The Benefits of Hosting a Real Estate Open House

Alexa Bricker

Posted on

For better or for worse, the concept of an open house has been a longstanding tool in real estate. An open house allows potential buyers the opportunity to walk-through a listed home to get a perspective they might not pick up from photos and descriptions.

As productive as that sounds, open houses alone rarely result in a sale. So why hold them?

For some agents and buyers, an open house is beneficial for a few reasons:

Firstly, the ability to connect with current and future buyers. While the majority of people who show up for an open house are not ready to make the purchase just yet, there is plenty of potential to make an impression on the attendees, and ensure you’re the first person they think of when it is time to buy.

Starr Nass, an associate real estate broker with Houlihan Lawrence in Bedford, New York, says that holding open houses has been a great way to find potential buyers—even if they don’t end up liking the home they are touring.

“I have held public open houses for my own listings, as well as for other agents,” she says. “It can be a good way to capture buyers who are out looking for a house, but the house being shown just isn’t for them.”

Though she hasn’t secured a sale based on an open house alone, she finds broker open houses of particular value, in that agents are able to preview a new listing or refresh their memory on a house that a potential client might be interested in.

Secondly, open houses are a good way to get a better understanding of the types of homes up for sale in the community as a whole, and what other buyers might be looking for. There will always be a few looky-loos at an open house, but if you hone in on buyers with solid questions and a clear-cut interest in what they are looking for, the payoff for you is immense.

An understanding of the market you are working in is essential in real estate, and a good first step is to take a look at the homes available, who’s looking at them, and why. You won’t have a solid grip on your target clientele if you don’t know what they’re looking for, and open houses are a great way to do it.

Want a guaranteed way to capture solid leads from your open house? Download this printable open house kit.

Written by Alexa Bricker

Creative writer who believes in the power of a well-told story and helpful content.