For decades, open houses have been a staple of real estate marketing: Sellers expect them, many potential buyers enjoy them, and agents can reap a multitude of benefits from them.
But many industry experts contend that ever-evolving technology has made open houses obsolete. While recent data does lend credibility to this theory, open houses can still offer a number of benefits to agents and their clients.
What the Data Says:
According to the 2023 Home Buyers and Sellers Generational Trends Report, 96% of buyers start their home search online, while only 1% of buyers visited an open house as their first home-searching step. Just 4% of all buyers report finding their home due to an open house or yard sign.
Client Benefits:
Open houses allow buyers to view properties without an appointment. It’s noncommittal, can be impromptu and tours are more or less self-guided. This is perfect for early-stage homebuyers who may not feel ready to speak with an agent.
For sellers, open houses streamline the viewing process. It’s easier to prepare for one open house than it is to prepare for multiple showings. This can be especially convenient for sellers who have kids or pets, are on tight schedules or work from home.
Agent Benefits:
It’s agents who can reap the most benefits from open houses. Much of what you do for your clients happens behind the scenes, but open houses put your work front and center for all to see. From staging to hosting, it’s an interactive demonstration of your marketing abilities.
Open houses also allow you to meet the neighbors and establish rapport. Not all leads will be qualified, but you can answer questions, demonstrate expertise, get feedback on the property and collect data. It’s an easy way to connect with future prospects.
For more industry insight and marketing tips, reach out today.
