Shutting the door on open houses

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This is the second of a two-part series. Click here to read Part 1. There was a time when homeowners listing their properties for sale could automatically expect their agents to host open houses. Not today. I posted a query online for the nation's real estate agents, asking them if open houses work -- and nearly drowned in the enthusiastic and detailed responses, both pro and con. Last week in this column, I presented five points made by agents who favor planting the open House sign in the lawn. This week, I offer five considerations from agents who say: Don't bother -- times have changed. 1. Many agents said open houses have an excruciatingly low conversion rate. Statistics on open houses as the single selling tool are hard to come by, but a recent study by the National Association of Realtors concluded that most buyers won't be found at opens at all. NAR's latest Profile of Home Buyers and Sellers concludes that 54 percent of consumers who bought a house f...