Open houses: What they mean for sellers and brokers

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In real estate, the term open house refers to a free event that showcases a listed residential property to any interested parties. It usually lasts one day and is hosted by the real estate agent. In the past, an open house had been a necessity to attract buyers. Today, it has become more of an option. MSN Real Estate says that the rise of house listings on the Internet has made the idea of open house obsolete. The National Association of Realtors also reports that 77 percent of home buyers shopped online in 2011 and 2012.



 
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Despite the decline in popularity, open houses remain part of some real estate transactions today, providing numerous benefits for sellers and brokers. An open house is a means to attract buyers into leveraging the lowered prices of homes, which can in turn ameliorate the stinginess of current house sales. It also provides sellers the opportunity to get feedback about the house. In cases when photos are not enough to present the vibe of the house, an open house will showcase the listed property’s unique beauty. “Part of the reason for having an open house is you do just want to find someone who falls in love with it,” says art professor Mercedes Teixido who was able to sell her property after hosting an open house.


 
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Real estate broker Melissa Yardy conducts open houses periodically to showcase sellers’ property to potential buyers. Apart from helping brokers close a deal successfully, an open house benefits brokers in terms of meeting potential clients. All people who have come to check the house – the buyers, the other sellers who want to compare house prices, and the random people who simply want to see the insides of the house – can be added to the brokers’ roster of buyers and sellers. "They've always been better for agents than sellers," says real estate broker Liz Johnson.  


Marketing a listed property to the greatest number of possible buyers can speed up and increase the value of the sale. Learn here how real estate agents connect sellers to potential buyers, and pave the transaction as smoothly as possible from the ocular visit to the closing of the deal.