Is an open house event a good way of marketing a property? Do they benefit the seller – or are they a lazy agent’s gimmick?
David Cantell, of Cantell & Co in Richmond, Surrey, does not mince his words in today’s blog, which we have abbreviated from the full one that appears on his own website and which is more aimed at consumers.
https://www.cantellandco.com/News/1336/OPEN-HOUSE-do-they-work.aspx
The question is, do you agree?
Anyway, see today’s blog.
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Comments
Thank you for the clarification.
I agree with you, it's a bit of a misnomer to suggest that prices over asking are being achieved at open days for the reason you state. Over a deflated price, well now you're surely closer to the mark.
'Jon Bowers'
I think you will find that 'Sam' was referring to the blogwriter, and not your post.
That being said - I found his comments answered questions asked within the article above perfectly.
1. You need to 'price' LOW in order for them to be successful.
2. Better (...for the Agent...) having "30 odd punters" turning up over a couple of hours that book 30-odd individual viewings - but of course if the property had been priced at the 'correct' figure in the first place there wouldn't have been that amount of "interest", would there?
3. Now... DO they work in the vendors' best interests? The answer is undoubtedly 'yes' AND 'no'.
What I REALLY wonder is what about all the Agent's OTHER Vendors - who is looking after THEIR best interests when you have your 'A'-Team tied up doing all these Open House malarkeys for the benefit of only ONE?
Answers, on a postcard, please...
@ Sam
Was your comment referring to my comment only I have re-read my post looking for the bit where I said they were rubbish. Nope, just checked again, still can't see it. Must have been in the small print.
I'm glad your 'punters' like them and you see the benefit.
'Richard Hair - " By the way, I've never met an Estate Agent who doesn't have ALL full time staff working on a Saturday".
THE Richard Hair? PPNAEA Richard Hair?
Whoever - I simply can't believe the above statement.
There are 'Saturday/Weekend Staff' employed up and down the country - always have been; always will be.
The secret, 'Mr Hair', is to employ THE RIGHT staff to sit in the seat.
Whether someone is employed 40 hours a week or 4 hours a month is immaterial, ONLY their commitment to the job is what matters.
Richard Hair on 2013-12-23 09:52:00
By the way, I've never met an Estate Agent who doesn't have ALL full time staff working on a Saturday.....
Come to my village in cheshire...Five estate agents..All closed Saturdays and sundays since 2008..
Sounds like he just can't be bothered to do them so tosses on about how rubbish they are.
Did one a couple of weeks back, 30 odd punters showed up, sold the following Tuesday for 30k over the 'guide' we agreed to use with our vendor. feels like a job well done
I believe they are an area specific method of selling. They certainly don't work in my neck of the woods and it's really only a couple of the corporates that throw it in to their sales pitch as a bit of a desperate added feature of their services. I am sure it works elsewhere however.
You must need a decent bank of buyers committed to viewing the new stuff for it to work and with the lack of stock available perhaps it will become more popular. Me, I wont be looking to introduce it.
Before replying on this I decided to read the full blog twice. I have no idea who this person is but he really, really doesn't seem to understand the concept marketing in the best interests of clients. Open houses do work, they do help to get the best price and they do often lead to offers over the asking price because of the air of competition and do work in the clients’ best interest. This year 30% of our open houses led to sales within 7 days, usually at the full price or better - much quicker than just with the normal marketing. It is not a game of poker and viewers do not feel like cattle but do get the chance to openly discuss the merits of the property away from the earshot of the owners. As with most things in life, there are right ways and wrong ways of handling Open Houses. You need to find the right way! By the way, I've never met an Estate Agent who doesn't have ALL full time staff working on a Saturday