The people who work in the property sector are well aware of the struggle it takes to strike the perfect deal between a buyer and the seller. The buyer is so peculiar about the features he wants in his new house that he or she can sometimes be stubborn regarding certain details. This is a daunting process, and the same goes for the sellers that they want to sell their house at the highest profit to buy their new dream house because often times most of a person or families net worth is tied into their primary residence. This is why it is best practice for real estate agents host or visit an open house.

This blog is all about the open house selling procedure and why, if marketed correctly, it can be such an effective tool. It can sell a home quickly and for higher than the list price. Please give it a read and know everything about open house sales.

What are open houses?

The open house is a kind of house tour in which real estate agents and buyers can visit your house. It is mainly done as an incentive for the potential buyers to see the house and admire the attributes and special features of your house. In this way, the buyers can easily decide whether your house has their desired features or not and if they want to buy it or not.

The open house is hosted by real estate agents on weekends and in afternoons when everyone can manage time and also your family will not be disturbed. But for the private open house, the buyer and realtor visit the house together, and sometimes the seller is also present; they can ask the buyer and realtor to come at any time, which is more convenient for most buyers. For the promotion of open houses, agents use different marketing strategies such as flyers, signage, ads, local brochures and social media campaigns. 

Anyone can attend an open house, and the public is invited, which includes neighbors, real estate agents, friends and relatives, future home buyers, and also sellers who are interested in property investment.

What are the benefits of holding an open house?

The length of the open house depends on the property, buyers, real estate agents, and the sellers. It can last only for an hour and sometimes the whole day if there are not enough potential buyers present. There are a few types of open houses sell and the traditional one is the public open house in which the invitation is open for the public, and anyone can join who is interested in the property business. The other types are an open house for a buyer, an open house for agents, and an open house for brokers, each one of the types is effective in its ways.

The open house is effective in different ways. Firstly, you can easily take notes on what the buyers like to be in their new home. You can conclude from the perception of the buyers what they liked and disliked about your house, either be it floor tiles or any unattractive wall paint. So, for the next hosted open house, you can get your house prepared according to the buyers’ point of view. It makes the initial visibility of your house more appealing and attractive, which will eventually shorten the time of your house on the market.

Secondly, the private open house, if the open house is only hosted for realtors, brokers, and real estate agents, your house can easily be added to the MLS as they know the features of your home. It will decrease the rush, and only the interested buyers will contact you whenever your house is for sale. This also can prove to be less hectic than the other marketing practice, as more people will visit your house at the same time.

What are the disadvantages of open houses?

Open houses pros as well as cons. The disadvantages of the open houses’ sale are that it is not budget-friendly. After taking notes from the potential buyers, the changes you make in your house can cost you extra money, and there may be a little chance that any of them does not buy your house. However the benefit of receiving this feedback early in the selling process means there is the potential to make repairs and improvements and still get your deal closed with few days on market. Often times making minor changes can lead to large profit. 

Moreover, you must have someplace to stay and put your stuff while there is an open house being hosted because you have to declutter the house for the agents and other people to freely visit your house, which sometimes creates security issues, and there are chances of theft because not only buyers, but everyone can come which can include passers-by. 

Preparing your home for an Open House

House staging is considered to be an additional practice to attract buyers. In staging , the house is prepared or renovated to attract potential buyers. It is done to get the highest profit. The house staging  includes redecorating, cleaning, rearrangement of furniture, decluttering of attics and wardrobe, kitchen cabinets, renovation of lawn and parking, etc. Staging also refers to doing aesthetically pleasing practices to make your house appealing so that buyer considers your home worth buying. House staging can cost you extra money, and you can lose your sense of belonging, but the buyers will be able to imagine their lives in the house.

All homebuyers want to be able to see themselves in a space living in a space when they are buying a home. It is one of the biggest decisions most people have to make in their lives and they need to be comfortable and confident when they make an offer. If you would like to learn more about the best way to market your home, contact our me to schedule a comprehensive personalized consultation. I would love to help.