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#133860 - 04/09/07 12:05 PM Open house on an unfinished house
shaunLA Offline
Member

Registered: 11/23/06
Posts: 222
Loc: Denham Springs, LA
My broker told me that if I wanted to I could go ahead and hold an open house in some new construction of hers. She said the floors aren't in and a few other things need to be finished.

Has anyone had exprience in holding open houses in a house that isn't completed? Or do you think it's just best to wait?

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#133870 - 04/09/07 12:54 PM Re: Open house on an unfinished house [Re: shaunLA]
REODayton Offline
Major Contributor

Registered: 07/27/06
Posts: 3720
Loc: Dayton Ohio
I've done them in REO properties with some success. I mainly did it to hide out from the wife and kids, but hey, a buyer came, so it was even better. I made sure there were other open houses in the area already scheduled, they were nice sunny days, and I relied on the traffic from other open houses. May be worth a shot.

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#133872 - 04/09/07 01:10 PM Re: Open house on an unfinished house [Re: REODayton]
shaunLA Offline
Member

Registered: 11/23/06
Posts: 222
Loc: Denham Springs, LA
I believe I'll do it.. It definitely couldn't hurt.

I've never held on though.. Any good tips?

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#133885 - 04/09/07 02:28 PM Re: Open house on an unfinished house [Re: shaunLA]
That 20something RE Guy Offline
Veteran Member

Registered: 07/26/06
Posts: 696
Loc: Circleville Ohio
Personally......These kinds of properties are the sort of open houses i WANT TO DO.

I had a open house a few weeks ago on a property that i had that was a REO. Put a sign in the yard Friday saying we were going to have a open house Sunday. No advertising other than that , I had ATLEAST 25 people show up. Got names & Emails of around 5 people and 2 of them have turned into great leads.

Try to do the open house not a way to sell the property, but inform them about new builds and the area. Open houses can be a great way to set yourself apart from other agents in the fact people might percieve you to be the kind of "guru" on a certian topic. Make sure you know alot about that home ,and the others in the area.
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Brandon E. Schlichter
Berkshire Hathaway HomeServices Plus
(740)-571-1606

Follow my property investment journal! I'm well on my way to being a property baron! http://InvestmentJoy.com

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#133926 - 04/09/07 06:02 PM Re: Open house on an unfinished house [Re: That 20something RE Guy]
RockSolid Offline
Member

Registered: 09/29/05
Posts: 287
Loc: New Hampshire
I'd be interested in knowing what you do to make them successful. I have done open houses on properties I'm rehabbing. Basically, whenever we're there, the Open House sign is out front. Nothing has ever come from it.
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MikeCallaghan
Senior Foreclosure Consultant
RockSolid Financial LLC
Foreclosure Survival Kit and
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#133930 - 04/09/07 06:09 PM Re: Open house on an unfinished house [Re: RockSolid]
Traveler Offline
Major Contributor

Registered: 11/14/00
Posts: 2500
Loc: The Coast
The purpose of an open house is to procure buyers, so finished or unfinished makes no difference.

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#135140 - 04/16/07 09:56 AM Re: Open house on an unfinished house [Re: shaunLA]
jbt4re Offline
Major Contributor

Registered: 03/04/07
Posts: 2079
Loc: SWI
Yes it is a good idea. I cut my teeth in real estate on new construction. I have done open houses (or rather open lots smile ) on bare lots because they had just gotten final approval to build. People will stop by and ask questions. Check with the builder to find out if a buyer does a contract at the framing stage or drywall stage if the buyer can still pick colors, flooring, fixtures (cabinets are usually out at this stage as they are usually ordered at the framing stage), this will give you the chance to get the buyer's name and phone number to call them back. Also, find out if the builder has any finished models in another subdivision that you could take buyer's to to see the finished product or finished models they could to see to have built in the sub you're doing open houses in. Know the builder's product, meet with them before the open house and ask what they require in terms on earnest money, how long will it take to complete, how long have they been in business, build credibility with them, etc. Hope this helps and don't give up, it can be slow, but I have found I have more traffic at new construction than at resale listings in my area. Good Luck!

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