It’s not your father’s Oldsmobile anymore, open houses were created by Realtors at a time when it was one of the few ways potential buyers could preview a home.
Today homebuyers shop online and if they see a home they like, most will contact their agent to schedule a private showing that suits their schedule vs a public showing that may not be convenient. It’s not to say there isn’t any value to an open house, I can think of a few I’ve sold at an open house, but more times I met a new client who bought another property from me. The data just doesn’t support getting an offer from an open houses with a 4% chance (same for FSBO at 4%); maybe it’s time to rethink the model and focus on capturing the remaining 92%? I’ll continue to host open houses as a component of my marketing plan, but by no means is it the only plan 😎. Data Source: (NAR) 2024 Profile of Home Buyers: 51% Internet/33% Buyers Agent/8% Acquaintance/4% Yard Sign or Open House/4% FSBO
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