Are Open Houses A Thing of the Past

During the past several months the real estate industry shifted quickly to technology to ensure real estate would not experience much of a pauses during the pandemic. We had to learn quickly how to incorporate the non face to face interactions with clients. Thus open houses were no longer a viable option to market homes.

The question arises "are open houses necessary to get a home sold"? Based on the number of homes that are selling in our market and our diminishing inventory....probably not.

Yet I believe open houses are still relevant, regardless of how good photography, virtual tours and videos nothing beats walking through a home in order to get a true perspective of the layout, feel and space of a home.

For buyers who are in the initial stages of researching neighborhoods, an open house is an ideal way to look at homes. And many prefer to look in the beginning without a real estate agent and will engage the agent's services once they make the decision of location, etc.

And from a seller's perspective, an open house may be less disruptive as it allows the home to be shown to multiple potential buyers over a small time frame, usually a weekend.

There are some professionals who insist that an open house does not sell the home and are a waste of time, and it is only a way for the agent to meet prospective buyers and sellers.

Personally I have sold a home more than once because of the open house. It is almost impossible to know if offers received were not from someone who attended the open house, as they may be working with a real estate agent. And from a sales perspective, the listing agent can provide more information about the home first hand.

Sure an open house is a great way for real estate agents to meet would be buyers and sellers, it is a form of prospecting. But what's wrong with that after all we are sales people.

I think going forward the concept of the open house may change. There will always be sellers who would prefer to not have an open house. I believe once we are able to socialize and conduct more face to face interactions, open houses will return.