Do open houses work for real estate agents?
Before the age of the Internet, the only way potential homebuyers could tour a home was to either contact their real estate agent to schedule a showing or to attend an open house.
Now-a-days virtual tours, photo galleries and online listings make it easier for the consumer to shop for houses without setting foot in one. Yet on any given Sunday you can bet somewhere in the DC Metro Area there’s an open house taking place.
Do open houses work?
“The bottom line is that there is really only one good reason Realtors have Open Houses,” writes Ken Montville of MDSuburbanhomes.com. “It’s so they can possibly run into someone who is unrepresented by another Realtor and who might be interested in using their services. In other words, it’s a great way to prospect for new business.”
Tradition dies hard, he adds. For agent insight, check out the rest of his post, “Do people still do open houses?” that weighs in on the investments versus the returns for an agent who hosts an open house in today’s real estate market.