NO MORE OPEN HOUSES

Craig Proctor of RE/MAX Worldwide encourages real estate agents to abandon traditional open houses that cost them time and up to $300 in advertising costs. Instead, he favors a "Tour of Homes." A single "Tour" should feature approximately six homes in the same price range, and typically is scheduled for a few hours on a Sunday afternoon. Each home is open at a specific time, and buyers can speak with the agent in any property at the time listed. Proctor says a "Tour of Homes" takes up less of the agents' and sellers' time, draws more motivated buyers, and generates an auction-like atmosphere because the presence of numerous prospective buyers causes attendees to worry about their chances for purchasing a home. As a result, Proctor says that homes on the tour tend to sell quicker and for top dollar. Agents with a limited inventory should ask other agents in their office if their listings could be featured on the tour, which benefits both parties.

Source: RISMedia (06/11/08) Proctor, Craig
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