TIME TO CLOSE DOOR ON OPEN HOUSES?

Eighty percent of homebuyers used the Web to search for properties last year but only 42 percent visited open houses, reports NAR. Realty agents have long debated whether open house events are a useful tool as more and more serious buyers view properties online and make appointments to tour those that truly spark their interest. However, some sellers demand open houses because they want to know their agent is working hard to sell the home. Real estate associates who believe in the benefits of open houses say they allow buyers to view properties without making an appointment or commit to working with a real estate agent. In a modern twist, some schedule open houses at non-traditional weekend times, tantalize prospects with refreshments, and work with competitors to organize multi-agency tours. Advocates say this marketing tool also provides a way for associates to develop relationships with prospective buyers, who often go on to work with them to purchase a different home.

Source: RisMedia.com (10/10/07)
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