showings. I believe that this was because St Joseph and our agent's INTERNET marketing savvy. Received final offer in 47 days. We close in 10 days. We got a very fair price considering the market.

Yoda

[English Ivy]

I used to think you needed to have a lot of open houses to increase the chances of selling. But in today's world I think how your listing presents itself on the internet is so much more important. Make sure the pictures show your home in the best light and best angles. I can't believe some of the pictures on The Villages pre-owned web site that will show a wall with a sofa against it and that's supposed to represent the living room. When we sold our last house they used mostly pictures I had taken because their pictures did not present the best features of the house. I drove the guy crazy but they kept working on it until I was satisfied.

Also make sure the listing details tell the best story possible about your home. If a home jumps off a computer screen and says WOW, a prospective buyer will make sure they see it, with or without an open house.

Of course open houses, great listing info, etc. will not mean a thing if you're not priced for today's market. We all think we should get more for our houses when we sell them, but if you bite the bullet and price realistically from the beginning you'll probably have a signed offer so much sooner than if you keep dropping the price.

Good luck with selling. Hope it happens soon so you can get to The Villages!

[BobKat1]

Good point English Ivy, we've been looking at pre-owned homes on TV web site. Some pictures do a good job at showing a home, others it's just ???'s.

I wonder if each agent takes their own pictures, and the quality just varies from agent to agent?

Sometimes when a Virtual Tour is available a home will look a lot different than it did in pictures.

[BogeyBoy]

If I were listing a home for sale I would ask the sales agent to have a caravan type showing so other agents see the home and think of it when viewing homes with potential buyers. Agents get creative when doing this, sometimes offering a lunch to attract other agents to the showing. When these caravans are held often the agents are in and out of the house in minutes - offer a little food and they may be a little more observant of your home's features.

Open houses are helpful, but most times the agent sitting at the open house finds the lookers have other needs and directs them to other houses that better fit those needs. (Yes, he/she is trying to sell your home, but any sale is a commission in the pocket.) In The Villages I think open houses attract a lot of traffic and potential buyers - it's simply because there are always buyers lurking about. I don't think they are as effective on Main Street America - get a top notch realtor and get them to effectively market your home.

Internet presence is very important in today's market, a very large percentage of buyers start the search on the internet.

I have done thousands of photos of homes - both stills and virtual tours - for realtors. The right camera, right lens, right lighting, right view/perspective, and right software can produce great photos/virtual tours and get potential buyers in the door for a look.

[OpusX1]

As a former realtor I can tell you that Open Houses do not sell the open house very often, sometimes but not often. TV is a little different as so many buyers are looking so the percentage of Opens that sell is higher I am sure.
Open Houses are a tool for the agent to get customers, many people going to opens are thinking of selling their home and are trying to price their home so that is an opportunity for a listing.
Many people have objections to the open so the agent makes appointments to show other homes and has gained a buyer.
Some crooks go to open house to case the joint, looking for valuables and information like the owners are up north or the husband/wife passed away and the survivor is going back to live with the family.
I personally would not want an Open House at my property.
I have had a Brokers Open, where the agent invites other agents and provided a lunch buffet, paid by me.
Another good option is to offer a cash incentive to the selling agent. Nothing motivates like cash. In a market with many homes that are similar for sale you need to make your listing different from the others.

[katezbox]

If I were listing a home for sale I would ask the sales agent to have a caravan type showing so other agents see the home and think of it when viewing homes with potential buyers. Agents get creative when doing this, sometimes offering a lunch to attract other agents to the showing. When these caravans are held often the agents are in and out of the house in minutes - offer a little food and they may be a little more observant of your home's features.

Open houses are helpful, but most times the agent sitting at the open house finds the lookers have other needs and directs them to other houses that better fit those needs. (Yes, he/she is trying to sell your home, but any sale is a commission in the pocket.) In The Villages I think open houses attract a lot of traffic and potential buyers - it's simply because there are always buyers lurking about. I don't think they are as effective on Main Street America - get a top notch realtor and get them to effectively market your home.

Internet presence is very important in today's market, a very large percentage of buyers start the search on the internet.

I have done thousands of photos of homes - both stills and virtual tours - for realtors. The right camera, right lens, right lighting, right view/perspective, and right software can produce great photos/virtual tours and get potential buyers in the door for a look.

I totally agree. I have home shopped on the internet and many savvy buyers do as well. As previous posters have said - make sure the pictures show the home to the best advantage. I would also try to get a realtor that will be in your home for EVERY showing. That may me he or she work as a team. The huge advantage to this is the lights can be turned on in dark corners, blinds can be opened or closed and your realtor ses buyer reactions in person - not filtered through someone else.

