Over the past several years I have had the privilege of
listing and selling some noteworthy luxury properties in the area ranging in
price from $1 to $2.75 million. Through
those sales I gained some great experience working in this exclusive and extremely
small segment of the market. Further,
through attending the National Association of REALTORS® conference in the U.S.
I have met and kept in contact with two of the top luxury home REALTORS® in the
U.S. and I have read both their books dealing with the luxury home segment. This has and continues to give me additional insight
into the luxury home market which along with my own experience I will share via
this blog.
Many sellers and
REALTORS® for that matter question the value of Open Houses. I can honestly say that in over 13 years of
practicing real estate, I have never sold a home through an Open House. I have however met many people to whom I sold
another property to at some later point in time. Properly utilized, Open Houses have always served
as a great way to meet people and gain potential clients. Every once in a while, a house will sell
through an open house but it’s rare. Times
however change and the validity of holding an Open House even for an expensive
luxury home should not be discounted or casually dismissed.
As I have stated
before, technology and primarily the Internet has had a profound impact on all
manner of businesses and real estate is no exception. Many buyers spend weeks if not months searching
for properties online. Buyers have often
viewed countless listings and gathered an abundance of information before they
ever talk to a REALTOR® much less step inside the front door of a home listed
for sale. An open house, properly executed
even for expensive properties can serve to bridge the gap between a prospective
buyer sleuthing around online versus physically getting into a property and
meeting a REALTOR® with whom they can develop a relationship.
Much of the real
estate market here on southern Georgian Bay has traditionally been made up of
secondary properties. While some potential
Buyers in this market may be moving up from a lesser property to one of greater
size and value, many of these buyers currently do not reside here nor are they
ultimately familiar with the market. I often
find that a great number of attendees at Open Houses ask more market related questions
than they do about the property they are in.
As a REALTOR®, this creates an excellent opportunity to demonstrate your
expertise, thus potentially gaining their trust as a client.
What’s changed in
recent times however with respect to Open Houses is this. On an increasing
basis however, I learn by asking questions of my Open House attendees that they
have seen and have been watching the listing online. They have never called or emailed me to
inquire further but as soon as they learn of an Open House being held, they are
there. The Open House is a
non-threatening way to get inside for a first-hand look without feeling pressure
by contacting a salesperson.
In my next post I
will touch on the various ways in which a luxury home Open House can be organized
and executed in order to generate the best results.
