- Full-house parties are an effective way to accelerate the sale of a luxury home.
- Broker-only showings are a cheaper alternative to house parties.
- Leveraging their size, some homebuilders market homes via month-long events.
To showcase a newly-built, 8,000-square-foot home in the River Oaks neighborhood, one Houston brokerage recently hosted a private open house.
Events like these are part of a larger, growing trend: brokerages investing more effort and money into showings.
The event, hosted by Nan and Company Properties, included catered hors d’oeuvres, staged international art within the home and a 2016 Porsche Panamera GTS on display.
“The current luxury real estate market is pretty competitive, so firms sometimes go the extra mile to draw the attention of buyers who would be a good fit for the home,” said Nancy Almodovar, CEO of Nan, in a recent release.
According to another luxury brokerage in Houston, Carnan Properties, house parties are becoming one of the most effective ways to accelerate the sale of a higher-priced home.
A recent blog from the brokerage notes that “full house parties” are generating record-breaking sales prices, which justifies their expense to either a brokerage or seller. This expense can often equate to “tens of thousands of dollars.”
Carnan notes that will these types of parties have long been utilized for luxury condo launches they are somewhat new to the single-family luxury market.
Broker-only and traditional, but “high-end-appropriate,” showings represent the other two most effective ways to accelerate a home’s sale.
Broker-only open houses are noted for their high exposure potential, as these showings typically are attended by 30 to 40 agents. More traditional open houses are not as common in the luxury sector, but are beginning to gain popularity, Carnan noted.
Houston homebuilders in on the act
Houston brokerages aren’t alone when it comes to hosting events to better showcase homes.
Throughout April homebuilder Johnson Development will host its annual “Houston’s Largest Home Tour.” For up to eight hours a day, homes at 11 of the builder’s master planned communities will be open for viewing.
Hosting the tour, which also includes community-wide events, represents a significant financial investment for Johnson but is well worth the effort and expense, according to the company’s COO Doug Goff, chief operating officer of Johnson Development.
In previous years the builder has noticed a significant uptick in its traffic and sales, specifically spanning April and May, as a result of the month-long “tour.”
Communities part of this year’s tour are located in Fulshear/Katy, Fort Bend and adjacent to the Woodlands.