Several very successful REALTORS® I know are very good at open houses. They are not successful in selling the listing but rather in selling themselves to the neighbors and others that visit. Open houses are pretty popular here in the Dallas area. Sellers do expect them, thus they are an important marketing tool in getting a listing in the first place. Hold an impressive open house in a nice neighborhood and you may pick up another listing or two in that same area. Everything you hand out at the open house should have your website address at the very least.
I saw one the other day where they had rented one of those "jumpy castle" things (huge, inflatable, enclosed, trampoline type things) that kids love, set it up in the front yard. This was a family type neighborhood with lots of school age children, "stage" your open house according to the neighborhood. There were balloons and snack foods...think spoiled kid's birthday party and you get the picture. Did it sell this house, most likely not, but I'll just bet the neighborhood thinks this REALTOR® is the best they ever saw. The seller feels confident this REALTOR® is really working to sell their house like no other would. No doubt they tell this to friends and coworkers that were not at the open house. I would not be at all surprised if that REALTOR® got another listing or two as a result of that open house.
Think of all the time, money and effort we spend trying to get our name out there, trying to attract new listings. The wasted dollars spent on slick ads in those real estate, magazine type publications where you are a tiny little blurb amongst 100 or so other REALTOR® ads. When the opportunity comes to stand out from the crowd, take it!
Let us not be so myopic about open houses and the fact that they rarely sell that house. If they sell the indiviual REALTOR® and REALTORS® in general, as fun, hard working professionals, that is success! That is powerful marketing!