I think that in a community like TV (or if you are selling in a place with a lot of visitors (i.e. a beach house)), open houses really work.

The brokers' open house is critical - you want a large number of agents being familiar with your home. That is how ours sold so quickly. One broker can to the brokers' open house and fell in love with our former home. He brought a buyer back a couple of days later - and told our realtor that he didn't think this was the right buyer, but that he had a client in mind. We showed the home 3 days before Christmas and signed an offer on Christmas Eve.

[SteveFromNY]

I am with Opusx1 - I have always felt the Open House was more a vehicle for the realtor to get buyers than it is a way to sell your home.
I also agree the caravan for realtors is a good idea. Get more folks to see your house.
And the other potential incentive - give a little extra commision. It may sound odd, but the realtor is looking to make money, and if you ante up a few bucks more, he'll be more inclined to push your home than the client who wrangled a lower commision rate. With all the homes on the market, it could help your stand out.
And of course, price right!

[k2at]

After reading the responses to my inquiry, it looks like I may have been thinking as they did many years ago. It appears how one presents his home on the internet may be more important than an open house. My frustration lies in the area of not being able to get people to come to see the home. In NJ, it is not unusual for the realtor to have an open house and nobody shows up, whatever the price.

I did already buy in TV so I am not losing years getting down there, but I would like to get the monkey up North off of my back. Luckily, it is not a financial necessity to get rid of it and it does provide us with a place to go during the dog days of summer in TV, but the idea of living in one and worrying about the other is a real pain. Hopefully, this too shall change.

[downeaster]

As a former realtor I can tell you that Open Houses do not sell the open house very often, sometimes but not often. TV is a little different as so many buyers are looking so the percentage of Opens that sell is higher I am sure.
Open Houses are a tool for the agent to get customers, many people going to opens are thinking of selling their home and are trying to price their home so that is an opportunity for a listing.
Many people have objections to the open so the agent makes appointments to show other homes and has gained a buyer.
Some crooks go to open house to case the joint, looking for valuables and information like the owners are up north or the husband/wife passed away and the survivor is going back to live with the family.
I personally would not want an Open House at my property.
I have had a Brokers Open, where the agent invites other agents and provided a lunch buffet, paid by me.
Another good option is to offer a cash incentive to the selling agent. Nothing motivates like cash. In a market with many homes that are similar for sale you need to make your listing different from the others.

I am also a former real estate broker. I agree with OpusX1. I only held an open house when the seller insisted.

Sales agent caravan is another thing. We had a caravan weekly to view our new listings.

[NJblue]

Having just sold our house, I have mixed feelings about the value of an open house. We lived in NJ had numerous open houses and, contrary to the other poster from NJ, had fairly strong turnouts for them (one of them resulted in 23 visits, the most our agent had ever had). Indeed many of the visitors were either just "kicking the tires", scoping out the current or potential competition, or just killing time on a Sunday afternoon. However, we did have a few potentially strong buyers who were seriously interested in our house. It turns out, however, we ended up selling our house to someone who did not come to an open house.

[BogeyBoy]

Having just sold our house, I have mixed feelings about the value of an open house. We lived in NJ had numerous open houses and, contrary to the other poster from NJ, had fairly strong turnouts for them (one of them resulted in 23 visits, the most our agent had ever had). Indeed many of the visitors were either just "kicking the tires", scoping out the current or potential competition, or just killing time on a Sunday afternoon. However, we did have a few potentially strong buyers who were seriously interested in our house. It turns out, however, we ended up selling our house to someone who did not come to an open house.

This is why real estate is such a localized business. You can be in different neighborhoods in the same city, let alone the same state, and have very different results from a marketing plan. Interview a few realtors, pick their brains, review their success, choose one who sells a lot of houses, and good luck!

[conn8757]

Our realtor did a really good video (with music) that was posted on several internet sites. We had people from other countries (we were in Orlando) viewing it and had several people from other countries actually come see the home prior to it selling to a local family. I think the school district and location did a lot to sell it.

[chacam]

A friend in Polo Ridge has an Amarillo listed for 189, and has had several open houses. Neighbor 2 doors down have basically the same home but with a lot of upgrades listed for 168. It was listed for less than 2 weeks before a sale and no open houses. The guy in Polo Ridge is still waiting. Price is what sells, not open houses.

