10 Things Your Real Estate Agent Won’t Say
September 29th, 2009 Categories: Real Estate News
MSN Real Estate posted an article recently on 10 Things Your Real Estate Agent Won’t Say – the first of which was:
1. “Your open house is really just a networking party for me.”
Hire a real-estate broker to sell your home, and one of the first things he’ll likely suggest is hosting an open house so that potential buyers can casually check out your property on a weekend afternoon. But while open houses are promoted as a great way of finding a buyer, a National Association of Realtors study found that their success rate is a mere 2 to 4 percent.
No matter. Holding an open house serves another important purpose — for the broker. “It gives him a database of clients,” says Sean McNeill, an independent real-estate broker based in New York City who says that he doesn’t like open houses, preferring to match clients with appropriate buyers. “
At open houses, you get all kinds of people walking in. Some are (trying) to see how much they should sell their own places for; others just want to get a look at what’s out there.” All are perfect pickings for a broker looking to increase his roster of buyers and sellers. “Think about it,” McNeill says. “The broker is devoting a couple hours of a weekend. He won’t do that unless it helps him in a big way.” But it doesn’t necessarily mean that a seller should forgo an open house altogether — “It’s still a real good way to showcase your house,” McNeill says.
I have to say, this one really gets me. First, I take exception with the fact that McNeill says “the broker is devoting a couple hours of a weekend.” Excuse me. The couple of hours that the house is actually open is preceded by days of working with sellers to get their home in tip top shape.
Then there are pictures to take, brochures to design, postings to do on multiple online sites, comps to have ready on neighborhood properties, signs to put out, balloons to blow up, etc., etc., etc. It’s not hard work – and I do it gladly - but it is more than a couple of hours (or maybe it’s just a couple of hours in New York City?).
Second, anyone who thinks this is the way a Realtor builds a significant data base is sadly mistaken. Is it a way to meet more people? Sure. Ultimately though, it is about showcasing your house to a wide variety of folks.
Is it the only way to sell your house? NO. It is simply one option and a lot depends on location and type of property. You and Realtor should work together to make that decision. That being said, I sold my very first property to a couple who came to see an open house I was holding. Six years later I did an open house on the same property because my clients were “moving up” – and yes, we sold it to someone who came to that open house.
Want to know more about buying and selling in Northern Virginia from someone who does it everyday? Give me a call at 703.927.4554 and lets talk about what an open house can do for you.
Michael
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