Offer Accepted; Cancel Open Houses

by Jim the Realtor | Jun 12, 2021 | Open House, Realtor | 0 comments

Two reasons to cancel open house if an offer gets accepted that day (which locks the seller to this buyer):

1) Buyer’s remorse sets in immediately, so it keeps the buyers happier because I’m committing to them and they don’t feel like I’m shopping their deal around, and

2) Keeps open house attendees from resenting the tease of seeing the house but not being able to buy it.

It is sensitive, and I can see why many agents go ahead with their open houses in order to get more leads and potentially a backup offer – but they risk tipping over the buyers. We already saw how easy the last buyers cancelled, so I don’t want to shoot myself in the foot.

Open-House Crossroads

by Jim the Realtor | May 13, 2021 | Open House, Realtor | 0 comments

With the California Department of Public Health allowing open houses now, it would seem that we are getting back to normal.  The industry has done open houses for 100 years, so taking a few months off shouldn’t inhibit the practice from coming back.

Or will it?  It will.

Why? Because the covid-frenzy has condensed the selling process into a weekend. We only show homes by appointment now, and many listing agents demand that buyers show proof of ability to purchase just to see the home. It makes for a clean and tidy 5-30 qualified appointments over the first couple of days on the market, and then pick a winner. Job over.

Listing agents will resist having to work any harder. Instead, they will adopt the appointment-only plan, and then convince sellers that they don’t want random people wandering around their house.

What are the benefits of open houses? Why would we want them to come back?

REASONS TO HAVE OPEN HOUSES

The main reason to do open houses is to create real or imagined urgency – the fear of missing out.  There is nothing better to motivate a buyer than to see other competitors roaming around the house at the same time – it makes them think that they will lose out if they don’t act promptly.  Sellers deserve this benefit.

While demanding to show proof of ability-to-buy sounds good, it eliminates those legitimate buyers who do have the ability to purchase, but don’t want to show their financials just to see a house. We want to include these buyers who are currently shut out from the process. I know there will be agents who will scoff and declare that any buyer who is unwilling to show their underwear just to see a house isn’t a serious buyer anyway. But it’s just an excuse – the minute the frenzy is over, you’ll be back to showing homes to anyone with a pulse.

Interacting with buyers in person helps agents keep their chops up.

C.A.R. will be releasing more open-house guidance tomorrow. They will insist on booties and masks, and they might include a modified registration book where attendees state that they don’t have covid.

But don’t be surprised if agents are slow to adopt the old-fashioned open house techniques.