Sort of an unusual question.......I have an auction property and the auction company requires me to hold three open houses. These are vacant houses but heat/electric etc. are on. My question is, how long is your typical open house? Two hours, three hours??? This company is requiring five hour open houses which are unheard of in this area. Just a poll??

I've done those for the Auction Houses. And they would specify how long I had to make the property available for prospective Bidders. I think mine were specified to be 4 hours in duration . . . . but they also paid me $500.00.

Originally I thought it would be quite a waste of time . . . . but I brought a Coffee Pot; and some Newspapers; some Real Estate Brochures; Maps of the area; Informational/Travel Brochures; plenty of Business Cards; My Cell Phone for other business . . . . and a Sign Up Log for Visitors. I camped out with a comfortable Lawn Chair, a folding Card Table, and even a Radio.

I expected to be somewhat passive while at the Open House, not really getting very excited about presenting the Subject (after all, I'm not participating in the Sale/Commission) I'm just answering questions about that specific property; but the Open House was well publicized by the Auction House, and I was quite busy and I collected quite a few leads (some of which proved to be valuable) for my effort . . . . plus that $500.00.

I'd do it again. Now, if not dictated by someone else, my typical Open House for a Retail Seller is only 2 Hours, which often feels like an eternity . . . . but I don't get that $500.00. See, that $500.00 really helps pass the time.

The ones I did varied from 3 hours to 4 hrs on average.

I have a Fannie property scheduled for sale next month. I have to do three, five hour open houses. I think I will pay someone to hold them open for me if I get $500.

If you're talking about REDC, you can ask to show the property by appointment ony.

I have four peoperties going to auction next month with three different auction companies, three different sets of requirement and only one me. Appointment only it will have to be.

I had a couple last winter with no utilities and ne heat. I did the by appointment only and never had a problem.

Yes, it is REDC. I found out a little late about the "by appointment." They really did not tell me that, I had to dig it out. But, I am here now, laptop, DVD movies, and lots of BPOs to pass the time. Too bad I don't get paid $500 Vermont! I would probably do them every weekend!

May I ask how they did offer to compensate you . . . . or is it that you get to keep the listing IF it doesn't sell at Auction ?

My Auctions have been ABSOLUTE, so those guys were gone regardless of the number of Bidders participating.

A good Auctioneer, and an Auction that is WELL PUBLICIZED allows them to take that risk.

It is my listing and as a condition to keep the listing I have to hold three open houses. If it sells pre-auction my commission is higher. If it sells during the auction my commission goes down but I still get something.

Hypothetically, how do you fare if you sell it at the Open House (which was construed as part of preparing for the Auction?

In ours, all marketing is suspended during the period preceeding the Auction, just to guarantee to the General Public that product will be available at the Auction . . . . and that they will not have wasted their time (neither the General Public NOR the Auctioneer).

Same in my market. No offers will be considered the three weeks prior to the auction. I don't get $500 either, just 1%.

They will take "preauction" bids right up until the actual online auction begins. In fact, I have two properties that are going to auction, same company, both start online bidding 1-25-2011 and one sold late Friday night. The auction company emailed me about the seller accepting the offer, took it off auction.com late Friday night. I had open houses scheduled for Sat. and Sun. So, I get several calls from people who are at the house on Sat. wanting to know why the house wasn't opened! I just had to tell them it sold, "preauction."

Wow, that can't do much good for your Public Relations, Hey ?

I got the listing because it fell in escrow when sold at auction.

I wanted to do an open house but never done it before

Any tips?

So far i'm thinking to have log, business cards, flyers, neighborhood listings, signs? what else?