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Today I’m downtown Toronto on King West to tell you the truth about open houses. You know, Toronto open houses are really popular. They’re standard in the real estate industry and it’s the number one thing that clients tend to ask me when I list their place: “When’s the open house?” After the open house: “How’d the open house go? What kind of results did we get?”
Listen, I’m here to tell you one thing. The truth about open houses is this: open houses don’t sell properties. Open houses are a figment of the days before Internet. Before the Internet, how did you search for properties? You woke up on the weekend, you loaded your family into the car, you drove to the neighborhood you want to live in, and you drove around looking for these things: open house signs. When you see one, you get to check out the property. There was no other way to do your research.
Nowadays, you don’t drive to properties, you surf there. That’s how qualified buyers find listings: they search them on the Internet. You know, your most qualified buyer isn’t someone who’s going to walk in willy-nilly off the street and buy the biggest purchase they’ve ever made in their life on a whim. Qualified buyers, the ones that are going to bring you the best price for your property have already been qualified by mortgage brokers so they know what they can spend. They’ve already done their research online, so they know about your property, and generally they have an agent representing them.
So who’s coming to these Toronto open houses, then? You do an open house, who the heck is showing up? I’ll tell you who’s showing up: nosy neighbors! Why do they show up? Who cares. They want to see what your place looks like, they want to compare your place to their place, they want to see your wallpaper, but most importantly, you know what they want to know? What’s their property worth? I’ll tell you what else, agents love open houses. Why? Not because they think they’re going to sell your property, they get to meet your neighbors. Your neighbors come in, oh, someone’s listing their place for this much? How much is my place worth? Great, let me take a look at your place and I’ll tell you. Next thing you know, we’ll have your place listed snap, bang in a hurry.
So do yourself a favor. If you’re stressed about your open houses, if you’re worried that there’s not enough or that you haven’t had enough response, you haven’t had people coming through, or you’re trying to pile a bunch of them in weekend after weekend after weekend, tone it down, take it easy, relax. An open house is probably not going to sell your Toronto property.
If you have any questions, or you’re looking for a great Toronto condo, Toronto real estate investment, or office space, call me at 416-486-5588 or email firstname.lastname@example.org.