6% of buyers find home they purchase via open houses/yard signs combined12334
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|Inman (24 June 2020) Stop letting strangers into your listings! A call to end open houses
"Very few homes are actually sold at opens (stop right now with your one-off examples of where it’s happened). According to the NAR’s 2019 Profile of Home Buyers and Sellers, a whopping 6 percent of buyers find the home they purchase via open houses and yard signs combined," reports Inman.
"Thanks to the marvels of the internet, your listing is virtually open 24 hours a day, seven days a week to anyone on the planet with an internet connection. Opening the physical doors for a couple hours on Sunday afternoon is insignificant compared to the potential exposure of the internet," reports Inman.
"Open houses are old-school. In 2001, 15 percent of buyers found a home via yard sign and open houses, while 8 percent found their home on the internet. Last year, the yard sign and open had dropped to 6 percent, and the internet exploded to 52 percent. Something about that always on, “virtual open” works, and it works quite well," reports Inman.
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|bryanhscott private msg quote post Address this user|
|@DanSmigrod Bingo! Though I have never tracked the results, I have received many times more phone calls via the yard sign than I ever experienced interest via a physical open house.
I will still do an open if a client requires it (even after a thorough discussion on stats and security), but I now charge $600 for each event, because I am a discount broker and the additional 6 hours out of my schedule is no longer FREE (mail piece to neighbors in the immediate area, sign placement, balloons, flag streamers, printing expensive brochures, refreshments, tear-down, follow-up). The event charge is usually a good inoculation for the Open House "condition."
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|Wingman private msg quote post Address this user|
|It is interesting and I would never thought it could happen that way.
So instead of looking for available houses online they just drive around looking for signs "For Sale". There is no point to do it in my area and I believe anywhere across Australia. If there is a sign "For Sale" that property is almost certain has been listed on realestate.com.au and domain.com.au It will be found there and that where most people will be coming from to inspect it.
I have always considered these signs more like a directional and temporal landmark for buyers who are coming to an inspection to find it but it plays a negative factor with a lot of strangers and bypassers coming to inspect out of curiosity and a lot of spare time but with 0 intention to buy a property. It could be a big advertisement point on busy roads but most properties are located on quiet suburban streets that only neighbours will drive through.
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