An open house when your property is first placed on the market can be very
important, but not for the reasons most homeowners think. Just like with advertising,
most visitors to open houses rarely buy the house they come to look at. They
may not even know the price of your home when they stop by to visit –
they probably just followed an "Open House" sign to your door.
An open house performs a similar function to the neighborhood announcements
– it lets all of your neighbors know that your house is for sale, and
it practically invites them to come "take a look." Being generally
interested, a lot of your neighbors will take advantage of the invitation.
And they may tell their friends about your house, creating more "word
of mouth" advertising.
Of course, there are other reasons for holding open houses, too. Listing agents
who "farm" a particular neighborhood use them as an opportunity to
meet with other local homeowners who will someday be selling their home. Your
agent may hope to list their homes in the future.
If you want open houses, your listing agent may allow
other agents to hold it open. Open houses attract prospective homebuyers and
agents hope to convince some of those homebuyers to become their clients.