Part of the reason for the low sales percentage resulting from open houses is the type of people that these events might attract. A qualified buyer is one who has already obtained mortgage pre-approval, likely at the very beginning of their home buying process. Demanding to see a pre-approval from everyone who shows up to your open house would be unreasonable; unfortunately, this means that many of your guests may be unqualified as buyers.
In addition to underfunded folks who can’t actually afford to buy your home, another type of open house guest might be the nosy neighbors. Most everyone has someone in mind when they hear that phrase: the neighbors who show up unannounced ‘just to chat’, or always seem to be peering out of their windows while you’re trying to get your yard work done. Well, hosting an open house is akin to inviting these ‘friendly’ folks to inspect every aspect of your home!
Not only is this annoying, but these people aren’t any more likely to buy your home than the unqualified buyers. In their case, it might not be due to a lack of qualifications, but rather to lack of interest. They aren’t really there because you’re selling, they’re only there to snoop. Of course, some people argue that this is a “pro” as it allows the neighbors to “get it out of their system”, and there’s a good chance they might know someone that they would love to have moved into their neighborhood and they might help get the word out for you!
In a worst-case scenario, hosting an open house could give criminals a chance to check out a potential target. Theft and vandalism after an open house are not overly common, but also not unheard of.