Why the Internet Made Traditional Open Houses Obsolete

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While the rapid explosion of the Internet has helped home buyers greatly by assisting them to find new homes, it has also contributed to the gradual decline of open houses. The open house concept allows you to physically view and enter a house that you are interested in buying. Nowadays, it is not uncommon to come across prospective home buyers complaining that their realtors are too busy to hold enough open houses. In fact, if your realtor agrees to show you around, it is most probably because he doesn't want you to complain.

Poor Prospects

Oftentimes, when you open up your house to prospective buyers, you will get drifters who simply have no clue what they are looking for. Not too long ago, I put up my previous home for sale and allowed prospective customers to have a look. I was surprised to see a nosy neighbor looking around just to get ideas on how to arrange her furniture. Furthermore, some visitors simply look at your house just because they saw a for sale sign outside. Others aren't approved for mortgages. These inconveniences are the dearth responsible for buyers shifting to Internet marketing to hunt for much more serious customers.

Virtual Tours

Imagine living in another state and don't have time or resources to visit a house that you want to buy. How do you select the house you want to buy? The answer lies in taking online virtual tours. Many real estate websites allow prospective buyers to take virtual tours of homes that they want to buy. This coupled with lack of time and distance considerations have contributed to the slow death of open house concept.

Popularity

In case you haven't noticed, if your real estate agent doesn't hold an open house, it is probably because the house wasn't advertised online. Many prospective buyers looking for a new home (about 85%) start their searches on the Internet. Most of them aren't even looking for open tours. Rather, they are usually looking for agent websites for houses that are listed. As a result, many real estate agents have stopped holding open houses as the percentage of buyers is too low.

Reliability and Speed

Buyers accompanied by realtors may pay you a visit looking for new home whilst expecting to buy the house at around, let's say $200,000. At the same time, you are quoting $250,000. Naturally, you will reject such an offer as you may feel it is too low. But since the agent wants to earn a commission and is therefore not willing to lose the customer, he will fetch his laptop and proceed to show the buyer using the Internet those houses in the area that fit within his price range.

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