By Howard Turoff –
Open Houses for New Listings – Is Your Chance to Reach Buyers Being Squandered?
I had an interesting telephone exchange with a Hoboken agent this morning. While compiling info for this weekend’s map, I came across a craigslist ad for an open house that listed only the cross streets. There was no specific street address in the ad. The agent’s real estate company was displayed, so I went to its website, but none of the agencies advertised open houses matched the craigslist ad. I searched the MLS for open houses, and again came up with nothing in that vicinity. Finally I called the agent who very nicely told me that the property address was intentionally withheld so that prospective buyers are forced to call her for specifics.
Whenever a new listing hits the market, agents working with buyers call their customers and bring the new listing to the buyers’ attention. When a listing is new it has the most “heat” and will attract the most interest and attention. The more people that see a place, the more likely one or more of them will want it, and the more people that want it, the higher a sales price it will fetch. In fact, that’s why people list with agents and put their properties on the MLS in the first place – to reach out to the most buyers as possible through the vast network of local realtors.
When an agent keeps a property address secret, are the seller’s best interests really being served? Are the most potential buyers out there going to know about the property for sale? Is this making it more likely or less likelty that a buyer will walk into the open house? If it was your property, wouldn’t you want it to be easy for people – be they buyers or other agents – to find your open house?
Here’s This Week’s Hoboken Open House map:
Below is the map key. New listings (less than 10 days on the market and/or first timers on the map) will be indicated with a “push pin” instead of a “bubble”. The colors work the same way as always:
- Red bubbles are for 1 bedroom condos
- Green bubbles are 2 bedroom condos
- Yellow bubbles are 3 bedroom condos & houses
- The Deals of the Week are indicated with bright, yellow dollar signs.
- Blue bubbles are missing some piece of data – i.e. the property has not yet been listed on the MLS so there is no link. I make them blue to remind myself that the item is incomplete so I’ll remember to go back later and fix it when the info is available.
- Markers with a dot in the center are Open Houses from a week ago that are not having open houses this weekend. Properties that have not had Open Houses two weeks in a row have been dropped from the map.
There are many units that are likely to have open houses again in the near future (even if they are not necessarily having one this weekend). We keep the prior week on the map as it saves us input-time in preparing future maps.
If for some reason you’d like to see one of these but can’t make it, give us a call and we can set up a private showing. Have a great weekend everyone!