Do Open Houses Sell Homes?
This weekend, I was sitting in an open house at one of my listing in Hudsonville, MI. I often get asked by both Realtor’s and my clients if open houses are worth doing. Realtor’s say they are a waste of time and sellers wonder what the point is when only a couple people come through anyway.
So my response to that is this:
Over the course of a listing, the home maybe marketed for over 3 some times 6 months and in the Greater Grand Rapids Market there are some home being marketed for over a year. If your Realtor is not having an open house how is your Realtor marketing that home?
An above average agent will place the home on the MLS ( GRAR), place a yard sign and list it on a couple of websites. We can all do that! I go a step future with my internet marketing and I would place against any other agent in Grand Rapids. But once all of the beginning marketing has been done what is your agent doing if he/she is not having open houses?
Every time I have an open house, which is once a month, I get to tell people again about your home. I get to place it in front of people that are looking for open houses, place another add on Craigs List and so much more.
So do open houses sell the home? Most of the time no, but they do allow for marketing to happen! It’s one more opportunity for someone to see it every month.
I was watching The Today Show this morning and saw a segment about a new study that was released titled “Seven Tactics for Selling a Home: A Data-Driven Approach for Home-Sellers” ( See: Segment). Real Estate professionals are already aware of these tactics. The report is from Redfin ( See: Redfin The Real Estate Scientist )and I am in no way endorsing them. I am aware that many homeowners in our area may have seen the segment and could possibly think that the statistics encompassed the entire nation when in fact most of the statistics come from the west coast markets. I have listed each tactic along with comments relating to the greater Grand Rapids area.
1. Don’t overprice your property
Price your house from the get-go so you don’t lose potential buyers along the way. This is especially important in the extremely competitive greater Grand Rapids market. My vacant stagings are even contingent upon the listing Realtor’s agreement that the property is priced accurately for the current market.
2. Set your price to show up in MLS searches
When setting the list price of a home, don’t price it at the bottom of a price tier. Your Realtor already knows this strategy. Not all systems have the same tier breakdown so your Realtor will familiarize you with the tiers in our local MLS system.
3. Debut on Friday This may not be the same for all demographic areas, all times of the year, or all market conditions. Your Realtor should have the current statistics.
4. Stay engaged
Since our local market is highly competitive, any extra effort will pay off. Motivated sellers should be willing to paint, stage, fix repairs and look better than the competition. It’s especially important to keep your home show-ready throughout the entire process. That’s the hard part! Remember, the way live in your home and the way you market it for sale are two different things.
5. Market the property online
In addition to the MLS, other websites can help notify potential buyers of your house for sale. Different types of homes demand different marketing strategies. Consult with your Realtor to inquire about supplementary websites that may gain your home more exposure.
6. When selling your home, stay put
You don’t HAVE to stay put. Another option is to Stage the vacant house in order to help buyers visualize the space and to picture themselves living there. Most of my vacant stagings in the greater Grand Rapids area sell within 2-3 months.
7. If you can, wait to list your property until neighboring foreclosures are off the market
You have most likely heard the news about Michigan’s foreclosure statistics. Just because there’s a foreclosed home for sale in your neighborhood doesn’t mean that it’s competition for your home. Your Realtor is there to help decide.
Contributed to GrandRapidsResource.com by:
I have been writing posts on this blog for a little over five months now and realized that I have never formally introduced myself.
I strongly believe that knowledge is power. As a Realtor, my number one goal is to help counsel and teach my clients about the process of selling and buying a home in the Grand Rapids area
With unique internet marketing tools, I am able to get homes in front of more people in Grand Rapids than the average Realtor.
So thank you for reading my blog and starting the learning process with me. I hope that the articles that you will read on this blog will enrich your life and give you the knowledge and power to buy or sell your next home.
Also see my Facebook Profile to learn more about me and keep up with what is going on in my life.
There are many different resources today that will help you find the home of your dreams before even talking to an agent.
First resource is Grrealestate.net that can point you in the right direction. Click on the Search Kent County Homes Page and pick any of the links to go to the Multiple Listing Service Provided by the Grand Rapids Association of Realtors.
From this search page you will be able to find home in the school district or area of town you want to live in and you can also look up homes in different categories like Price Bedrooms, Baths and many other things.
The second and more in-depth resource to search listings on line is called the Home Buyers Scouting Report. Very few agents are able to offer this produce to the public. But I have been able to secure this resource for any one that is search for a home in the next 6 months. This recourse is free and does everything the MLS does but it does so much more then that. It offers Google maps, search create that you can change and update at any time, email up dates on home you are looking at, it also offers something that the MLS doesn’t to new buyers and that is how much home sold for in your search area before you even sign up with using an agent.
So if you would like to use these free recourses just give me a call or send me an email so I can get you started in this free service. All I ask from you is that you give me the first chance to show you all that I can offer when you are ready to buy a home.