Open Houses have been around for years. We all have done them and many continue to do them. The big question is; do they work? Do they generate a buyer for that particular home? Statistics say, overwhelmingly, no.
Here are some of the Open House Issues:
1. Stats show that a majority of serious buyers will contact a buyer's agent first and be working with them to find a property. So, the odds of that serious buyer walking into your open house and buying it are rare.
2. When a buyer does walk in to the open house; they probably have no idea what type of house it is, how much the house is listed for, or any of the features of the home. So, again, the odds of a buyer walking into a random open house and having that house check all the boxes for them, rare.
3. There is a safety concern nowadays. For the agent holding the open house and for the seller. We don't know anything about that person that comes into the open house. We assume that they will be a legitimate law abiding citizen, but we can't ever be certain. Most people are, but there are those few that can taint this whole open house concept that results in injury and worst case death to the open house agent. It could result in theft as well. A walk-in could steal pharmaceuticals and valuables from the home. You just have to make sure that anything of value not be easily visible or jsut remove them for an open house
4. Wear and tear. If there is a lot of people traffic or if the weather is bad, the home can endure a lot of traffic and most likely from uninterested "buyers". So, many sellers simply don't want a random person, that has not been qualified for their interests or ability to buy, to just walk around their home.
After reading this you may wonder why open houses exist at all. Many agents host open houses to generate leads. Chances are the person that walks through the open house will not buy that home, but they may buy something else. This is a great opportunity for the agent to meet new new buyers.
I have watched many of the home shows on TV and the open houses seem to be effective for flips and renos in hot real estate markets. At least that is what it seems like. Even so, all the same risks exist under any open house circumstance. Having a Broker Open House is probably not a bad idea.
Many real estate agents don't attend open houses because they are either too busy or don't have an active buyer for that home. Pretty much all of the risks mentioned above go away because you are dealing with licensed real estate professionals who are active in the market and will know all the specifics about your home before they open the door. So, it may be good to offer a chance for the agents to preview the home and become familiar with it since they will be the ones talking to the buyers.
Carefully consider all of the risks and benefits and then decide whether you want your real estate agent to hold your house open. I'd be happy to consult with you to assist you.