Published on: Jan 25, 2016 12:18:03
Homeowners in the market to sell their property will likely engage in hosting an open house. The leading reason is to secure contracts. The next is the opportunity to showcase it to serious buyers. Here is a look at the real estate open house strategy with five dos and don’ts to consider.
What is an open house?
An open house is a property party that spotlights the interior curb appeal. They usually last for two to three hours. There may be refreshments for visitors. Those looking to buy a home will gravitate to MLS listings using this resource. While homeowners want to take advantage of a traditional open house, some might prefer the broker open house instead. This type is held for real estate professionals instead of the public. It offers a bit more control in the flow of traffic through the home. It also targets a demographic with connections to motivated buyers.
Do open houses help make sales?
The resounding answer to this question is yes. Homes for sale that use the open house tactic move faster than those that do not. It is not unusual for contracts to be created at an event. Buyers are motivated at these previews, because they get to see the condition of the property interior. They can inspect the lighting, flooring, appliances, and more first-hand.
What can you expect from an open house?
There are no hard and fast expectations for open houses. This is due to several factors including location and the amount of advertising. However, by the very definition, an open house is available to any interested member of the public. Some will attract large crowds, while others may be more intimate. There is also the possibility for items to be stolen or unintentionally broken, although this is rare. Finally, expect offers to be made during an open house.
5 Dos to ensure an open house is successful.
- Do advertise the affair over all appropriate outlets.
- Do prep the house by cleaning carpets, dusting furniture, and ensuring appliances are in working order.
- Do stage each room with everything in its place. Ensure lighting is good, replace bulbs if necessary.
- Do have some form of refreshments such as water and crackers.
- Do have talking points literature with details that are not generally on the MLS or comp listings.
5 Don’ts to prevent an open house failure.
- Don’t serve any refreshments which can stain or damage the interior.
- Don’t close off any part of the property –potential buyers want to see everything and if they have to come back you may lose that sale.
- Don’t have pets at open houses, it puts people off.
- Don’t forget to invite the neighbors – they can help sell the locations benefits and will prevent them from getting upset from all the cars and noise.
- Don’t forget to put signs out in a one mile radius of the property.
You can see how important it is to plan for a successful open house. Consider enlisting the services of a licensed real estate agent with experience in the process. They will know how to maximize the dos while minimizing the don’ts. Follow through with each topic discussed for results that end in several contracted offers.
