According to a new study conducted by Redfin open houses sell for $9,046 more money and spend seven fewer days on the market than homes not held open. Why? Listing agents who host strategically timed open houses aren't just advertising their listings they are marketing their listings to the critical "backlog of buyers".
“I usually list properties on a Thursday or Friday, then hold an open house on Saturday or Sunday. I also hold private showings because it’s so important to get as many potential buyers into the home as possible,” said Jessica Johnson, an agent in Miami, Florida “Open houses can help homes sell faster. When homebuyers see other people at an open house, it can motivate them to place an offer more quickly than they otherwise would. I had two listings go under contract last week after just one weekend on the market. In both cases, the buyers first saw the home at the open house.”
In every market and price category there are a backlog of buyers. These are the buyers that are waiting for a new listing to hit the market which matches their price range and criteria. The bigger the backlog of buyers the bigger the opportunity for multiple offers, more showings, and more offers.
Savvy Agents that host open houses during the first weekend the home is on the market are specifically targeting the backlog of buyers.
These agents understand the psychology of one of the most powerful motivators in the human psyche - the fear of loss. Fear of loss motivates us to take action based on our rational or irrational fear that if we don't take action we will forever miss an opportunity. It's the same reason why listings that sell generally sell in the first two to three weeks they are on the market.
The key is timing.
The backlog of buyers will be exposed to new listings withing 24-48 hours of the listing going live through prospecting platforms, emails, text messaging systems, and aggregation portals like Zillow.com and REALTOR.com. This is the time when buyers will be most excited about a new listing. By leveraging this excitement with an open house agents can create more activity, showings, and offers.
To learn more about becoming an expert at converting open house attendees into clients check out the Open House Mastery Course.
Jim Remley is a nationally recognized expert in the field of residential real estate. Entering the real estate industry at the age of 19 he began an unlikely rise from college drop out to real estate Rock Star by becoming ranked in the top 1% of REALTORS® nationwide. Implementing game-changing strategies and deploying the latest technology advances Jim shattered sales records by listing over 150 properties in one twelve month period. At 24 he opened his first Real Estate Company and grew the company to 17 offices becoming the largest independent real estate company in the State of Oregon.
Today Jim leads one of the largest real estate firms in the state of Oregon with over $800 million dollars in sales volume a year with just over 160 active Brokers. As a consultant, author, speaker, and trainer Jim has one mission – to create abundance through simplicity of action. In 2018 Jim launched www.erealestatecoach.com an On-Demand Video Coaching platform designed for REALTORS to tap into highly focused information and actionable ideas based on thousands of interviews with top producers from across the country.
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