Do open houses really sell houses?

[Philip Williams]

Hey BP Nation how are you guys doing! So looking to get your guys and gals opinions on open houses. We have just listed our latest flip and had our first open house. I've never really crunched the numbers but I cannot seem to find any correlation between how busy our open houses are and when our houses get under contract. While I don't mind having them because I don't feel that they hurt in anyway i'm just curious if other's have had different experiences? Have you ever gotten an offer at an open house or perhaps right after? I know it's a great way for my realtors to meet clients potentially looking to buy a house so that's always a benefit to them. Any feedback would be greatly appreciated!

[Russell Brazil]

Like every thing in real estate it depends. I can point to parts of my metro area where an open house is an absolute must and sells the property. Then I can point to other areas where it has no difference. 

In my market, where houses sell in 10 days or less...it is a must. You want that open house swarming to drive the competition up amongst buyers. 

Where it takes houses 30 days to sell in my market, the actual buyer never goes to the open house. Their agent takes them through.