GET REAL – Open Houses

Let’s Get Real about Open Houses. Oh man, I may get some blow-back on this one from others in the industry, but you deserve to know the real reasons why we host open houses.

Only 4% of todays’ home buyers find the home they purchased because of an open house or yard sign, but 10% of home buyers end up working with the agent who hosted an open house they visited or had their name on the for sale signs. In other words, a REALTOR is more than twice as likely to land their next buyer client by hosting an open house than they are to actually sell the home they are hosting.

I heard one of the biggest REALTORs in the Sacramento area of the past 20 years speak to a group recently. He shared that he got his start by prospecting for buyers by hosting open houses of other agent’s listings, which is a very common practice in our industry! Again, he wasn’t hosting to sell the house; he was selling himself.

Now don’t get me wrong; REALTORs that host open houses are hard-working and honest professionals. I have a colleague hosting one of my listings this weekend. But don’t think he’s sacrificing his weekend to do me a solid and sell the house. True, that does happen on rare occasions, but ultimately the open house is a prospecting tool for the agent, not the house.