With electronic signs and 3D tours it is getting to the point where you have a 24/7 open house wihtout being there.

Anthony,

There is no right or wrong answer.  In some parts of the country, they work and in others they don't.  It depends on the marketplace.  A

We have about 75% less open houses compared to 15 years ago when I started Real Estate.

In our market, I find they are great opportunities to have represented buyers come through to see a home that their agent is too busy to show them.  I'm not sure what it is, but too many agents just aren't showing property anymore.  And buyers think they are asking too much to ask their agent to make time.

I know the text book answer, but I know the reality.  I really don't think it depends on your location, sorry to disagree with Joan Dickie.  Statistically, you are more likely to win in the lottery than sell the house you are sitting in.   Buying patterns of buyers these day are such that they do the research  On the internet before they actually visit a house.  Hence they need to have a strong internet presence. 

I can honestly say I've never had one, have no desire to start and my Sellers actually thank me when I say I don't do them.  I have better things to do with my time, like book actual Buyers to see the property by appointment!

But that's just my area - others swear by them!

We sold a $680,000 home last year from an open house.

Anthony,
The majority say “it depends.” That said, the security risk of letting anyone off the street in a house has caused us to almost never do them.

In my experience they work better in some areas of the country than in others.

They are good for the seller on occasion, but it benefits the agents if people show up and don't have an agent working with them.  They may not buy that home, but you may pick them up as a client buyer.

Depends on ""work"  I am happy to meet other buyers at open houses. Never got a contract at an open house.  They do show potential clients your working and it's a great avenue for getting my name in front of people.

It depends on the city and the price range and the realtor's goal.  Open houses seldom sell a house (although it does happen).  They are best for picking up buyers and potential sellers.

In higher end, appointment only markets, it can be good to get several agents through in short order.

They work well for me.

But it takes good preparation to create a successfull one.

I am not a fan of open houses.  They work for the agents who generate buyer leads. Not very effective for actually selling a home. 

OH's definitely work if properly set, and advertised.

It depends on what your objective is.  Leads?  Or sell the house.  Here in La Jolla if you need leads because we have so many out of town visitors they work for leads.   

For the sole benefit of the agent sitting the Open House.

they work on many levels.... they're absolutely a necessity for new construction.... but for resales, they sometimes draw the right buyer....but they are also a way of introducing yourself to the neighbors...we have secured many listings because of an open house.... there have been house that we provided an open house and other homeowners would walk through, listen to us communicating with potential buyers and like the way we handled that....we listed their homes....and they told us how they selected us....

I haven't done them in donkey's years and don't believe they sell homes. But every market is different.

Absolutely for me. There really is no right or wrong answer to this question. Real estate is local and you have to research what are agents doing in your area. For me it works..I have future sellers come in to meet me and schedule appointments to list their home. Last year I sold 2 of my listings to buyers from an open house. It works for me..it might not for you.

I believe open houses are a great way to get people into a property.  I have sold the home on a few open houses, and also picked up some great buyer leads.  Open houses have worked for years and will continue to do so.

I have not sold a listing at an open house in years but sellers expect it so I host it.

 I know a lot of agents who still get their leads from open houses.

I have received an offer on a $550,000 listing from my first Open House for a property so open houses can work.  I will only do an open house for a listing thats on a highly trafficked street tho. I figure that my sellers are entitled to as much exposure to their home as I can give them. 

Good morning Anthony. We do open houses on every home that we flip, it takes us about a week to prepare, they are very successful.

I like Open Houses.  I like to meet buyers and hopefully sell the home or another home.  In real estate everything works just to different degrees.  I will always have someone accompany me in the open house.

I have had very good luck going old school

Anthony Acosta not crazy about it for sure!

They do work in this market - as long as they are promoted well and homes are priced right....

They work if you do a great job preparing for Open House, it works very well. Many directional arrows, balloons, whatever it takes.

It depends on your location and the purpose of the open house.  Are you looking for buyers for the house or leads?

if people have been conditioned in your area to go to open houses, then you have a good chance to be successful.

i don't hold many opens, because When I do, I do them to sell the house, not market for other leads.  

Anthony - I think it depends on the type of home, the area, and what is standard for agents in that area. Here where I work, there are fewer and fewer open houses. However, title companies and lenders do offer weekly broker tours.

Some real estate agents will swear by them.  We swear AT them.  Kidding, of course.  For us it just hasn't been a successful use of our time or resources.

A lot of agents use them to attract new business.  Over the years we've probably picked up 3-4 buyers from the few open houses that we did do.  

Today we'll just have another agent in the office hold them for us if the seller is dead set on having one.  

It depends on you and your market.  They work for my business but not for everyone.   

For the most part, our listings do not last long enough for an open house.