I did some rough calculations the other day and worked out that there were approximately 5000 open homes conducted in Remuera in 2009. At an average of (say) seven groups per open home that would equate to approximately 35,000 visits. A lot of people zooming around the streets.
In 2009, 500 homes sold in Remuera. If 250 sold as a direct result of being open, each open home had about a 5% chance of achieving a sale.
For every 20 hours spent opening homes, on average approximately one home was sold. This means, on average, every 30th to 40th open home produced a sale.
When sellers ask if we will be doing open homes on their home, what do we say to them? Do we tell them the truth regarding the actual effectiveness of open homes?
Do we do open homes because, yes there is a slim hope of finding a buyer, but mostly we are more likely to meet potential future sellers?
Do our sellers deserve to be told the truth? Would the truth set you free?
If all your listings were marketed as “viewing by appointment” would you sell fewer homes? Would your sellers think you were lazy? Or smart?