Open House, Broker Tour and getting the word out
Open Houses have a terrible reputation on the internet. Almost every article we read said the open house benefits the agent, not the home. The important question is Does an Open House sell your home? The only real statistics we could find on the subject was a study conducted in 2017 by the National Association of Realtor called The National Association of REALTORS® Profile of Home Buyers and Sellers. It states 8% of home sales come from people seeing open house or yard signs.
The NAR study was nationwide. Our Bay Area real estate market doesn’t follow the rest of the nation.
We would agree that it is unusual to have a buyer walk in and make an offer from an Open House, but it does happen regularly. One of the most locally famous homes we sold was from the open house signs.
We recommend you allow us to hold Open House the first 2 weekends your home goes on the MLS. We have found the first 2 weeks on the market is the busiest time for home sellers. You can have 3 to 5 showings a day for those first two weeks and it can be overwhelming for families with children or people with heavy travel schedules. Open House relieves some of the pressure of the first couple of weeks.
The National Association of REALTORS® Profile of Home Buyers and Sellers This is where buyers found the home they purchased:
• Internet: 51%
• Real estate agent: 34%
• Yard sign/open house sign: 8%
• Friend, relative or neighbor: 4%
• Home builder or their agent: 2%
• Directly from sellers/Knew the sellers: 1%
• Print newspaper advertisement: 1%
Broker Tour is a weekly meeting of the agents and brokerages in town. Morgan Hill, San Martin and Gilroy have the highest attendance of all Broker Tours so it is well worth it to have your home on tour. Morgan Hill and San Martin Tour is from 9:00 to 12:00 on Wednesday, Gilroy Tour is from 9:00 to 12:00 on Thursday. Your agent will be there to host your tour.
Another way to Get The Word Out is for agents to host an Office Tour. Coldwell Banker has Office Tour on Tuesdays and agents from within our Morgan Hill/Gilroy offices are invited to your home to see and become familiar with what your home has to offer. This generally takes place between 10:00 and 11:00 on Tuesday.