Daily Real Estate News  |  June 13, 2008  |   Forget Open Houses, Plan an Event
Is it time to rethink the traditional open house?

Practitioner Craig Proctor, of RE/MAX Worldwide, advocates a new approach. Rather than do an open house, which take up lots of time and hundreds of dollars in advertising costs, he says it's better to team up with other agents and do a "Tour of Homes."

These marketing events feature approximately six homes in the same price range, and typically are scheduled for a few hours on a Sunday afternoon. Each dwelling is open at a particular time, and buyers can speak with the agent in any property at the time listed.

Proctor says a Tour of Homes takes up less of the practitioners' and sellers' time, draws more motivated buyers, and generates "an auction-like atmosphere" that creates greater buyer urgency.

As a result, homes on the tour tend to sell quicker and for top dollar. Practitioners with a limited inventory should ask other agents in their office if their listings could be featured in the tour, which benefits both parties by attracting buyers and enhancing listing exposure, according to Proctor.

Source: RISMedia, Craig Proctor (06/11/08)

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