In the 2017 Toronto market, is there still a point in having open houses?

TorontoRealtyBlog

Category: Houses

 

Hi David,
In the 2017 Toronto market, is there still a point in having open houses? My understanding is that all houses get multiple offers, often unconditional. Does the foot traffic from an open house really make any difference?
Thanks.

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Hi Bonnie,

 

There's a cause-and-effect relationship between open houses, and multiple offers.

Despite what people might think, houses do not "sell themselves in this market."

With every listing I bring out, I empty the house (ie. end a tenancy, owners move out for a week), clean it, paint it, stage it, and market it.

The same house, tenanted, dirty, cluttered, not staged, and with restrictions on showings and/or limited access, would not sell as well.

An open house is part of the marketing process.

It enables buyers to have unfettered access for two hours per day, both days, whereby they can come back for a second or third viewing, with or without their agent, with family or friends.

Sometimes, buyers working with agents aren't able to view a property during the week, and use the weekend open house as an opportunity for a viewing.

Other times, the buyers want to coordinate with other parties (agents, parents helping with down payment, friends that live around the corner, contractors, inspectors, etc), and the weekend is the perfect time.

Lastly, I've seen a lot of buyers who weren't really "in the market," but then happened upon an open house, and suddenly became buyers.  I've sold properties off the open house many times.

Sometimes when the market is hot, people look for short-cuts – both agents and buyers/sellers.  But in the end, the "right way" never really changes.
David.

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