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Are open houses advantageous for you?

Over numerous operations and observations of open houses hosted in today’s market, it has shown that the purpose of open houses has fallen short. Not only in Toronto’s market, but rather also in the market’s of several parts of the country, such as, Edmonton and Kingston, where open house are only yielding/attracting no more than 7 or 8 groups of people., despite all of the advertising and signs displayed. 

So the question is, have open houses become obsolete? Most would think that in a market like Toronto’s, where listings are few, far between, and homes are selling in an average of 24 days, and several with multiple offers, that buyers would be jumping at the opportunity to look at any new property that appears in areas of there interest. 

With today’s cyber network speedily growing, it is no wonder why buyers are reluctant in attending open houses. The Internet is a great pool of wonder, especially in marketing, whether it is social media, online advertisements, websites, etc. professionals have an array of outlets to display necessary real estate information on to attract buyers. So, is the answer to our question, the Internet? Are we real estate professionals putting out too much information about our listings online, which in turn has yielded us next to no results in our open houses?

It is not to say that the Internet is the enemy, rather it is actually a great means to success, however, when making big ticket purchases such as an investment in real estate, one must be cautious. A 3 inch by 3 inch photo, which may or may not have been Photoshopped, will not display a home at its truest potential. Basing the decision of purchasing a home solely on virtual tours, or pictures seen online does not allow the individual to feel the sense of home in the property. Unfortunately, in several cases, people do decide not to attend open houses for the reasons of homes looking out of shape in photos that they have seen online, even if that really was not the case in reality.  An out of shape photo does not mean an out of shape home; nothing is ever what it really seems. Professionals must be conscious of the quality their listing photos and advertisements being posted online because it is believed that the decrease in open house attendants is largely due to the amount of information provided online and the quality of the photos provided. Let us know your thoughts!