Open Houses: Does it work?
Do traditional open houses still work to sell houses, where the agent sits down and just waits for buyers to come in at the seller's house?
Does holding such open houses still get homes sold?
Here's the short answer: Nope.
Traditional Open Houses don't work any more. And it's not because of the coronavirus.
It's because of the seller.
Because, you see, all those years ago when I was a practising realtor, I realised it was the seller's fault that open houses were so ineffective to get the home sold.
I realised traditional open houses were driven by sellers' personal insecurities to witness something get done. They wanted to be in control.
It was a classic case of confusing activity with Productivity.
And sellers were forcing us agents to do it, never mind the fact that few houses were actually sold by sitting inside while waiting for buyers to drop out of thin air. They were taking away our control by trying to influence the outcome themselves.
But since I needed to earn a commission by actually selling the house (rather than list it for sale and wait for it to sell), merely having this realisation was not going to be enough.
I needed results, and fast.
And my search for an alternative began.
There's a better alternative
After searching for a solution for a while, I realised the solution was already there.
It was already being done elsewhere.
I didn't have to invent anything new.
What I had to do was simply copy them.
And the solution was simple: fill up buses to show 5-8 houses in 1 afternoon.
Why didn't I think of it before?
Tour of Homes
The next time I filled up a bus with 8-10 buyers to show them around 5-8 houses in 1 afternoon, I was stunned with my results! I managed to sell all homes!
So, there it is.
Nowadays, it's even easier to book a private hire bus.
But with the coronavirus, this may not be a good option.
There's another option.
The Online Virtual Tour
This is a new twist on an old concept.
What it involves is doing a simple zoom call with prospective buyers and showing around your listings in a video format.
You can even pre record it and then queue the video to autoplay, while answering buyers' questions during the 'webinar'.
Just don't worry too much about the technology.
Zoom is free and easy to use. There's even an app for your smartphone, which is super simple to download and operate.
And you can even pre record some of your listings on your own smartphone by yourself. So there's hardly any technology or costs involved.
This is a far better way to do open houses, don't you agree?
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Yasser Khan is a real estate coach, speaker, and trainer at YasserKhan.SG who teaches Realtors how to make more Money, have more Time and enjoy more Freedom without all the B.S.
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