So, you’re trying to sell your house and your agent advised you to hold an Open House as part of the overall marketing strategy… But how efficient are such events? Do Open Houses provide any real value? Let’s study the phenomenon together and see how you can convert this event into a real opportunity to gain more bidders and increase the interest of the existing ones too!
As you already know, selling a property nowadays is not that easy, therefore you might have to do some things you didn’t anticipate at the beginning to fasten up the process a little bit, such as holding an Open House for instance. But how should you prepare? What are the main risks you expose yourself and your property to? Here is what you need to know!
Does an Open House sell homes?
This is one of those key questions that probably comes over and over again in your mind! Will this additional stress actually help you or it’ll be just a waste of time? Well, it depends on the organization and on the way the event is actually advertised. But, yes, an Open House can get you the buyer you have been waiting for!
Moreover, it is an all too common knowledge that an Open House cannot diminish your chances to sell a property, it can only bring positive results, as some say! The traffic that such an even draws is important!
But, who may come? This is what happens behind the scenes!
Here is the possible audience of an Open House:
- The Neighbor – Even if it sounds unreal – neighbors may be interested to visit your home too. Whether because they are simply there and might drop by to see how things are going or because they might be interested to check up the home for a friend/relative, the chances some may come are high. There were even cases when only neighbors came, so it’s no surprise that this happens!
- The Passersby – The more buzz there is around your event, the higher the chances someone will make you an excellent offer, and passersby are part of your possible audience too. Hint: Signs, signs, signs and colorful balloons! Get the attention of those who walk by your property; you never know who will be the lucky buyer!
- The Fantasizer – What better occasion to get some interesting ideas about home design, than during an Open House? Color combinations, trendy kitchen appliances and all sorts of compatible associations can be attentively studied during such an event; at least this is what Dreamers believe. The more expensive the property is the greater the chances they will be there.
- The Real Estate Professional – Besides your real estate agent, other experts in this field will come too. Either with a client of their own, or alone, they’ll be there to prospect the market and check what you did to your property to get it ready for this event! Inspiration, market study or finding possible options for their clients are just some other reasons.
- The Robber – Unfortunately, they might be there too, you know? They’ll spot every opportunity to examine the goodies your property has. Prepare your house and don’t leave valuable items in sight!
- The Enthusiast – ‘How would it be to live here?’ Even if some don’t have the money to live in a 1 million dollar property, who says they can’t visit it and dream about it? Well, nobody! The Enthusiasts, as specialists name this category of visitors, are that particular type of individuals who wish to have a bigger, better or larger home at some point in life.
- The Serious Buyer – Among the huge number of people who are just curious about the property, there will also be those prospective buyers who are really there to find out more about your home, to see it in person and eventually buy it. You’ll probably spot them easily…
The benefits of holding an Open House!
Before questioning the benefits of an Open House, put in balance both the efforts and the benefits of holding such an event. After all, your main aim is to find a buyer for your property in a short amount of time. For this to happen, you together with your agent should set a suitable method that works for your area and type of property.
But, let’s cut to the chase and study the main benefits of organizing an Open House! Although it can be a great deal of work, in the end it might be the solution you have been waiting for!
- It draws attention
What better way to attract people to visit your home than through an Open House? Apart from virtual tours, this is said to be one of the most efficient methods to promote a property – it attracts both casual and prospective buyers too! Think about it, increased foot and interaction cannot hurt a seller, but instead it can help him/her find a legitimate buyer!
On the other hand, the way an Open House is conducted is also a factor that will influence the result. A fact is certain – in today’s crowded property world, you need to attentively choose the tools that best fit your market!
- Seeing is believing
If buyers get to physically visit a property, then for sure they will remember it. This is the perfect scene to score – there is no better way to persuade than to show exactly what buyers are looking for, a cozy home. And there is even more – there are numerous the examples when people came to an Open House just by coincidence and ended up buying the property!
An Open House also helps buyers keep it all fresh and it’s also an authentic source for their final decision!
- Seeing keeps it fresh!
Seeing a property in person diminishes the chances the visitor will forget it. On the contrary, an Open House will help the buyer remember the property, as it will point out essential details too! This is why, such events become more and more popular nowadays!
- Compare and contrast
Attending an Open House means the visitor will also have the chance to compare and contrast one property with the rest. Therefore, it is highly advisable to make the house look in top condition and emphasize on its strong points too! It will probably be what most buyers will remember…
- Visit with a relative/friend
An Open House is also a great opportunity for buyers to come and visit the property they are looking to buy, with a relative or a close friend for a second opinion. After all, purchasing a house is probably the largest investment they will ever make.
- It gives serious reasons to buy
Once attending an Open House, buyers will get enough reasons to buy or not that particular property. They’ll have the chance to check out the neighborhood and closely inspect the house. If they’ll walk away satisfied, then you can be certain they’ll make you an offer!
- Set the scene as the seller desires
Arrange the property as you wish and unveil its unique personality. This will help you convey an exclusive message to your visitors. How would you like your property to be remembered? What is more, the spirit of competition will also determine buyers to make early offers for fear not to lose the house.
- More viewers, less stress
Think about it, for you as a seller, it is far much more convenient to hold an Open House for a larger number of buyers, than for each individual. You’ll have to clean the house and bring it to a top condition for the date of your Open House, and not every day for every possible buyer out there. More visits at the same time equals less stress for you. It saves both time and money too!
- More bidders means a better price
As you’ll have a large number of visitors coming in and out, the chances that some will be seriously interested increase dramatically! As a result, it’s more likely for you to get a better price too!
- After all, it helps sell faster
This goes without saying – an Open House may help you sell the house faster. The more visitors you’ll have the better the odds to find one who is also willing to make a valid offer.
Open Houses can work!
There is no better way to boost the odds of selling your property faster than by getting your property in front of as many buyers as possible. And a great way to accomplish this is by holding at least one Open House! This way – as a buyer, you’ll get the chance to expose the property in the condition that you want people to remember it and probably get offers too!
So, bottom line – before you decide to hold an Open House, put in balance both pros and cons, and ask your agent about this issue. You’ll surely decide what is best for your property!
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