Open Houses Can Widen Buyer Pool

Open houses are an old real estate tradition, but one that keeps morphing to fit current conditions. Recently, open houses went from nearly extinct during the early days of the pandemic to a chance for all interested buyers to submit their “best and final” offer at the first open house during the buyer bidding war frenzy of 2021. Now, opens are regaining traditional importance in boosting demand. “The more potential buyers who see the property, the faster it will sell, and if there are competing bids, the sale price will go up,” says Suzanne Miller, CEO of Empire State Properties, New York City. Still, some types of properties don’t benefit from open houses, say agents. Here, some agents share how they see open houses meeting the market: Bringing in those serious, affordable home shoppers. Lower priced homes that are ideal “starters” and properties suited for buyers moving into their second, move-up home “attract the most motivated” home shoppers, says Michael McGivern of Bridge Realty in Minneapolis. The lack of affordable housing of the last few years makes hosting an open for a lower bracket home even more crucial, he adds. But luxury or unique homes, like a mountain vacation retreat, are best shown by appointment. Capturing buyers browsing new construction. Kristen Conti, owner of Peacock Premier Properties in Englewood, FL, says that in neighborhoods where new construction is prevalent, many buyers are touring models, offering an opportunity for existing home sellers to capitalize on that traffic by aggressively advertising their open.

Adjusting based on feedback. Visitor feedback can prompt marketing changes. For instance, notes Conti, if there are comments that the bedrooms seem small, owners might be amenable to taking out some furniture.

Price drop merits “new” open. “The way the new, lower price is announced depends on the specific circumstances,” says John Myers of Myers & Myers Real Estate in Alburquerque. “If the initial open house was well-attended,” says Myers, an agent may hold a “new” one to announce the adjusted price. But if a prior open wasn’t drawing buyers, other advertising strategies can be more effective.