Do Open Houses Still Work In 2020?
For many years, open houses have been the primary marketing tool in the toolbelts of both homeowners and real estate agents looking to bring in as many potential buyers as possible. Of course, as we know, sellers are relying on the Internet more and more these days to sell their homes, which begs the question,
Are open houses effective anymore?
The National Association of Realtors and Investopedia says that only 3% of homebuyers take the time to go to open houses. If you have a ton of foot traffic in your area, you might be in luck. For others, however, open houses aren’t in favor of sellers.
A look at modern surveys and studies shows that the largest generation of homebuyers today is millennials and Gen Xer’s. These major groups grew up with technology, which is the reason why the Internet is their primary source for homebuying.
How the Internet Has Changed the Real Estate Landscape
This is one of those questions that we could likely write a book about, though we’ll try to summarize as best as possible. For starters, let’s consider the fact that nine in ten Americans use the Internet, according to the Pew Research Center.
Beyond that, close to 50% of the American population are tablet owners, about 75% have laptops, and more than 80% have smartphones. So yes, American society is plugged into the system, changing how they conduct business and research (aka buying homes).
The National Association of Realtors states that 50% of home buyers find the homes they are looking for online. Buyers have the option to search for homes next to the ideal school district, within proximity to entertainment and shopping, or inside certain neighborhoods.
Not only does this save home buyers tons of time, but it also saves them tons of money. Plus, there are about a thousand real estate websites out there with easy research functions and interior/exterior visual content.
The Downsides Of Open Houses
Open houses can pose potential problems for the seller. For starters, a seller needs to store away also personal items before showing a home and make sure that the house is completely spotless. There are plenty of considerations to make when trying to find the right day for an open house too.
Of course, you cannot be present during an open house, meaning you must find the right time where you can be away for a few hours. That time must also be when prospective buyers can come to your house and check it out.
Without the knowledge of prospective buyers’ schedules, this can be quite difficult. If your home takes a while to sell, you could have to deal with this hold on your personal life for many months.
You’ll also have to deal with visitors who are just there to poke around without the intention of buying, such as curious neighbors, other real estate agents, or buyers who are just scoping the market.
In all, open houses are much better for agents more than anyone else. During open houses, agents have the ability to build their network by making new contacts.
To answer the question of how effective open houses are, we would say not very effective.
If you are looking to sell your home quickly without all of the stress of an open house, make sure to get in contact with us here at National Cash Offer.