Open Houses - Did You Know?

Posted by Joe Manausa on Tuesday, May 6th, 2008 at 9:21am.

One technique that real estate professionals use to meet more buyers is to hold an "Open House" on a home for sale in Tallahassee. Statistically, we have less than a 1% chance of selling the home that we are in due to that Open house, so you might wonder why we do it at all.

A National Association of Realtors study showed that 44 percent of people who talk to a real estate agent about buying a home or selling a home will actually end up buying or selling in the next year. So if we get 100 people through open houses a year, we're going to be dealing with about 44 buyers or sellers. The benefits of Open Houses are that they generate leads, build referrals and keep the Joe Manausa Real Estate Brand Name Recognition in the market place. So, if we know that we have less than 1% chance (statistically) to sell a home from an open house, how is it that we are exposed to so many buyers? The fact is that most people want what they cannot have. They shop in stores for expensive products, then buy something that they can afford. The same goes through for most home buyers. They are attracted to homes that are priced a bit higher than they can afford. If we have the opportunity to meet them at an open house, they typically buy a home that is priced 20-30% lower than the one in which we met them. A little bit of information that you might not know. There is a lot more work performed for an open house that occurs behind the scenes. While the typical house is open for three to five hours, the Tallahassee real estate agent has done plenty of work preparing for that open house. Some of the things the Realtor does include:
  • Targeted mailings during the weekdays inviting attendees
  • Targeted phone calls during the weekdays inviting attendees
  • Advertisement preparation to announce the open house
  • Flyer creation and circulation to other real estate professionals
  • Neighborhood canvassing to spread the word
  • Home preparation to include cleaning and staging
  • Directional sign placements to maximize traffic
  • Food and drink preparation (sometimes)
  • Post open house clean-up

So next time you are out and about and decide to take-in an open house, you now know more about what is going on. The real estate professional has most likely prepared all week for this event, so don't be afraid to ask her questions about the house, the community, and other homes for sale that are similar to the one that you are in. Who knows, maybe you'll be part of the 44% who buy a home in the next year!


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Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.

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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

3 Responses to "Open Houses - Did You Know?"

John wrote: Good stuff Joe. You should consider being a contributor to Real Estate Wiki, the new national online encyclopedia. Then you can add their Wiki Widget to your site and get the benefit of having your customers search thousands of pages of FAQ's etc. directly from your website. The wiki is at realestatewiki .com
John

Posted on Tuesday, May 6th, 2008 at 1:23pm.

Joe Manausa wrote: Thanks John. I'll have to check that out sometime.

Posted on Tuesday, May 6th, 2008 at 4:53pm.

Rosemary wrote: Thank you for your submissions to the Blog Carnival.

Rosemary

Posted on Tuesday, June 17th, 2008 at 8:02pm.

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