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One practice that Realtors employ to find more buyers is to hold an “Open House” at a property that they currently have listed for sale. Statistically, there is no more than a 1% chance of selling the featured house. As a result one might wonder why Realtors even bother with scheduling these events.

A National Association of Realtors study concluded that 44% of people who talk to a real estate agent to discuss the purchase or sale of a home will eventually end up buying or selling within the next twelve months. Therefore if a real estate agent gets 100 people to view open houses annually, they will be talking with about 44 buyers or sellers. The benefits of these events are that they produce leads, produce referrals and keep the real estate agent or the real estate company name visible in the area. They actually do very little for the home seller.

So, when it is known that there is no more than a 1 percent chance of selling the featured property, why is it that so many individuals visit open houses? The fact is that a large number of people want what they cannot have. They shop in stores for high-end products, then buy something that they can pay for. It’s a similar situation for many home buyers. They are attracted to homes that are more expensive than they can reasonably afford. A Realtor who is able to meet with them during an open house event can expect that they will ultimately buy a home priced 20-30% lower than the value of the featured home.

Here are a few tidbits of information that you may not know. There is quite a bit of work performed to prepare for an open house that occurs behind the scenes. While the typical house is open for 3-4 hours, a true real estate pro will work hard both before and after the event. Some of the things a real estate agent does include:

Preparing advertisements to announce the opening Inviting prospects during the week before the event through targeted phone calls and mailings Flyer creation and circulation to other real estate offices Canvassing the neighborhood to spread the word Preparing the home prior to the event including cleaning and staging Planning the layout and then placing directional signs to attract more visitors Food and drink preparation (sometimes) Post open house clean-up

The next time you are out and about and decide to take-in an open house, you will now know more about what is going on. The Realtor has most likely prepared all week for the event. Don’t be afraid to ask her questions about the property, the local community, and comparable homes for sale that you may find appealing. Who knows, perhaps you’ll be one of the 44% of open house visitors who purchase a home during the coming year!

Jim Navary has been a freelance writer and researcher for over thirty years reporting on a wide range of subjects. He is also a licensed real estate agent in the Commonwealth of Virginia specializing in Colonial Heights VA real estate and Prince George VA homes for sale.

Comments (0) Feb 07 2010

In part 1 we discussed some basic necessities you’ll need when selling your home or condo. In part 2 we’re going to take a closer look at some very common reasons and problems that sellers face when selling a property.

Your homes accessibility is a major consideration. If your house is easy to find and get to, it will typically move quicker than homes that are difficult to get to. Remember that your potential buyers and their realtors are busy. They will skip seeing your home if it is a hassle to view. Make sure to always use a lockbox so other agents may access your house while you are away. This way the buyer and their agent’s life easier. If security is an issue, use an electronic lock box (they record who accessed your home).

Location is key factor when selling your home. If you are not in a highly sought after area or a central location, make sure that you realtor is capitalizing on the finer points of your area. Many people and families would be interested in a quite area close to handy stores or schools. The biggest part of selling your home is focussing on what you have and what is around you and bring the highlights to the forefront.

Your home should shine! A clean home is far more likely to sell in a respectable amount of time then a less clean or dirty one. Any minor repairs must be done, as well as certain cosmetic aspects of your home. Cosmetics include: painting the walls, steam cleaning carpets, washing base boards, washing and possibly painting cupboards, scrubbing tiles and grout to a sparkly finish. If you are low on time and cannot have the wall painted in time, then hire someone to do it. If money is a concern then wash your walls well. A simple rule of thumb is the cleaner and the more it sparkles the better it is and easier/faster it will sell.

Part 3 of this article series will discuss buyer and seller difficulties and how to overcome them.

To find out more aboutof real estate from Edmonton’s best agent at condos for sale in Edmonton. Get the latest home and condo listings, real estate tips and information for buyer and sellers.

Comments (0) Jan 31 2010