open-house-2096

Real Estate Talk:
Open houses and ads

Are open houses and advertisements effective in attracting buyers?

By Joseph Marovitch

Updated November 8, 2023

Do open houses and advertisements effectively attract buyers? Open houses are effective to a degree at attracting potential buyers as well as curiosity seekers and neighbours.

With open houses, brokers acquire new clients more than potential buyers. Visitors arrive at the house, leave their coordinates, visit the property then depart. The listing broker (broker representing the seller) will then follow up a day or two later to see if there is further interest. If the response is no, the broker will ask why, and then ask what they are searching for. Next thing you know, the broker acquires a new client for other property.

If the answer is yes, a second visit is arranged, which hopefully leads to an offer and a sale.

Once a property is found, the selling broker (broker representing the buyer) will prepare a market analysis to determine if the asking price is accurate, find out if there are any government or bank assessments to see if the property or mortgage payments are in arrears and any other information that can be attained about the owner and the house. The selling broker will then advise on an offer price based on the information, along with conditions of inspection and examination of documents such as invoices for utilities, taxes, and other maintenance costs.

In today’s climate, buyers are more precise and goal-oriented. Many buyers search online and use brokers to find exactly what they are searching for in terms of location, size, number of bedrooms, style and so on.

A practiced selling broker will then present the offer with logical reasons for the price. If the price is accepted, the broker will then proceed to negotiate the best terms. In the end, both buyer and seller come to an agreement and the due diligence begins.

Ads attract buyers who are currently searching for property. Ads can also pique the curiosity of homeowners who were not previously considering selling or buying but find something better in terms of size or location and value than what they currently own.

For the broker, advertisements maintain their visibility as well as expose their properties to the public at large. Ads also allow the broker to promote their website so that buyers can view other property they have for sale.

In today’s climate, buyers are more precise and goal-oriented. Many buyers search online and use brokers to find exactly what they are searching for in terms of location, size, number of bedrooms, style and so on.

The most effective way to search for a property is to hire a broker. The buyer provides the criteria such as preferred location, number of bedrooms and bathrooms, style, and any other items the buyer requires for their future home. The broker can use the brokerage system, Centris, to narrow the search to the desired criteria, thus finding the ideal property much more quickly. The broker arranges visits and researches the house for issues that may devalue the property.

‘Following a strategy to sell relevant to today’s market is also very useful. If there are more buyers and less property available, it may be better to price the property slightly lower on the scale to attract more buyers.’

Real estate advertisements are appealing to clients seeking successful agents. Brokers whose names appear in publications regularly appear to be thriving, which can be a major draw for prospective property shoppers. When researching a broker, ask how many sales, listings, and expired listings (unsold properties) the broker has. This provides you with a solid idea as to how successful the broker has been to date.

The most effective ways to attract buyers are as follows:

  1. Price within the broker’s recommended market range.
    .
  2. Price the property taking into consideration its condition and location.
    .
  3. Present the property in its best light.
    .
  4. Present on Centris. This system is a tool used by brokers who work with buyers and provides national and international exposure to the public.
    .
  5. Broker-to-broker communication, such as calling and emailing to inform other brokers the property is for sale. Clients want brokers who are proactive within the brokerage community.
    .
  6. Brokers with sizeable databases of potential buyers which they email, mail and telephone call.
    .
  7. Virtual tours on Centris and other social media
    .
  8. Ads in targeted locations

Following a strategy to sell relevant to today’s market is also very useful. If there are more buyers and less property available, it may be better to price the property slightly lower on the scale to attract more buyers. The property may be asking for less than its full value, however, buyers will recognize this. With increased interest, the seller can receive more bites and end up in a multiple-offer situation. The result can be that the seller receives a higher price than anticipated.

Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.

Next article: Assessing the marketing campaign


State of the Market

Bank of Canada interest rate 5%
CPI today (inflation rate) 3.8%

According to Robert Hogue, Assistant Chief Economist at RBC, in the RBC Economics report of November 6, the fall market across Canada is in a slowdown. Hogue states that high interest rates are exerting downward pressure on buyer demand, causing decreasing residential values.

As far as Montreal is concerned, according to Hogue, the market is starting to feel the pressure as home sales fell 10% over this time last year. He forecasts that buyers will remain wary as it is predicted prices will continue to decrease.

‘As far as Montreal is concerned, according to Hogue, the market is starting to feel the pressure as home sales fell 10% over this time last year.’

If this were to be the case, we may see the consumer price index reduce, at which point, to re-invigorate the real estate market, the Federal government would reduce interest rates.

If buying now, put down as much cash as possible to acquire a better price on the property and, if financing, take a short-term mortgage. The rate may be higher, but if rates decrease, you won’t be stuck with a higher interest rate.

Have a great week.


Let’s not forget that people with cancer are vulnerable too!

You are invited to keep giving to the following organizations since it’s now more important than ever to support cancer research! Click on the logos below to find out how:

logo Leukemia & Lymphoma Society of Canada - WestmountMag.ca

Cancer Research Society


Image: Mart Production – pexels.com
Bouton S'inscrire à l'infolettre – WestmountMag.ca

Other articles by Joseph Marovitch


Joseph Marovitch - WestmountMag.ca

Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep-away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible for, Joseph applies this to his present real estate broker career. Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or josephmarovitch@gmail.com

We bring the springtime. Save $10 when you book online at 1-800-GOT-JUNK?



There are no comments

Add yours