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Open House Concerns

Q -  Recently in the news there was a report about property being stolen at an Open House.  Is this a common occurrence and can anything ...

2/19/12

Do Open Houses Sell Homes?


Q - Do Open Houses really sell homes?  My real estate agent suggested doing an Open House. 


A - For the past 8 years, the Victoria Real Estate Board in BC, Canada, has been surveying how buyers find the homes they have purchased.  Throughout all the years, Open Houses have accounted for about 2%.  So how do buyers find their homes?  The majority find their homes through their real estate agent, next are internet sites -  the major one being Realtor.ca, and thirdly, the real estate lawn sign.  Open Houses are at the bottom of the list with classified ads.

It is very important to be aware of this since Open Houses pose a risk in terms of the security of the owner's possessions and the safety of the real estate agent.  We no longer pick up strangers in our cars but we continue to allow strangers to wander through our homes during an Open House.  

There really isn't much of a chance of selling your home through an Open House.  When asked, most real estate agents admit this fact.  So why do real estate agents do Open Houses?  It is an opportunity to meet new buyers, who might be turned into clients, and it ensures the seller that the agent is working on selling the home.

There are some exceptions.  When a builder is developing a project and establishes a show suite in which Open Houses take place, these Open Houses provide an opportunity for potential buyers of new construction to be able to preview designs and quality inherent in the project.

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