Technology is shaping every aspect of our lives - and home buying and selling is no exception! Nowadays, people are searching for homes online when they’ve got spare time or their kids are in bed. In fact, 43 percent of people searching for a home begin their search online. This way they can immediately start choosing homes they’d like to visit by comparing prices, school districts and comparable homes for sale in the area.
This shift in home searching means traditional, less effective marketing techniques are not as necessary as before. One prime example is an open house, which was once looked at as a staple in the home-selling process. But with virtual walkthroughs, high-resolution photos and video conferencing technology, an open house may not be worth your time or the risk.
The Truth About Open Houses
Open Houses Rarely Result in a Sale
This is the main reason to be weary of an agent who suggests an open house. Homes are very rarely sold because of an open house. The National Association of Realtors® (NAR) reported that in 2014, only 9 percent of of buyers found the home they eventually purchased at an open house.
That number is down from 16 percent in 2004. Not only has the number of people who are purchasing houses from attending an open house decreased, but the number of buyers who even attended an open house has drastically dropped from 51 percent in 2004 to 44 percent in 2014. Let’s just say that’s not very promising!
Open Door to Thieves
An open house can pose a security risk as it is an open door to strangers walking through your home. There is usually only one agent at the open house, making it difficult to know what’s happening in every area of the house at all times. This means a thief could easily steal property or attend the open house to plot the house for a future crime.
The open house sign is a beacon for the neighbors who are curious about your home to come over and check it out during your open house. Though you may love your neighbors, you might not want them browsing through your home, especially if there is no interest in actually purchasing the home. The minute you open the doors to your home, almost anyone is able to walk through them.
Often times, people are coming to an open house just to look around, almost like a weekend afternoon activity. They are not coming to buy, they just want to see how you’ve decorated and how you live. Like nosy neighbors, you can’t control who walks through your doors.
The Agent’s Ulterior Motives
If an agent is pushing an open house, they usually have an ulterior motive. During an open house, agents are typically looking to meet new clients. The nosy neighbors and the people just cruising through the house are all potential clients to the real estate agent. Another motive for an open house is for agent training. An open house is a great way for a new agents to interact with strangers and learn about their area’s real estate market.
You may be asking yourself, is an open house worth it? With the right agent who has a solid marketing plan and uses technology to your advantage, your home will have a 24-hour open house. If you’re in the market to buy or sell a home, keep the process simple! No matter what you’re looking for, whether it’s information to sell or to buy, contact Space Simply at (515) 423-0899 or online today!