I was at a friends house in Vancouver downtown the other day and came cross with a very friendly couple whom as soon as understood i was a REALTOR®, started to ask some interesting questions, which I felt necessary to share in my news.
The started by describing their property and its features, wanting to know what i thought of its price. After taking some notes, I gave them an estimated property value but assured them that the same night I would send them a detailed property evaluation and complete CMA (Comparable Market Analysis). I was familiar with their neighborhood and their house location so i knew the lot sizes and the properties that were sold nearby.
They asked when listing their home, they are familiar with the inconvenience of home preparation, but didn't see a value in open house. "Can open house sell my house in Vancouver?" they asked. "Is it effective to have an open house?"
I knew they didn't want to have many people walking around their privacy and property. I explained, there are Three types of Open Houses;
A) Public open house
B) Broker Open House
C) REALTOR® weekly tour open house.
Public Open House:
In real estate we work with percentage and trends. Every percentage and minimal effect counts in selling a MLS® listing and keeping the momentum and attraction to the property. Most public open houses are placed in weekends for 2 hours a day. In some cases, I sometimes hold an open house during the weekday to attract more crowed as many folks already are committed in the weekend and might not be able to attend.
To have an effective open house, it is important to have an extensive preparation, Marketing and advertisement,
Post it on MLS® and www.realtor.ca also openhouse.ca is a necessary step as many search through these sites. In addition, online blast in many other social medias, classifieds, and google ads can attract many potential real estate buyers in Vancouver.
When listing a new listing on MLS®, whether a house or condo for sale, it is very effective to hold and blast an open house the same weekend. I also use many other successful method to attract more crowed in the open houses, which I'd be happy to discuss when planning to list your home.
As mentioned, people are competitive and if they see another buyer interested in the same property, comparatively they get interested. In many occasions, REALTORS® receive offers at the open houses.
Broker Open House
In addition to bring public in to the property, sometimes it is a good idea to market the house toward brokerages that are qualified for that property. For instance, if we have a luxury listing for sale in Vancouver area, prior to do a public open house, we market it exclusive toward other luxury brokerages in the neighborhood, or the ones with extensive related networks. Broker open house is more intimate and exclusive, with the realtor being in charge of walk-through and showcasing the property to its fullest. In these occasion, sometimes we make an event and serve luxury drinks and appetizers including price draw.
Weekly/Monthly REALTORS® Tour Open House
This is one the most effective way to showcase the property to as many real estate agent as possible. Although many agent have access to MLS® listings and know what's in the market, it is crucial to invite as many agents to attend the open house and including the property in their monthly/weekly office tour. Viewing the property physically by reminds them of the wants and needs of their certain clients.
In general Open House is a great tool to showcase a property fro sale in Vancouver. In real estate we work round the clock to create a momentum for our house or condo for sale listings on MLS®. Open house is just one of many effective methods to expose a listing for sale in Vancouver.