Listings really available?

Your agent is just being lazy, it's a quick way to screen to see if listings are available for sure (see https://www.hauseit.com/open-house-tips-ideas-nyc/) so he doesn't have to ask each listing agent.

It seems like you need a new buyer's agent ... https://www.hauseit.com/find-great-buyers-agent-nyc/ don't just choose your friend because you think he deserves a 3% commission favor / payday from you!

That is totally wrong and especially so right now. My apartment has been getting more requests for private showings, and less attendance at open houses due, I believe to SE's misleading "contact" button. For this reason I have not been wanting to clean the entire house every weekend for an under attended event and so have not been consistent about doing them.

Totally false. Find another agent. He's either lazy as Riddhi says or simply doesn't have a clue. The latter possibility is frankly more worrisome since it suggests he lacks basic knowledge of the real estate market in NYC. Do you really want this person working on your behalf to make the best possible deal for you?

That is totally wrong and especially so right now. My apartment has been getting more requests for private showings, and less attendance at open houses due, I believe to SE's misleading "contact" button. For this reason I have not been wanting to clean the entire house every weekend for an under attended event and so have not been consistent about doing them.

I've heard it said that open houses are more for the benefit of Agents looking for additional clients. I have found open houses to be very helpful and certainly it's an integral part of the showing/listing process.

We've also been seeing lighter attendance at our open houses, more serious buyers coming through the private showings. So basically now when we only have 6 people at an initial open house we felt should have been standing room only, we don't get worried.

Guess I'm just saying both play a role.

Keith Burkhardt
www.theburkhardtgroup.com

It's nonsense --- some buildings do not permit open houses, so you must make an appointment to see the unit. Find a new agent who can evidence that he/she is working for you.

It does not vary by area. If a unit is listed without an open house, but not showing as being in contract, there may very well be an accepted offer and the agent may not be showing any more - but that is only one possibility. The other, far more likely possibility, is that the unit is available and the agent is simply not hosting an open house that week. The only way to know for sure is to reach out. Definitely get a new buyer's agent - sounds like you have a dud.

Weekend open houses have lighter attendance post-Memorial Day b/c a lot of people leave the City on weekends and some agents don't host them, preferring to do mid-week evening open houses instead.

Dan Gotlieb
Digs Realty Group
https://digsrealtynyc.com/

A lot of brokers don't update their listings to indicate accepted offers, contracts out, or in some instance the fact that the apartment is in contract. As a result, if a listing doesn't have an open house upcoming, it can be an indicator of a listing that is no longer available. That said, it is not always true. I don't see many listings in Northern Manhattan that don't permit open houses- that is much more of a neighborhood thing. There are also more than a few agents in Northern Manhattan that try hard not to do private viewings (not the way I work though). The lower price points generally also means higher volume inquires and many agents are just trying to keep up with the volume. This is pretty common in the HDFC Co-op listings due to the demand. Unlike the responses above- I have to disagree- and yes, there is a degree to which this is neighborhood specific. When I work with buyers on the UWS it is far easier (as a generalization) to get a private appointment than I have experienced in Harlem, Hamilton Heights and parts of Washington Heights.

In the suburbs, a broker's open house is common so that a home can be showcased for cooperating agents. For these special events, wine/cheese or finger sandwiches and refreshments are often served. I really like that idea in particular how it shows the willingness of a listing agent to split their commission.

Generally speaking, however, listing agents both in the 'burbs as well as the city don't seem to like having open houses for buyers. Not exactly sure why other than it's an inconvenience with a low hit ratio.

Can anyone help explain this reluctance? Are serious buyers more likely to prefer private showings especially when they are represented by a buyer broker?

It could be a safety issue, ximon. Best practice for a listing agent in the 'burbs is to bring a potential buyer into the office and register them, including taking a Xerox of their ID. That way, if the househunter is tempted to boost the agent's wallet, he might think twice because he knows his driver's license is on file. We worry less about that kind of crime in the city, because we're not generally selling isolated single-family homes; we're mostly selling apartments and the neighbors and doormen serve as a back-up safety team.

Thanks Ali. Never thought of that but it makes sense. But I am curious if you agree that brokers don't much like holding open houses for the public? Is it a low likelihood of success? Do most serious buyers prefer private appointments?

@ximon, there's actually a lot of inputs to that question. Very broadly, I am of the old school that open houses are for the broker, not for the client -- they give the broker something to market about their own services "Hey I'm having an open house in your building and I'm the BEST!" and an ability to capture other clients (what do you think those sign-ins are for? they're not really for you the seller). However, sometimes buyers do wander into open houses -- roughly, if inventory is limited in a niche, then you want to push an OH to create excitement ("oh look, so many people are here this must be a smart buy!") and if you're on the lower end of the price scale, you want to bias more towards open houses (yes, people will buy a $5 mm apartment at an open house, but they're less likely to than to buy a $2.5 mm apartment at an open house, and more likely still to buy a $1.25 mm apartment from an open house.
Also, in practice, brokers can't be everywhere, so a broker is repping both buyers and sellers, then either the broker has to channel the open houses through a narrow time gate to still have time to run around with buyers (which is the broker's problem, but of course many brokers try to say they're doing what's best for the client) or the broker has to get a junior person to host the open house -- and the risk to the client then is that the junior may or may not be a great salesperson. You hire someone you see on TV, you're not getting them, you're getting their team, and the team is as strong as its weakest link.

Open houses on Sunday and perhaps during the week after 6 p.m. are a convenient way for buyers to view properties. I would say at least 50% of the deals we do begin at an open house viewing.

Keith Burkhardt

Keith, do you see any correlation between price point and what percentage of deals go through an open house?

Thanks again, Ali. I agree with all of your thoughts.

I can only speak for my experience but I ended up buying a vacation home when I happened to drive by and see the sign next to the mailbox and the owner was having a yard sale. I also sold my Manhattan coop to a couple who attended one of my many open houses.

Maybe it depends on the location of the property but I am thinking that open houses tend to attract people who already live in the neighborhood and so are a little more serious about buying in that neighborhood.

I also think that the predominance of buyer brokers in NYC tends to lead to more private showings although I am not sure of this.

Indeed, ximon, 90% of all deals I hear are done btwn 2 agents in the city