The traditional rules to an Open House no longer apply
As a Realtor, I have long been a proponent of a short Open House. This tactic runs against the grain of the traditional and established position that an open house needs to three hours long.
As is often the case with many traditions, it is no longer clear who came up with this theory, why it persists, and why both buyers and sellers still expect it.
First off, a standard open house rarely sells a property on its own merit. On occasion, a random buyer does wander in and buy, but for the most part, an open house serves to reassure the seller that action is being taken. That being said, an open house is still a potent marketing tool and creates strong visibility within the community. What elevates the “short vs long” debate into more than just the academic, is the irony that an open house with a shorter time frame actually draws in more serious buyers - and equally vital - subtly affects their perception.
How can that be? Well, here it is, broken down:
Let’s assume a three-hour open house draws a potential buyer every 30 minutes. The resulting impression is that the house is undesirable. In comparison, a truncated 90-minute open house exudes the excitement of activity, and entices all serious buyers to pre-schedule a time to walk through. If a serious buyer cannot make the 90-minute open, he or she will call for a private showing, which allows for an infinitely better result, as the scenario has now been turned into a one-on-one encounter.
Remember, no buyer will refuse to buy a home just because they missed the open house. My suggestion to all sellers is to create a series of shorter open houses, no more than 90 minutes in length. You will be surprised at the increased visitor turn-out. It’s a strategy that works.
