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While in recent years there's been talk of 'the death of open houses', first kick-started by COVID restrictions, and then promulgated further with the advent of virtual showings, we're here to say open houses are not only back - they're bigger than ever.
You most likely fit into one of three categories as an agent. You hold one or more open houses for each listing, you assess the expense vs. benefit for each listing, or you might have completely written them off. We conducted surveys and polls over the previous month and discovered that 80% of agents still think open houses are useful.
No matter which camp you fall into, we are here to tell you that it should be a part of every listing, even when you expect a 'Sold Fast' rider crowning your panel.
Let's break each of these down briefly with the most paramount being the generational one.
From a buyer's perspective, more buyer's enjoy open houses because it allows them to ask the seller's agent direct questions about the home and receive immediate answers.
In addition to the data revealing that most people currently prefer open houses over private showings, the preferences of the two generations entering the housing market indicate that potential buyers will outright avoid private showings.
When looking at the generation today, millennial's are actually attending more open houses and going on more tours. Millennial's are the largest generation in the U.S causing the housing demand to be booming. For many years to come, this generation will continue to influence our economy. When you look at Freddie Mac: Millennials and Housing , you can see that millennials are arguably the most influential generation and it doesn't just end with millennials.
According to the Zillow Group Consumer Housing Trends Report , millennial home buyers and sellers are tremendously motivated. Because of their motivation, they are doing their own research. They attend more open houses and go on more tours, which is a perfect opportunity for agents to pick them up as a client. Being new to the buying process can be intimidating, so with an agents help, there is determination for success.
When comparing open houses to private showings, open houses let in a lot more potential clients. There is less pressure when attending an open house because you come and go as you please. For agents, there is less pressure to schedule private showings and allows for more time in their schedule. All of the attendees at open houses open the doors for agents to increase their clientele.
There are countless and sometimes situational reasons why open houses save time, most of these are obvious such as condensing multiple private showings into one event.
But there are others less obvious such as getting that important 'face-to-face' meeting done upfront. Agents are more likely to gain positive feedback from their seller and buyers from hosting an open house. Answering questions, talking about the home, the renovations, all the positives the house has to offer, and so much more.
This efficiency is likely the most immediate upsides to incorporating open houses in your strategy, but only if you have a Boss process. Often we hear they are a waste of time. This only means there's something (or many things) you're doing wrong. If that agent is you, check out the final section.
In order to increase brand awareness, putting a face to the name helps since people will do their research on agents. In our previous State of the Real Estate, we saw that there was an 18% DIP for overall sales in the Houston area. This allowed for agents to increase closings from the previous year. With the increase in closings, sellers and buyers will want to use agents to ensure they find or sell the perfect home. Agents are able to promote their success, brand, and talents through an open house which can result in a positive outcome.
We're building some companion resources including How to Host Open Houses Like A BOSS (for the modern era). If you want a copy, subscribe to get notified here.
Need some new open houses signs, directionals, or a panel rebrand? Get a quote or submit a print order here!
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