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Open Houses by the Numbers

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By Katie Weismiller

Hosting an open house is a top way to sell your listings, meet potential clients and generate buzz for your business. According to HomeFinder.com listing data, 6.3 percent of listings hold open houses to reach potential buyers1. Below is an inside look into open houses around the country.

Open_Houses_by_Numbers

Where are the most open houses?
Below is a breakdown of the top five cities with the most open houses in the U.S., per HomeFinder.com listing data2.

Top_5_Cities_Most_Open_Houses How will open houses benefit your business?
You know when and where open houses are taking place – but why should you hold one? Below are three ways holding an open house will benefit your business.

1.)  Create a more personal experience for potential buyers: While house hunting online may spark a buyer’s interest, nothing can replace seeing a home in person. Hosting an open house gives buyers an inside look into the house, the neighborhood and the lifestyle they could provide.

2.)  Establish a feedback loop with sellers: If your sellers won’t budge on price, use feedback from open house visitors to persuade your sellers to adjust the price. According to HomeFinder.com listing data, 26 percent of listings experienced a price decrease after an open house3. A small price decrease can make a significant difference in selling your listing.

3.)  Network and meet potential clients: According to Open Home Pro data from March 2014, 60 percent of visitors who signed into open houses via Open Home Pro did not have an agent yet4. This data shows that open houses offer a tremendous opportunity for agents to gain new clients.

Do you need to revamp your open house strategy? Use these tips to execute a flawless and profitable open house.

1Percentage of listings with registered open houses from March 1, 2014 to May 31, 2014

2Cities with the highest amount of registered open houses from March 1, 2014 to May 31, 2014

3Percentage of listings that saw a price decrease after a registered open house from March 1, 2014 to May 31, 2014

4Percentage of open house visitors that signed into the Open Home Pro app and indicated that they were not working with an agent from March 1, 2014 to May 31, 2014

Katie Weismiller is Jr. Public Relations and Event Coordinator for HomeFinder.com. For more information visit http://blog.homefinder.com/.

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