The probability of someone coming into an open house and buying that particular property is very small. The research that I read a number of years ago stated it at 2-3%. In my experience hosting many open houses in the Toronto Real Estate market, I tend to believe that it’s still very close to that range.
The main reason that you need to have an open house is because open houses target a few specific types of buyer that may have not seen the other marketing that was done for your property. These buyers are typically pro-active and interested. Some are looking for the existence and condition of specific features of your home and others need to “feel” what it’s like to be inside the home. I’ve also had a many people come to open houses that I hosted that tell me that their agent told them to come; I’ll reserve judgement on that one.
Some other types of people that come are; neighbours, people looking for other people (think parents looking for their children), and couples that go to open houses for “sport” or bonding.
Depending on where you live, you may also see the newest type of buyer; those that are interested in walk scores. These people are checking out the neighbourhood on foot, and in my experience they are highly motivated.
As long as your open house is well run, and the house / condo is rememberable (I know that it’s not a word) those who came to it will tell others and that’s a good thing. Remember, you are not in control of who will make an offer (Click to read my previous article), all you can do is get the word out there that it’s for sale.
So, make sure that you remove your valuables ask your agent to get the names & contact information of everyone who attends and have an Open House!
If you’re interested in buying or selling Toronto Real Estate, just call me at 416-671-5775