October 1st, 2007
We had an open house at our new listing yesterday. The Realtor holding it open for us said “…pictures on the Internet really good (all four family’s through said it was the Internet pictures that got them there)…” I wasn’t there so no one can accuse me of asking visitors leading questions about the photos.
There’s a couple of significant things about having open house visitors talk about internet pictures bringing them to the open house.
- Ever since I started working in real estate in 1999 the conventional wisdom about open house traffic (and we documented this over and over in years past) has been that the primary source of traffic for open houses was “drive-bys”. That is, people that are driving around the neighborhood, see your open house signs and come in to see the house.
- The secondary source of traffic was been newspaper open house ads. The newspaper has been completely eliminated from the process since there is no way you can put a home on the market on 9/26 and have an ad in ANY newspaper about it by 9/30. You can’t request an ad until you have a MLS number and you can’t get a MLS number until you put it on the market. You can’t even get a MLS number assigned early for a future listing more than 24 hours ahead.
I understand that this is only one data point but think about it; gas is expensive so buyers don’t just idly drive around the neighborhood any more and newspapers have data that is two weeks old (that’s the flow time that it takes to get an ad in the newspaper through our office process) so if you were looking for a home how would you approach it? Use the Internet right?