What’s a good turnout for an Open House?
One of the primary goals of holding an Open House is to generate potential leads and offers on the property…but the measuring stick for what’s a good turnout for an Open House isn’t very clear. Below we’ll provide guidance for what a good turnout is and how to improve results AND more realistically set expectations.
For starters, if you’re wondering what a good turnout for an Open House is, the answer is not as cut and dry as you might think – you didn’t expect an exact numerical answer now did you?!
So yes it depends but there are several factors to consider when evaluating the turnout at an Open House and determining its overall success.
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In this blog post, we’ll examine those factors and offer some best practices for making the most of your Open House events. Here are the main points that we’ll be covering:
- The Expectations Game
- Quality Over Quantity
- The Power of One Lead
- Capturing Leads >> Turnout
- Dependence on Various Factors
The Expectations Game
When it comes to Open House turnout, there’s really no definitive answer to what qualifies as a good number of visitors. Real estate agents may have varying numerical expectations depending on the property’s price, time on market, location, and supply vs demand. Some agents may consider a small turnout successful if one of the visitors made an offer, while others may strive for a bigger audience that can translate to really increasing the number of prospects in their database.
During a recent survey conducted among agents in the Lab Coat Agents Facebook group, differing views emerged on what “is a good Open House turnout” when it comes to number of attendees. Unsurprisingly, some said that having even one serious buyer is enough to make an open house worthwhile. Meanwhile, others reported getting more than 50 attendees, with a few boasting attendance of up to 100 in one instance.
Interestingly, some agents looked beyond the attendance count and thought group visits are a better gauge of Open House success. For instance, one agent claimed that having at least ten groups of two to four people who walked through the property is a sign of a well-attended Open House. Generally agents with higher-end listings focused more on the quality of the visitors.
Ultimately, what’s important is to align numerical expectations with the overall goals of an Open House. Setting a realistic target for the event can help manage expectations and avoid disappointments.
In our Open House Marketing Guide we have guidelines for different “sizes” of Open House. Based on that, it’s safe to say that if over 100 people visit the Open House in a day, it’s a very good turnout. A lot of this evaluation is an expectations game btw. If it’s the first Open House for a new listing and fewer than 20 people show up, that’s generally a disappointing turnout. However if 20 people show up to an Open House for a property that’s been on the market for 10 weeks, well that’s pretty darn good.
Quality Over Quantity
While it’s important to get as many people as possible to attend your Open House, realtors understand that having a smaller crowd can also prove advantageous, as long as its quality is high. A successful Open House turnout is about whether genuine buyer interest was generated for the property AND if other quality buyer/seller prospects were captured.
Also smaller crowds are easier to develop rapport with. Not only are there fewer people to engage, but a more intimate gathering is more conducive to relationship building. Packed Open Houses are frenzied and can make prospects feel uncomfortable. Similar to how social relationships are more likely to develop at smaller dinner gatherings vs jam packed house parties.
This is especially important to consider when planning a Mega Open House. Sure a larger crowd can certainly create buzz that can be a self-marketing phenomenon…but it’s important not to just pack the home with people that are there for the hot dogs and live music.
The Power of One
The ultimate statement when it comes to the quality vs quantity argument comes from mega agent, Andy Tse. He said that “an agents goal for any Open House is to get one rock solid appointment“.
Agents who can consistently get just one serious buyer (or a prospective seller that wanders into the Open to snoop on their neighbors) from working one Open House are in really good shape. Then it’s a matter of a) converting those appointments into closed clients and b) doing more Open Houses get more prospects.
So just having high attendees doesn’t matter if agents can’t convert them into interested buyers or sellers.
And if you’re the listing agent, all you need is two serious buyers to setoff a bidding war that could lead to a blockbuster sale. So even if only one person shows up at the Open House, it could become a game-changer.
So yes it’s time again to beat a dead horse: keep in mind that the quality of attendees matters more than the quantity. A single buyer who shows up at the Open House and makes an offer is considered a good turnout even if that was the only other person at the property all weekend. And keep your sales game sharp by developing rapport with buyers and sellers using these Open House Scripts.
Capturing Leads >> Turnout
Lead generation and nurturing is critical for agents hosting Open Houses irrespective of the turnout. By hosting Open Houses, agents can connect with potential buyers, sellers, and other industry professionals…but if those contacts aren’t saved somewhere, was there any point to hosting the Open House? If a tree falls in the woods…
And while many real estate agents just focus on generating offers, it’s crucial to consider the long-term benefits of building up a database of clients and referral partners.
Even if an Open House does not result in an offer OR an immediate client appointment, it can lead to future business. By building meaningful relationships with potential clients, agents can establish their reputation and set the groundwork for future business.
So make the most out of Open Houses, and have a solid plan in place for lead generation. At a minimum make sure to collect contact information from attendees using an Open House app like Curb Hero and then follow up with potential leads after the event. Make sure to offer valuable insights and market updates in your follow up to establish yourself as a trusted industry expert. By focusing on lead generation, agents can ensure that their Open Houses provide real long term value beyond.
Dependence on Various Factors
Many factors contribute to what a good turnout means for an Open House. Location is one of the most significant determinants. A property in a highly-desirable area may attract more visitors than one in a less desirable location. Similarly, the price of the property can influence the turnout. If the property is overpriced, it may not generate as much interest as one that is priced appropriately.
Another factor that affects turnout is the time the property has spent on the market. If the property has been on the market for an extended period, the turnout may be lower than a property that has only recently been listed. Market conditions are also essential in determining a good turnout. If the real estate market is strong, there may be more interest in the property, resulting in a higher turnout.
Finally, the success of an Open House is highly dependent on how well it was marketed. Effective marketing can attract multiple potential buyers, creating a buzz around the property and increasing the likelihood of receiving an offer. Conversely, poor marketing can leave the property unnoticed and result in low turnout.
When it comes to determining what is a good turnout for an Open House, the factors discussed above should be taken into consideration to gauge success accurately.
And while it’s clear that quality matters. Let’s just agree on one thing, at least someone’s gotta show up. On a similar token most agents would also agree that they’d rather have too many people than too few people…so check out our Open House Marketing Guide to maximize the number of people that attend your next Open House.