What are the real reasons that agents hold Open Houses?

Robert Bruss, nationally syndicated newspaper real estate columnist, writes: "The two prime reasons agents hold weekend open houses are to show activity for the home seller and to meet prospective sellers (curious neighbors who are thinking about selling) and buyers (who don't want to buy your house but are looking)."

Every real estate training class includes these same instructions to agents. So, the real reasons are to convince you into thinking that the agent is working hard for you, and to use your open house as a means of generating new business

 The chance of selling your house during an open house is poor. Why is this?

• Most people who happen to drive by at random will not be pre-qualified by a lender and therefore not ready to purchase your home and possibly not financially able to purchase your home.
• Likewise, most people who read an Open House ad and come to your home will not be pre-qualified.
• "Lookers" have not been interviewed and screened in advance to determine if your home meets their needs. Most likely your home won't be what they're looking for.
• Many people spend their weekends going around looking at open houses "for the fun of it."

 Additionally, there are some negative aspects to having an Open House:

• People with criminal intentions may be exploring your home for a possible future burglary.
• Your home is subject to theft. It's impossible to watch everyone at every moment, especially if several people show up at the same time. Thieves work in pairs, with one person distracting the agent while the other pockets valuables.
• Your home is subject to breakage. People tramping through your home may be careless.

Call Tim (951) 786-9931 FAX (951) 782-8324

 

Email: tim@realestateinriverside.com

 

Timothy McClenaghan Real Estate Broker, REALTOR® Licensed Since 1979