Entertaining guests is one thing, but for most people the only strangers they want in their homes are plus ones at a party. So why is it taken for granted that you need an open house to sell your home in Toronto & The GTA? Many people go as far as having multiple open houses hoping to find the right buyer.
Over his career Frank Leo has taken the “hope-ing” out of the home selling process in Toronto. In fact, he’s taken the open house out of selling homes. Why?
It’s because open houses don’t necessarily sell houses in Toronto, The GTA, or anywhere. In fact, they attract unqualified buyers.
Most agents and sellers hold open houses because it’s easy and convenient. It’s also in their personal interest to hold open houses, but we’ll get into that later.
First we’ll run you through why open houses are ineffective and how you don’t need to have open houses to sell your property in Toronto for top dollar.
Let’s look at the numbers.
Most home seller’s guides recommend holding open houses. With 517,018 houses sold in Canada in 2017, that’s a lot of open houses. That statistic would suggest that open houses play a big role in selling houses.
However, it may come as a surprise that hardly any buyers learn about the home they eventually buy from an open house.
Considering that an open houses is a standard marketing tactic that is practically assumed in most real estate offerings, it’s remarkably ineffective.
Open houses – along with other traditional marketing tactics – are simply outdated. During a time where they were at the forefront of real estate marketing they were surely more effective. However, times have changed.
With the advent of the internet and other communication tools available to real estate agents open houses are falling by the wayside. Knocking on doors, cold calling, sending out flyer and open houses are no longer the norm.
That’s right. Open houses are going the way of travelling salesman and cold callers. It’s all because the consumers have moved on. People are more responsive to different forms of communication.
Because consumers do things differently now these methods don’t reach many people & even less buyers. What’s more, the people they do reach don’t respond to them.
In short, open houses are not a good way to allocate resources when marketing your home for sale.
In some cases, an open house can still be effective. If the property is available to show the property by appointment anytime then it is effectively an open house 24hrs a day.
If you find yourself wondering whether it’s still a good idea to run an open house, as yourself if it’s really worth the trouble.
Selling your home in Toronto & The GTA is an involved process. If you have a great real estate agent he or she will handle nearly everything, but that still leaves you with a number of new issues:
There are plenty of impactful marketing tactics that will help sell your home fast for top dollar.
Over the course of a 30 year career selling billions of dollar worth of homes in Toronto & The GTA, Frank Leo has used his innovative real estate tactics to help thousands of Torontonians get the best value for their homes.
As the #1 Individual RE/MAX Agent in the World Frank Leo didn’t get where he is by accident. Frank Leo doesn’t do open houses because he cares about his clients and getting them the best deal on their home sale. That’s why he doesn’t do open houses
You see, an open house often ends up benefiting the realtor more than the home seller.
First and foremost it costs almost just some time. When realtors hold open houses, their chances of attracting and closing a new prospective buyer are very low. After all, buying a house is a big investment, one which the vast majority of people won’t make on a whim.
Although he may not have a high chance of selling your property, a real estate agent is likely to meet a number people interested in buying a property. He can then show those buyers other properties similar to yours and find the right one for them. Of course, this comes with a commission for him, but nothing for you. Basically using our property as bait to attract buyers.
When you look at it this way, most people don’t want their home used as a sales parlour for other people’s real estate deals.
It’s a matter of principle. Frank Leo & Associates always put their clients’ needs first.
Instead of using ineffective open houses, we allocate the time and resources we have available to the most effective techniques for marketing each client’s individual property. We know that by reaching millions of potential buyers weekly, that translates into greater opportunities to sell your property for the more.
The methods Frank Leo his team have developed have innovated the real estate industry and Toronto & beyond. That’s why Frank Leo is an award winning realtor in Toronto & The GTA, recognized as #1 in the World.
Our multi-million dollar marketing system works 24/7 all year round to find qualified buyers for our clients’ homes. Using both inbound and outbound methods we find buyers before we show them houses in person.
We understand that a property won’t sell unless buyers learn that it’s for sale. Our 360 degree marketing system uses many methods to attract buyers from every walk of life. We drive buyers to the internet using TV, Radio, Billboards, Social Media, Mass Campaigns, Targeted Campaigns, Newspapers and Magazines to drive traffic and attention to our properties. Since 51% of home buyers find their home through the internet, we understand how important it can be in our arsenal of tactics for finding the perfect buyer for each home we sell in Toronto & the GTA.
Our website provides buyers with not only in-depth information about homes and photos which showcase each property, but includes statistical information which can help buyers find the right homes for them.
It gives them a more convenient experience because they see homes they are interested in.
We use social media and other digital marketing tools to target precisely the type of buyer which would be interested in a particular home. It’s really a win – win.
Buyer’s seeking a home have an easier time finding the right house when they are thinking of buying a home in Toronto & The GTA. Sellers can reach highly-qualified buyers and increase their chances of getting great value on their home sales.
If you’d like to learn more about working with Frank Leo & Associates or you’re thinking of selling, we’re always here to talk with you. Don’t hesitate to contact us.
At Frank Leo & Associates we offer our clients what we call a Guaranteed Home-Selling System.
Our system is better than traditional marketing like open houses. We even guarantee to sell your home for a price and at a time frame you agree on because we are so confident in the success of our system.
Selling Homes in Toronto & The GTA & Reaching More Buyers
Open houses only appeal to the small geographic area around them. As a marketing tactic, they won’t reach the buyer’s who live out of the immediate area and is also time restrictive to buyers so they may not be able to attend.
Mass marketing is able to reach more home buyers searching home listings in Toronto & The GTA all around the world. Regardless where the buyer is, they can learn about your home and whether it’s right for them.
A well-made, marketed, promoted, known, and high-traffic website is far more effective at attracting interest than an open house. As mentioned, users can browse Toronto MLS listings at their convenience.
With professional photography of a well prepared and presented home, an online presence for a Toronto home will give users a more accurate idea of whether they are interested in a home over seeing a directional sign for an open house.
Realistically, very few home buyer hear about an open house. Only a limited amount of people from the neighbourhood and random people driving by. People not necessarily buyers.
When a home buyer views a house online they get far more. They can learn about the intricate details of the house like what kind of finishes it has, when it was built, how many square feet they can expect, and what kind of upgrades it features, & more.
Buyer’s can use real estate resources like these to make an informed choice about expressing interest in a house instead of a general interest. That way, when your realtor will bring you pre-qualified parties and don’t waste anyone’s time.
As you can see many realtors still use open houses in Toronto & the GTA as a marketing tool. Not because they are effective but because open houses do not cost money to hold, only some time.
Selling without open houses takes resources. You (or your realtor) will need to spend marketing and advertising dollars to reach as large an audience as possible. This will greatly increase the likelihood of finding the ideal and or best buyers for your property in order to get you the highest price possible. Unfortunately advertising is expensive but how expensive will it be for you if you don’t reach the ideal buyer for your home and sell it for less that you could have? Don’t take chances with your largest investment!
This is just a short summary of all the work that a real estate agent puts in to sell your home.