Have you ever sold a home listed over $3M from a Sunday open house?
Recently, TAN Marin chapter member Diana Hammer used a Top Agent Network post to ask this question of her fellow top agent members. It turns out there are many different opinions on this subject and, thus, an interesting discussion emerged.
Of the 20 agents who responded to Diana’s post, the results included:
- 4 were unequivocally NO
- 2 reported they did not hold open houses for properties priced over $3M
- 2 said they had sold houses slightly under $3M from open houses
- 4 discussed the pros and cons, but didn’t have a clear yes or no
- 8 said YES with some reporting they had sold homes priced $5M to $7M from open houses
The reasons given for not holding open houses for luxury real estate listings included:
- Not productive/didn’t work
- Looky-loos (curious neighbors/unqualified buyers)
- Liability issues
- Just plain don’t like open houses and view them as “busy work”
Top agents who were in favor of open houses for high-end listings had a variety of reasons why they worked:
Today’s high-end buyer wants immediate gratification and wants to go see homes when they feel like it.
In San Francisco, many high-end homes are being sold from open houses. SF sets the trends that then head north to us in Marin.
Some clients want the freedom to see houses on their own without agents breathing down their necks.
Open houses, even on high-end homes, influence the ‘circling around’ buyers to finally act.
Obviously, the marketing approach will be different for high-end homes compared to standard homes. But should open houses be automatically disqualified for luxury properties?
We all know buyers go online to find houses before they actually choose to see them. This has vastly changed our business and may affect the way some of us see open houses. This trend may enable us to find other ways to respond to their needs.
Thanks, Diana, for starting this discussion and sharing the opinions of agents in Marin.
What do you think? We’d love your to hear about your experiences with open houses on luxury properties in your local market via the comments below. Thanks.