[TrudyM]

We move alot. If you are lucky enough to be in the top school district eithier academic or sports, make sure they put a line near the top that says so. And not Fred jones schools or whatever someone from out of state whouldn't know Fred jones schools from a whole in the ground. Our school is the district champ is one that a friend used. Last time I lived here I used "Highest number of high school graduates accepted to the Ivy leauge in the state." Of course I was lucky it was true. Some realators underestimate the internet, some agents write the copy as if they are talking to another ralator or a just the facts man. Great pics and a catchy line or two do more, I think, as most really serious buyers are not waiting for their agent to find them a house they are surfing the net. As for a cash incentive excuse me they are already getting a fourth of the 6% you are paying. If you are going with a discount broker then I would say cash on top of the low % to the selling agent. Brokers open not just your agents caravan and yes by all means food. I set out a chinese buffet and we had all the offices by not just one or two.

Good Luck

[BogeyBoy]

We move alot. If you are lucky enough to be in the top school district eithier academic or sports, make sure they put a line near the top that says so. And not Fred jones schools or whatever someone from out of state whouldn't know Fred jones schools from a whole in the ground. Our school is the district champ is one that a friend used. Last time I lived here I used "Highest number of high school graduates accepted to the Ivy leauge in the state." Of course I was lucky it was true. Some realators underestimate the internet, some agents write the copy as if they are talking to another ralator or a just the facts man. Great pics and a catchy line or two do more, I think, as most really serious buyers are not waiting for their agent to find them a house they are surfing the net. As for a cash incentive excuse me they are already getting a fourth of the 6% you are paying. If you are going with a discount broker then I would say cash on top of the low % to the selling agent. Brokers open not just your agents caravan and yes by all means food. I set out a chinese buffet and we had all the offices by not just one or two.

Good Luck

Not all agents are compensated the same - they are independent and negotiate a contract with the broker. The more they produce the more they negotiate - but it is a lot more involved than that, some have to pay for office space, etc., etc. (I am talking Realtors outside of TV.)

If you do have a "regular" open house - have the oven going with some fresh baked cookies, the potential buyers will think of it as a home, not a house.

In response to "price sells" - that is true - but price it right. Price it low just to sell it and you are leaving money on the table. A qualified Realtor will give you a detailed CMA (comparative market analysis) with sales, houses on the market, and houses that didn't sell.

[SteveFromNY]

As for a cash incentive excuse me they are already getting a fourth of the 6% you are paying.


No one in my area of NYC has paid 6% in many years. The high end of the going rate is 4.5% these days, mostly closer to 4. If it's sold by the listing agency it can be even lower. everything is negotiable here. During the boom years, rates became competitive leverage for the realtors, and they are still very much negotiated.

[BogeyBoy]

No one in my area of NYC has paid 6% in many years. The high end of the going rate is 4.5% these days, mostly closer to 4. If it's sold by the listing agency it can be even lower. everything is negotiable here. During the boom years, rates became competitive leverage for the realtors, and they are still very much negotiated.

Another area where you have to be careful. Suppose you are a strong negotiator and get the agency to agree to 3%. WOW - that is going to save you tens of thousands! The schmuck down the street agrees to 7% because he doesn't know any better. (Or maybe he is just a little sharper than you think.) His house is sold and you are still waiting to save those thousands as your listing agreement expires 6 months later.

[TrudyM]

Another area where you have to be careful. Suppose you are a strong negotiator and get the agency to agree to 3%. WOW - that is going to save you tens of thousands! The schmuck down the street agrees to 7% because he doesn't know any better. (Or maybe he is just a little sharper than you think.) His house is sold and you are still waiting to save those thousands as your listing agreement expires 6 months later.

Yes but. All the more reason to get a good agent from a high volume office. This economy has gotten rid of alot of the not as proffesional as we wished agents but not all.
The commissions here are still all 6% and required to be so in order to be in the local MLS. Thats 40-60 thou in commission for the average house in this area and when some don't get great pictures taken and well thought out verbage in their listings it hurts not only the sellers but the view of the proffession. I got this house at well below what it would have been if the agent had put the picture of the view up front instead of the bedroom. I knew the area so grabed it fast, but the seller hadn't a clue why no one was looking at it. The value was in the view and it wasn't mentioned just the view box was checked.

[BogeyBoy]

Yes but. All the more reason to get a good agent from a high volume office. This economy has gotten rid of alot of the not as proffesional as we wished agents but not all.
The commissions here are still all 6% and required to be so in order to be in the local MLS. Thats 40-60 thou in commission for the average house in this area and when some don't get great pictures taken and well thought out verbage in their listings it hurts not only the sellers but the view of the proffession. I got this house at well below what it would have been if the agent had put the picture of the view up front instead of the bedroom. I knew the area so grabed it fast, but the seller hadn't a clue why no one was looking at it. The value was in the view and it wasn't mentioned just the view box was checked.

Interesting comment about commissions required to be 6% to get in the local MLS. In Florida that is a violation of antitrust legislation and could cost the broker their license.