You can spend $30,000 on an open house, but the price still has to be right:
Read the full article here:
http://www.wsj.com/articles/the-open-house-goes-over-the-top-1424969962
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Jim Klinge
Klinge Realty Group
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Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. 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Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. 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Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Load more
I’m on the fence about this kind of thing. Does spending this kind of money on a party really bring in buyers? Who’s trying to impress? The owner? The agent?
Maybe I’d do it if this was the kind of culture the area had, house parties and such.
I’ve never had the kind of money that buys 30k house parties just for people to mingle. Maybe at that level it actually makers sense.
If the price is attractive, buyers will come anyway.
The auction with no reserve is even more attractive, as gimmicks go.
This morning on twitter I see that the RSF auction yesterday was live-streamed. Did anyone see the outcome?
Wish I had seen the livestreamed RSF auction yesterday, Jim. I came over to bubbleinfo to see if it sold and for what price…
It’s pending in the MLS so they have a winner. We may have to wait until it closes (if…) to find out the price.
$30,000 to motivate agents to promote the house to get the commission.
Does it take that much $$ to motivate agents?
Reminds me of what one agent (we didn’t use) said to us a long time ago: “I’m not going to sell your home, the mls is going to sell it.”
What happened to (location + quality of home + price) = commission for agent?
In my limited experience, the best agents looked at each home as a real opportunity based on those variables.
It would also be interesting to see what type of buyer this party approach attracts. Investors or buyers interested in living in the home?
All of these events are for one purpose – they are used by the listing agents to get other listings.
We call it, “Buying the Business”.
Rather than tell the truth and educate about the importance of sharp pricing, agents resort to showy marketing pieces to impress sellers. It started out with putting you in Dream Home Magazine, and now look what it’s turned into – a very expensive mess.
Now it’s just a beauty show, and whichever agent has the shiniest schtick gets the listing.
$30,000!? I really doubt this would bring in enough to justify how expensive of a party that was.
“All of these events are for one purpose – they are used by the listing agents to get other listings.” -JtR
You’re so right, Jim! It’s like the reverse of regular open houses where an agent is there for the sole purpose of finding prospective buyers.
If I was selling a multi-million dollar home, I’d want my agent to forget the 3-ring circus of a huge open house party and give me research, comps, knowledge, etc. to help me get a listing price that would get prospective buyers in the door and get the transaction closed. I’d also want a realtor (ie Jim) who has top-notch negotiation skills in closing the deal.
When would we have a party? When that baby is sold…