In hot markets like Toronto and Vancouver, open houses are increasingly seen as superfluous, but some industry players caution agents not to count out their potential to build your business.
“The open house, a lot of times, is for the agents,” says Danilo Martinez, an agent with Royal LePage in Toronto. “I’m open with that for my clients, too. You’re not going to get a buyer there, but it does display your skills as an agent – how you put the staging together. You can increase your own leads and your own business.”
However, in the significantly cooler Edmonton market, agent Ron Blache-Fraser says the unique nature of an open house is enough to drum up interest in the property – and often times coax out a buyer.
“My luck has been that, in most cases, I end up being able to find a client and sell the house,” he says. “A lot of times a house will sell to somebody from the neighbourhood, whether [they are] referred by someone or not. It’s often someone who is close by, whether they want to upgrade or downgrade.”
Martinez, too, says he farms the community surrounding an open house, not only to drum up interest in the property, but also to generate new leads and word-of-mouth promotion.
“[Boost the] marketing around that house, get some interest and get a few more contacts who you would have never spoken to otherwise,” he says. “Maybe the neighbour doesn’t want to buy, but they have a family member who does... Those little things get more business.”