A Broker Open House is a good tool used to get the highest number amount of local Brokers in to see your property as quickly as possible. Depending on the town, the Broker Open House is usually done on a weekday morning on a specific day. I like to entice Brokers to come either with lunch or a giveaway to get people to add my listing to their list of what they plan to see that day. It may sound trivial but Brokers like to eat!
Public Open Houses are also a good tool to get lots of Buyers in at once. They are usually held on Sundays but sometimes on Saturdays as well. I have sold homes at Public Open Houses however if someone is truly interested they usually will call their Buyers Agent to schedule an appointment.
Many times, Public Open Houses attract the neighbors (which can be good because you never know who they know). Others that frequent Public Open Houses are people who see the sign and enjoy looking at homes so they are not “True Buyers”. You will tend to get the “True Buyers” if the house is having its first or second public Open House or if it just had a price adjustment. The majority of Buyers after that tend to be those that are just beginning their search and may not be ready for some time.
It is also important not to overdo the frequency of the Public Open House because they do lose their steam if they are overdone. I find that no more than every few weeks can work unless a price reduction has just been taken.
Depending on the pricing strategy, Public Open Houses can also be used to get a lot of excitement going about your home. If you as a Seller want to “price your house to sell’ which means you are on the lower end of the price range, then the Public Open House can work well and promote multiple offers but ONLY if the home is priced at a very strong perceived value.
Contact Rachel Bodner of Coldwell Banker to learn more about how she can help you to sell your home and gain the most $ possible in today’s market.