YOUR OPEN HOUSE: but you are not invited.
An OPEN HOUSE is a method of showcasing a home for sale to the general public. It is a scheduled period of time in which a house or other dwelling is designated to be open for viewing for potential buyers. Customarily a public Open House (OH) is hosted on a designated day and time, for example on Sunday from 11am-2pm.
It is statistically confirmed an OPEN HOUSE is more for the benefit of the real estate Agent than the Home Seller. This conclusion is reported on Realtor.com, the official website of the National Association of Realtors, and supported by a survey conducted by the Real Estate Center at Texas A&M University.
- 97% of the agents responding to the survey had held public open houses.
- 75% of agents believe Buyers are more likely to buy another home other than the one being showcased.
- 62% of the people attending a public Open House are not even in the market to Buy a home.
- 55% of Agents agreed Open Houses help to generate New Listing contracts.
Apparently all the effort and inconvenience to conduct a public OPEN HOUSE is for the self-serving needs and financial wants of the real estate agent at the considerable expense and liability of the Home Seller.
What exactly is the expense and liability to the home owner? To start, the real estate agent will inconveniently request you (the home owner) to vacate the property while he conducts the open house. Next, the real estate agent has no idea who is coming to the Open House to survey your home. Maybe you trust the real estate agent but what about the strangers pilfering through your personal possessions and information? Do you really want a stranger to know you do not have a security system, or that your 5 year daughter sleeps in the bedroom on the left, on the first floor? What happens if you mistakenly leave the family calendar on the kitchen wall noting you will be out of town at the end of the month or you leave other personal information exposed? What about the prescription narcotics you store in the medicine cabinet? What about your personal possessions like your jewelry, silverware, or expensive electronics? If your open house does not attract a willing and able buyer, what’s the point? Is the Open House really worth it?
In the Texas A&M study real estate agents confess it is unlikely they will sell your home using a public Open House. Therefore in consideration of the above statistics it is not logical, fair or even necessary for the real estate agent to ask you to leave your home so he can host a public Open House (party) at your expense? The reality is the traditional real estate agent is USING you, your family and your home to enrich themselves by acquiring more home Buyers and Sellers for their pipeline.
The better approach is to allow willing and able buyers to view your home when it is convenient for them and show your home by appointment only.
As a side note…..more recently home owners are producing virtual videos and posting it to sites like MyOpenHouseANYTIME.com and YouTube. This approach is more time efficient and secure, allowing the Seller to control who tours their home by requiring serious Buyers to make an appointment for an on-site viewing.
Donald Van Dyne is THE FSBO ADVOCATE. He is also a licensed real estate agent in the Commonwealth of Massachusetts and the principal at JABIN Software, the developer of the iGOfsbo system. Donald is a seasoned entrepreneur and has over twenty years of experience owning and operating businesses. For the last twelve years his focus has been in real estate sales, real estate development and property management. Donald can be reached at 978.250.FSBO (3726) or firstname.lastname@example.org. To check out the Evolution of Real Estate Sales & Marketing please visit us at iGOfsbo.com.