With few homes for sale in Central Florida it makes sense that homeowners would try to sell their home FSBO before listing with a full-time professional real estate expert. One of the main strategies that FSBO sellers are using in Orlando is the Open House. Open Houses are pretty straightforward in theory and might seem like a reasonable way to attract buyers but there are a few big considerations to think about before hosting your own FSBO Open House.
NAR Profile of Buyers and Sellers
Each year the National Association of REALTORS® (NAR) publishes an annual report called the profile of buyers and sellers. I purchase this 144 page report for our team each year and we look at the survey results which tell us where buyers found the home they ultimately purchased. It helps us understand buyer motivation and priorities so we can focus our marketing on the most relevant prospects. According to the 2017 NAR Profile of Buyers and Sellers, only 15% of home buyers found the home they purchased from an Open House or Yard Sign. What the report doesn’t tell you is that most of those were new construction or builder open houses and signs so this strategy for attracting buyers could leave you missing 85% of the homebuyers in your market or more.
Systematic Lead Capture and Follow-up
Homebuyers who visit open houses don’t want to be bothered by homeowners, or even real estate agents most of the time. They’re typically casual shoppers who want to browse in peace and then get out of the home quickly. Our team practices dialogue, approach strategies and lead qualification scripts to engage buyers and capture complete contact information. What we know is that on average, open house visitors will need to be contacted 6 times before we get ahold of them. We’re persistent because converting an open house visitor to an open house buyer requires us to have lengthy discussions on purchase offer terms, concerns about the home condition, and financing availability. If you’re a homeowner hosting your own open house, make sure to practice how you approach buyers, capture complete contact info including name, address, phone and email, and have a plan in place to systematically follow-up with all your contacts for at least 10 weeks (the average amount of time a buyer spends searching before purchasing a home).
Risk of Theft or Injury
Earlier this week we received an update from one of our downtown boutique brokers about a suspicious person calling REALTORS® and requesting showings. Several agents across Central Florida had the same suspicious calls and word quickly spread about the name and number being used. The reality is that Open Houses create an incredible opportunity for thieves to steal or “case” a home, and even worse it places homeowners in a position to be victimized by predators. As a full-time REALTOR®, I’ve attended numerous trainings and case studies of theft and victimization in the home selling process. We’re trained to identify potential criminals and we have processes and procedures in place to ensure our personal safety and the safety of our clients belongings during an Open House. Before allowing strangers into your home, learn how to identify potential predators and take the necessary steps to deter criminal activity and avoid dangerous situations.
Learn More About Today’s Buyers
If you’d like to learn more about the insights from the NAR Profile of Buyers and Sellers 2017 survey then contact us and schedule a consultation to review the report. Today 34% of all home buyers are first-time buyers and the typical buyer was 45 years with a median income of $88,800. Married couples made up 65% of recent buyers and 18% of all buyers were single females (Awesome!). We love getting into the numbers so let us be a free resource on your FSBO home selling process.