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Open houses are a key component to the real estate business. Commonly, there are two kinds of open houses, a viewing for agents, and a viewing for the public.

Introducing your new listing to the local agents can strongly increase the chance of sale. Most serious buyers tend to work closely with their agent when searching for a home, and by allowing the agents to view the property first hand can increase the number of serious buyers that look into purchasing your home.

Public open houses can play out a different scenario altogether. With an open house, it is open to entire public which includes anyone who just wants to take a look. Not everyone who walks through will be a serious buyer, and in some cases, they might not even want to buy any house, let alone yours. Of those in attendance, you may find your neighbors, most of whom will just be curious. This can be a good thing, as they might pass word along to friends who are looking for a new home purchase.

People who visit open houses usually don't have much information about the house when they visit. With this, serious buyers visiting your open house may not be well-qualified. They may need a house thats larger or smaller, or maybe they are looking for something in an entirely different price range.

Open houses can give your agent the opportunity to meet prospective buyers face-to-face in a non-threatening environment. This could generate future business leads for the agent.

From the seller's perspective, an open house can be a mixed bag. On one side, it gives agents the opportunity to send their clients through the property. Some clients can feel intimidated or awkward about scheduling an appointment to privately view the home, and an open house might make they feel more comfortable. And on the other side, showings that occur privately tend to be more productive for both the buyer and the agent, due to the fact that there is no distraction from other buyers and agents.