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Is an open house an effective marketing strategy?

Is an open house an effective marketing strategy?

Are agents that hold on to this practice because it is a proven tried and true method or evidence of old school agents forever trapped using strategies condemned to obsolescence like the real estate listing book and many others long since gone? Open house events are simply a marketing campaign designed to broadcast the excitement of bringing a new home to market and allow all buyers the opportunity to tour the home without the complication of appointments or the sale pitch of a pushy sales agent. This generated, in many cases, dozens of possible home buyers to congregate on the same day and time in the best possible setting this home could be portrayed in…how could this be an ineffective strategy?

Additionally, when a property is listed for sale, it can easily get lost in the sea of other listings on the market. An open house, on the other hand, provides an opportunity for the property to stand out. The group showing can help create a sense of competition and fear of being outbid among potential buyers. When buyers see other people interested in a property, they may be more likely to make an offer themselves to secure the property and even drive up the sale price.

I have read some arguments from agents that this is an ineffective strategy and that they don’t attract serious buyers; further, they only benefit the agent to attract leads; in my opinion, this argument comes from agents who don’t want to put in the effort, time and expense of hosting an open house. This argument is not supported by evidence. While it is true that some people who attend open houses may not be serious buyers, a significant number of people do attend open houses with the intention of making a purchase. In fact, studies have shown that a substantial proportion of properties sold are the result of an open house. More importantly, as an agent and broker for the last two decades that has held over a thousand of these events, I have witnessed and used this strategy firsthand successfully.

Denis DaSilva

Founding Partner of revolv

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Denis DaSilva

Founded in 2008, revolv’s mission is to disrupt the real estate industry by way of targeted marketing, proprietary systems, technology and consistent client delivery innovations, not just for the sake of technology but for the unprecedented local targeted results these resources can deliver to our clients.

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