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5 Open House Facts Your REALTOR® Won’t Tell You
Selling a home is a big decision and there are many moving parts involved when it comes to the transaction. One of those decisions is if you should have an Open House or not. The Realtor® you chose keeps talking about it and pushing you to have one but is it really that important? I’m about to tell you 5 Open House facts your Realtor® won’t tell you.
Don’t Expect an Open House Visitor To Buy– I’m just going to be frank here and tell you that open houses do not sell homes. Per the National Association of Realtors®, around 90% of home buyers start their home search online. Of that 90% about half of those buyers visit open houses and only 4% start looking at homes by visiting open houses. Less than 2% of all homes sold nationally were sold as a direct result of a buyer visiting an open house unaccompanied by a Realtor®.
Why Realtors® Want Open Houses – To be honest, the reason Realtors® suggest open houses is so they can find new clients. They know if a potential buyer walks in, your house, statistically speaking, is probably not the house for them. What does that mean for the Realtor®? Now they can obtain their personal information and try to assist them in buying a home. Boom… a new client!
Potential Buyer is not Pre-Qualified – Before I start showing a client homes, it’s important to know where they stand financially. This means I have them pre-qualified by a bank lender to see what they can actually afford. If people are just visiting open houses without being pre-qualified, you have no way to determine if they can even afford to purchase your home This is a waste of time for all parties involved and doesn’t really make much sense, does it?
Wrong Kind of Traffic – Just like above, this falls along the same lines. I could definitely put unqualified buyers into this category but this is more reserved for your nosy neighbors. Curiosity killed the cat, so that is why the neighbors drop in. They want to see what your home looks like compared to their home. Did you do any upgrades? How is your homes layout plan? How did you decorate your home? All of these questions run through the minds of neighbors that are considering a move in the near future or maybe a remodel. There is nothing wrong with them stopping by to see the home but it’s just not the right traffic you were looking for.
Security – This is the most important part of having open houses in my opinion. I come from a background in law enforcement and security, so I always have security top of mind. There is no real way to get a background check of people interested in visiting an open house, so whoever shows up can walk through your home. Do you see an issue with this? If you leave money, jewelry, weapons or medications out, this is vulnerable to be snatched up by a would be thief. Even worse, they could be checking out your home for security alarms, cameras and protection dogs. They can then return at a later date and hit your house hard. To me, this is just not safe.
My final thoughts… There is nothing wrong with having an open house but it’s not required. In my opinion, you do not need an open house to sell a home because a true qualified buyer can visit your home with their Realtor®. This is a much safer avenue because the Realtor® has all their contact information and if utilizing a lock box on your property, it can all be tracked of who was in your home at what day and time.
These days with the MLS, social media, online marketing ads, Realtor® list and direct mail, there are plenty of ways to get your home exposed to the right individuals. If your Realtor® is pushing you to do an open house, then it may be time to find a new Realtor® that will listen to your needs and concerns.
If you need assistance with finding a Realtor® or have any other questions, feel free to reach out to me. I hope you enjoyed this article and it opened your eyes to the true reason behind open houses.