The Fly on the Wall- The Truth About Open Houses
Tomacor would like to introduce you to The Fly on the Wall, a regularly occurring blog designed to assist in reestablishing solid ground and relationships for those buying and selling real estate. Years of experience has gone into producing these regularly featured articles. Enjoy!
After the disastrous failure of the real estate market and the anemic attempts by some to convince the populous that prices are again rising and stabilizing, Tomacor is committed to pointing out the real estate practices that MUST change in order for the real estate community to adequately, efficiently, and ethically serve consumers. Our recommendations are designed to help foster solid business practices while providing clear ethical practices for real estate agents and others.
*Avoid an Open House like the plague!
25 plus years in the business and we have attended dozens of open houses. They are often lavish and full of inebriated real estate agents, mortgage hustlers, and office help from local real estate offices. Tomacor used to get a lot of its business from these open houses as we spent time “smoozing” the real estate agents who had too much to drink. Who pays for this? You do, and in today’s market, its not worth it!
Often times your real estate agent won’t tell you, but the open house is nothing more than a party for them. If your agent knows how to hustle, work the internet, and perform tirelessly for you, they’ll get buyers to come through your home. Open houses are promoted as a great way of finding a buyer but even the National Association of Realtors© found that the success rate of these open houses is someplace below 5%. So save the money that you’d spend on red wine and cold cuts and invest in internet advertising.
*Please Note: This Blog was inspired by an article in Smart Money